Markets roared back Tuesday on good data regarding industrial production in China and retail sales here and as well in China. Unfortunately, volume did not accompany the move higher today. Indexes did give some gains back into the close as well. The Nasdaq did have a strong move off 200 day support yesterday, and it outperformed the S&P 500 by a small margin. Although I am still skeptical of todays rally we must respect the days move. Perhaps the near 10% correction from the recent highs was enough. As we noted about some stocks that displayed relative strength in Mondays weakness, it is also important to recognize relative weakness on a bullish tape. Today PCLN EBAY SPRD AXP COF CTSH lagged. Some leading stocks are setting up valid buy points, but they are few and far between. Many others are getting ready for 50 and 200 day MA tests. Lets see how they respond to these tests and watch for volume to pick up on the major indexes. Not in much of the way in earnings tomorrow, but Wednesday has plenty of economic data being reported. CPI, industrial production, and Empire State Manufacturing Index.
Stocks setting up valid buy points, but caveat emptor in this environment, are EXPE 28.40, MON 71.37 both double bottom with handles. Cup with handles are AET 46.11, BAX 60.60, NSC 75.06, HOC 66.65. Flat bases are TUP 66.92, ACN 58.31, TDC 56.68. HS 45.21 in a square box base.
Stocks near 50 day support are COH 58.50, VFC 99.50, APD 99.25, ALB 66, M 26.50, WCN 30.55, BMC 52.05, ERTS 22, FTNT 22.30, BLL 37.90, DISH 27.25, WSN 40.85. Stocks that received 50 day support today were AGN CBS ABV CTXS INFA CNI VECO. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CE 48.75, EMN 102.60, PPO 61.30, HLS 26.25, AMZN 192.25, BBBY 55, PIR 11.80, PH 90.60, ARBA 32.40, CHKP 54.25, SAP 63.25, CHRW 78.30, JBL 20.25, MOLX 26.25, TEL 36, DFS 24.25, NOV 73.50, RDSA 72.25, SLB 86, SUG 29, SUN 41.45, WNR 17, TPX 61.50, ACOM 37.75, DHR 53.60, MMM 94, TYC 49.15, IRM 33, VCLK 16.95, EMC 27.60, QCOM 56.25, ARMH 29.25, XLNX 34.20, RIO 70, B 23.30, TRW 54.60, WAT 94.50, AGU 87.25, POT 55.80. Stocks that retook their 50 day MAs today were UA ALB SCSS YUM MKC PM ABB NUAN QLIK CRM A BHI CPX OXY EL BEAV.
Stocks near 200 day support are PVH 63, DOW 34.30, PPG 83.75, VPHM 17.30, KO 64, ORCL 31.05, TIBX 23, PKI 25.50, KKR 14.95, ATI 59, TS 45.45, APC 71.25, APA 116, CHK 27.65, FTI 42.25, NBR 24.40, RDC 36, VLO 23.95, IP 27.20, AAPL 327, CMCSA 22.50, ADI 37.05, MXIM 24.05, MCHP 35.55. UPL RVBD FCS all found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are NKE 83.50, DVN 79.75, DD 50.75, OPEN 81.25, KLAC 41.25, TXN 32.75, FCX 52. Stocks that retook their 200 day MAs today were FMC SOA WCRX NBL SU AA JDSU. Stocks that can be shorted at 200 day resistance are DIS 39.05, IR 44.55, MDRX 17.90, ADSK 39.05, RHT 43.50, APH 53, AVT 32.70, TTMI 14.80, IVZ 23.95, BP 44, HES 74.50, MDR 20, NFX 68, PXD 86.25, ETN 49.50, PAYX 30.55, SWC 20.25, ARUN 26, DNR 20. Stocks that met 200 day resistance today were WM AMP GTI TKR CXO DVN NE DD OMC OPEN KLAC TXN JPM. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are DKS 35.50, WSM 35.75, PAY 41.50, ATW 38.35.
Stocks that can be shorted at 50 day resistance are PX 104, ROC 50.25, MAR 35.80, WYN 33.05, COV 54.75, ZMH 65, LULU 94, COST 79.80, FAST 32.80, PAG 20.55, SBUX 36.05, VIAB 49.10, ITW 56.05, PLL 55.95, CSX 76.10, KSU 55.15, ADS 89.75, DRC 50.60, HK 25.30, RRC 54, WMB 31, IFF 63, CCK 39, HON 59, ADP 53.40. Stocks that met 50 day resistance today were BBBY GSM MTL CRZO DRC HAL PTEN TPX MWV ADP IRM QCOM TWC CY IPI ACOM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ABC 40.60, UNH 47.75.
Good luck.
The author is still flat but looking to start buying tomorrow.
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