Monday, June 13, 2011

Monday Thoughts

Markets, in classic bearish mode, opened near their highs and spent the rest of the session in retreat. On Mondays, a traditional day of recent strength, not particularly good action. Merger news gave the markets an early bounce this morning with VFC announcing plans to purchase TBL. Both stocks rose nicely on the news. The Nasdaq lost its 200 day MA today ever so slightly, while the S&P 500 still is hovering just above it. The calls for a lengthy correction are becoming deafening so perhaps it will not happen. But we must trade the market we have, and right now its telling us to proceed with caution. Energy sectors took a beating today, as crude closed down by $2. Silver lost more than 4%, gold a bit more than 1%. Among oil and gas stocks that bucked the trend were RDSA WNR. Ags were weak today as well, with SQM finishing up on the day. Keep an eye on relative strength in a weak market. When the market turns around, they could be the first to shoot out of the gate higher. Former leaders PCLN WYNN lost more ground today, both down near 2% each. VIABs uptrend uptrend seems to have been brought to a halt today. Other former leaders that were butchered today included MDRX IR HK NFX SGY FCS SLW to name a few. Plenty of economic reports tomorrow with PPI, retail sales, business inventories. BBY reports earnings before the bell.

Stocks near 50 day support are AET 41.25, BAX 57.20, HUM 76, UNH 48, M 26.50, ERTS 22, TMO 60.50, PLCM 55.25, DISH 27.15. Stocks that found 50 day support today were ABV WCN BMC FTNT NSC COG EQT KEG CL TDC VECO WSH. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are UA 69.50, MKC 49, NUAN 20.75, TEL 36, EL 98, ACN 56.40, IRM 33, ARMH 29.30, XLNX 33.95. AGN UNP both retook their 50 day MAs today.

Stocks near 200 day support are DECK 76, HBI 26.75, DOW 34.35, WYN 30.50, SYK 56.20, VPHM 17.25, ANN 25.25, SBUX 32.50, CBE 58.50, DOV 60, ITW 52.30, PH 84.25, CHRW 75, KSU 49.20, ARW 36.15, JBL 18.20, MOLX 24, PKI 25.50, AMP 57.20, KKR 14.80, CHK 27.60, CPX 28, COP 68.75, EOG 101.50, XOM 76, HLX 14, NBR 24.30, NOV 66, SLB 80.40, IP 27.10, MMM 89.50, UTX 80, CMCSA 22.50, ADI 37, MXIM 24, MCHP 35.50, NXPI 22.15, CLF 81.75, POT 53. Stocks that found 200 day support today were PPG WSM CAT JOYG ORCL ATI TS APC APA ATW CLR RDC AAPL BHP MCP. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are SOA 21.70, DKS 35.25, CBS 25.40, BGC 36, JOYG 84, ROK 76, PAY 41.35, TS 44.90, SPN 33.50, VLO 23.50, BWA 66, TRW 51, BEAV 35.75. Stocks that lost their 200 day MAs today were FMC EBAY VRSN CXO DVN NFX NE NBL PXD SU SUN UPL CTSH RVBD JDSU FCS AA ARUN DNR. Stocks that can be shorted at 200 day resistance are WCRX 23, DIS 39.05, ADSK 39, IVZ 23.95, GTI 19.60, TKR 47.10, PAYX 30.50, OPEN 80.25, KLAC 40.80, RIO 68. TTMI DD TXN all found 200 day resistance today. PVH JWN retook their 200 days today.

Stocks that can be shorted at 50 day resistance are ALB 66, CE 48.20, PPO 62, AGP 66.25, COV 54.80, ZMH 65, BBBY 54.60, COST 79.75, YUM 53.25, ARBA 32.10, CHKP 54, INFA 54.15, CNI 75.50, AXP 48.75, BHI 72, IFF 63, CCK 39, QCOM 56, IPI 32, WAT 94.15. Stocks that found 50 day resistance today NKE AGP HS YUM QLIK A MTL EL TPX RVBD AGU ACOM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are COH 58, VMW 91.75, COG 54.10, TUP 61.70, BLL 37.50, AVGO 32.95. Stocks that lost their 50 day MAs today were ABC CHKP CTXS INFA ROVI CRM BHI CRZO CPX DRC HAL OXY PTEN SUG SWN CY.

Good luck.

The author remains 100% in cash.

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