Tuesday, June 21, 2011

Tuesday Recap

Markets Tuesday staged a strong rally, especially the Nasdaq which motored ahead by 2.2%. In the process, it retook its 200 day MA. Volume was heavy, however trade was tame by normal standards Monday. Breakouts, a rarity these days, occurred today. HS cleared a 45.21 flat base buy point. Others tried, but closed just beneath valid buy points. Those included TUP HOC. Retail was strong once again today with leaders in the group potent. LULU FOSL TIF all hit all time highs Monday. Gold and silver stocks surged today. AEM PAAS were both up 7%. SLW up 6%. ARUN was higher by more than 9%. The feel of the market to me was that of short covering, or a dead cat bounce. The violent move of the previous mentioned stocks as well as some big moves in the ag sector, are reminiscent of sharp, volatile bear market moves. Of course we are not in a classic defined 20% lower bear, but the poor action suggests strength should be sold into. That being said the move must be respected. Pick your spots on the charts, keep losses small, and let the winners run. Same as always. ADBE was down after hours, while JBL was flat. Greece Parliament gave their PM a vote of confidence as well after the close. Wednesdays economic reports include oil inventories and interest rate announcement from the Fed. Both are reported during market hours. Earnings announcements tomorrow include FDX before the bell and BBBY PAYX RHT after the close among the stocks we follow.

Buy points now exist for the following: Cup bases are UA 80.10, HOC 66.65, ENTG 9.74. Double bottoms are PX 106.33, ROC 52.86. Flat bases are ABC 42.60, ABV 33.34. EL 104.10 in a square box base.

Stocks near 50 day support are COH 59, COST 80, M 26.80, YUM 54, CBS 26.05, QLIK 30.50, NSC 71, KEG 16.30. Stocks that found 50 day support today were ERTS DAR. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are EMN 102.25, PPG 89.25, WYN 33.15, VIAB 49.30, ABB 25.95, PLL 55.60, NUAN 20.80, SAP 63, CHRW 78.75, PKI 27.35, BHI 72.25, CVX 103.75, CPX 31.85, COP 74.70, CLR 63.95, HAL 48.25, HP 62.40, NOV 72.45, PTEN 29.60, RRC 54, RDSA 71.90, SLB 85, SE 27.65, SUN 40.95, SPN 36.90, WNR 16.65, DD 53.20, HON 59.15, DHR 53.50, MWV 32.95, MMM 94, UTX 86.40, IBM 168, OMC 47.40, EMC 27.55, FCX 51, RIO 69.25, ALV 75.15, WAT 95.15, WSH 40.95. Stocks that reclaimed their 50 day MAs today were APD ALB PPO NFLX AMZN JWN PAG SBUX ARBA BMC CRM VMW CSX KSU A ADS AXP DFS CRZO DC EQT HLX MRO SWN IFF BLL VCLK MSI TWC AVGO XLNX AEM SWC TRW ACOM.

Stocks near 200 day support are PVH 63.25, CAR 15.05, VPHM 17.45, DKS 36, WM 37, ARW 36.70, ATI 59.10, CHK 27.85, VLO 24, CLF 82. Stocks that found 200 day support today were PH KKR RRC FCS MCHP NXPI. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are APC 72.75, NBL 86.50, SU 39.25, UPL 46.25, AGU 86.50. Stocks that retook their 200 day MAs today were SOA WSM JOYG RHT ROVI JBL TTMI TKR EOG OMC ADI MXIM AA BHP ARUN POT SWC. Stocks that can be shorted at 200 day resistance are EBAY 30.05, DIS 39.15, ADSK 39.30, FDX 91 (earnings before bell), UPS 71.60, APH 53, AVT 32.80, IVZ 24, PAY 42, GTI 19.75, TS 45.70, BP 44.10, CXO 89, DVN 79.50, FTI 42.50, HES 75, MDR 20.05, NBR 24.55, NFX 68.05, ETN 49.85, AAPL 329, OPEN 81, JDSU 17, KLAC 41, TXN 32.90, DE 85, DNR 20.05. Stocks that found 200 day resistance today were IR VRSN AMP NE CTSH RVBD.

Stocks that can be shorted at 50 day resistance are HBI 30, DOW 37.10, FMC 83.40, LYB 41, SOA 23.95, MAR 35.60, WYNN 140.75, AGP 66.50, COV 54.75, STJ 51, SYK 60.30, ZMH 65.10, ANF 70.60, ANN 29.05, BBBY 54.75, LTD 39, BID 43.50, KO 67, CBE 63, ITW 56.05, CTXS 80.50, MOLX 25.10, TEL 35.95, COF 52.25, GSM 21.35, MTL 26.75, ATW 42, CAM 49, SGY 31.20, CCK 39, EMR 55, ADP 53.25, DTV 48.20, QCOM 56, ALTR 46. Stocks which met 50 day resistance today were RL RCL HLS WFM GIS PM DOV CHKP OXY MCO IPI.

Good luck.

Still in cash. Although I have missed out on recent gains, I sold all my stocks from prices well North of here. Does not mean I am not kicking myself.

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