Markets rallied Thursday on the last day of Q2 and QE2. The Nasdaq outperformed once again as it gained 1.2%, to the S&P 500s 1% gain. For the quarter both indexes finished down very slightly. But Thursday the indexes managed to recapture their 50 day MAs. Volume was decent. All time highs are becoming abundanT. BBBY AVGO CE FOSL FTNT SBUX SQM TIF all did so today. Some leaders tried to break out of bases today, but volume was soft and they all closed below buy points. They included VFC DOV XLNX NSC UNP. See if the volume can kick in tomorrow and they can close above their buy points. Machinery was strong with JOYG CAT PH all gaining big ground today. Electronic stocks enjoyed healthy gains as well with ARW AVT A JBL posted sweet results. Tomorrow brings consumer sentiment, manufacturing, auto sales and construction spending.
Stocks offering precise buy points are: Double bottoms EMN 106.34, PCLN 519.49, WYN 35.34, MWV 33.12, AA 16.93, MCP 6.53, MON 74.56, DOV 68.10, ADS 95.37, OIS 80.10, WMB 31.83, HON 60.20, RAX 44.81, DECK 93.74, BHP 96.04, CVX 105.31, BHI 76.75, TKR 52.49, ORCL 34.40. Cup bases are PLL 58.99, HP 70.56, RRC 59.74, IBM 173.64, NOV 80.75, NSC 75.10, PAG 23.34. Flat bases are ALB 71.89, TWC 79.31, APD 96.10, BAX 60.60. Cup with high handles are CRM 154.09, TMO 65.96. M 30.10 in a cup with handle base.
Stocks near 50 day support are RAX 42.20, AET 43, HS 43, HUM 78.25, UNH 49.60, JWN 45.95, YUM 54.40, VIAB 49.50, NUAN 21, TIBX 27.90, X 45, APC 75, EQT 51. Stocks that found 50 day support today were DECK NBL GSM UTX DAR. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are LYB 40.45, VPHM 18.80, CTXS 81.50, SAP 62.25, TTMI 16.30, CHK 30.45, ADI 39.70, BRCM 34.25, WMB 30.60, PVH 66.60, DOW 37.20, CAR 17.45, RCL 38.30, XOM 82.25, ABB 26.25, HLS 26.45, XPD 51.75, JBL 20.95, GTI 20.60, CXO 93, BTU 59.90, HK 25.25, PXD 91.75, SE 27.55, SGY 31, VLO 26.30, CCK 39.15, IP 30.25, ADP 53.60, AAPL 339, ARMH 29, MCHP 38.95, NXPI 28.25, ABX 46.60, MOS 68.75, ENDP 40.75. Stocks that did retake their 50 day MAs today were NTAP QCOM ALTR SMTC WSH MWV ETN RDSA EBAY COST KO CHRW BLL APH.
Stocks near 200 day support are DOW 35, EOG 102, MXIM 24.50. OPEN found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are BID 44, MT 35.25, TS 46.25, CAM 50.75, NBR 25.25, SU 39.50, EMR 56.70, PAYX 30.95, JDSU 17.10, TXN 33.20, IPI 33.50. Stocks that retook their 200 day MAs today were SOA IR APH NTAP CMI. Stocks that can be shorted at 200 day resistance are DIS 39.20, ADSK 39.55, IVZ 24, DVN 80, KLAC 41.30. Stocks that met 200 day resistance today were CBE VRSN AMP BP NBR UPL. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are ANN 25.50, FCS 15.75.
Stocks that can be shorted at 50 day resistance are HOT 57.10, SYK 60, DKS 39, LTD 39, TROW 60.75, HES 76, PAY 46.25. Stocks that met 50 day resistance today were PVH MAR ABB HLS ITW EXPD JBL COF CHK NFX BTU DHR MCO VCLK AA GM. WLP can be shorted under 77.50, as it loses its 50 day MA.
Good luck.
We added some FCX as it passed it 200 day MA on decent volume today. We also bought some DE as it looks like it has bottomed and finished the day strongly on powerful volume after being lower early in the day.
The author owns XOM FCX DE.
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