Markets rallied back Thursday as it believed stocks were oversold. Indexes gave back some out their low volume gains by the close. Not the type of action you would like to see after a 6 consecutive day loss. The ag and machinery group powered ahead today on a bullish crop report and a earnings beat by TITN. Semis were among the groups lagging today. Economic reports were mixed with better trade deficit data, while jobless claims disappointed. Interestingly AAPL again did not attend the party today, finishing in the red which it has done 5 of the last 7 sessions. MCO hit a new 3 year high Thursday in robust trade. LULU which declared a 2/1 stock split later this month will report earnings before the bell Friday.
Although I believe the market remains weak, things can change quick, and we must pay attention to leaders with valid buy points with the possibility of a breakout. Some of these stocks are TUP 66.92 in a square box base. Double bottom with handle bases are MON 71.37, EXPE 28.40. Cup with handles bases are AET 46.11, BAX 60.60. Cup base is BHI 79.34 and ABV 33.34 in a cup with high handle formation.
Stocks near 50 day support include COH 58, HS 41.25, CBS 26, WCN 30.50, BMC 52, ERTS 21.90, FTNT 22.25, INFA 54, N 33, QLIK 30, CRM 138.50, ATLS 24, BHI 72, KEG 16.05, PTEN 29.55, SWN 42, BLL 37.75, AVGO 33.15, WSH 40.80. Stocks that found 50 day support today were ALB AGN HLS WLP YUM PM ABB BMC CHKP CTXS CNI NSC UNP CRZO CPX DRC OXY HK SUG TWC VECO. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CE 48.40, AMZN 192.50, NUAN 20.70, KSU 55.60, A 49.40, EOG 112, NOV 73.90, RDSA 72.40, SLB 86.85, SUN 41.80, CCK 39.30, WAT 94.90. Stocks that retook their 50 day MAs today were ACN BEAV APD AGP ABC HAL.
Stocks near 200 day support are DECK 75.50, VFC 89, DOW 34.30, HUN 16, PPG 83.50, CAR 14.95, SYK 65.10, DNR 20, DKS 35.50, EBAY 30, WFM 52, CBE 58.40, DOV 60, PH 84.15, ROK 76.50, ORCL 31, CHRW 74.75, MOLX 24, KKR 14.85, TS 45.25, TKR 47, APC 71, CLR 58.35, DVN 79, NE 38.50, NBL 86, RDC 36, SU 39, UPL 45.90, MMM 89.30, CTSH 72, VCLK 15.10, RVBD 33.75, ADI 37, FCS 15.50, MXIM 24, MCHP 35.50, AA 15.15, BHP 89, CLF 81.50, MCP 46, DNR 20. Stocks that found 200 day support today were HBI FMC JWN DIS BGC WM PAY ATI CXO FTI HES PXD SUN WLL DD OPEN JDSU KLAC TXN RIO BWA TRW DNR. ETFs XLB XHB also found 200 day support. MDRX AMP GTI SWC ALV all met 200 day resistance today. Stocks that can be shorted at 200 day resistance are HOT 58, JCP 33, ADSK 39, RHT 43.35, APH 53, AVT 32.50, TTMI 14.75, IVZ 23.90, DO 70.60, MDR 20, TCK 52, ETN 49.25, PAYX 30.55, SLW 35. Stocks that an be shorted as they lose they 200 day MAs and their sell stop spots are SOA 21.75, ANN 25, IR 44.25, VRSN 33.25, NFX 67.25, WLL 59, ARUN 25.60 Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are JOYG 94, MTL 28, AGU 86. Stocks that retook their 200 day MAs today were PVH BP OMC.
Stocks that can be shorted at 50 day resistance are UA 69.25, PX 104, WYN 33.05, ZMH 65, BBBY 54.45, LTD 39, SBUX 36.25, SCSS 15.10, VIAB 49.25, ITW 56.05, ADS 89.50, MRO 52, SGY 31, WMB 31, EL 97.75, IFF 63, DHR 53.50, UTX 86.25, ADP 53.35, EMC 27.45, DTV 48.25, PCS 17.25, ALTR 46, VALE 32. Stocks that met 50 day resistance today were RVBD XLNX SLB EL TPX CCK IRM VCLK TEL ADS AXP MTL NOV RRC NKE EMN AN COST PAG VIAB. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are QCOM 55.40, MSI 45.20, TDC 53, UNP 99.50, CROX 20.50. PPO UPL both lost their 50 day MAs today.
Good luck.
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