Wednesday, June 15, 2011

Wednesday After Market

Markets plunged Wednesday as volume picked up. The losses were broad, and the market finished near session lows. No sector was immune. The Nasdaq finished clearly below its 200 day MA. The S&P 500 closed right upon that line of support. That 200 day MA is considered to be the long term trendline and a break below that line usually signals further weakness. More former leaders which charts look to have been broken today include EMN AGP COV EBAY NFX ADP CTSH. Economic news provided a perfect negative superfecta today. Housing data, CPI, Industrial Production, Empire State Index all disappointed. A silver lining to the days miserable action was sentiment among investment professionals. Bearish managers are rising quickly. A contrarian indicator can sometimes anticipate a market bottom. As always let the markets action and volume dictate your moves, and check your own opinion at the door. As I watch the market pundits on TV, a healthy majority are saying the market correction is over and its time to buy. Perhaps we are headed lower than we think! Thursday brings more economic reports with housing starts, jobless claims and the Philly Fed survey. PIR reports tomorrow morning, among the companies we follow.

Stocks near 50 day support are VFC 99.60, AET 41.50, BAX 57.50, HUM 76, WPI 62, M 26.55, TIF 69, ERTS 22, HOC 59.25, MCO 38, NTGR 38, PLCM 55.80, DISH 27.30, SQM 59. Stocks that found 50 day support today were YUM ABV WCN NSC KEG MON WSH. CE retook its 50 day MA today.

Stocks near 200 day MAs are HBI 26.75, APD 88.50, WYN 30.50, SYK 56.40, LTD 32.75, JWN 42.80, PAG 17.50, SBUX 32.50, WFM 52.10, KO 64, CAT 95, DOV 60, ITW 52.50, PH 84.25, SAP 56, TIBX 23, CHRW 75, KSU 49.50, ARW 36.40, MOLX 24, PKI 25.50, COF 46.05, KKR 14.95, ATI 59, CHK 27.75, COP 68.75, XOM 76.10, HLX 14, NBR 24.40, RDSA 67.85, SPN 34, CCK 35, HON 53.80, MMM 89.55, UTX 80.10, APKT 59, CMCSA 22.50, QCOM 51.50, MCHP 35.55, SMTC 23.60, CLF 81.90, POT 53. APC APA CLR DOW found 200 day support today. Stocks that can be shorted at 50 day resistance are DS 39.10, IR 44.75, RHT 43.50, APH 53, PXD 87, OMC 46, KLAC 41, TXN 32.70. Stocks that found 200 day resistance today were TTMI AMP NE DD OPEN AGU ARUN. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are FMC 77.70, PPG 83, VPHM 17.20, DKS 35.50, CBE 58.25, ROK 76.50, ORCL 31, JBL 18.10, TEL 33.75, ATW 38.50, EOG 101.50, RDC 35.75, VLO 23.70, MXIM 23.80, TRW 51.75. Stocks that lost their 200 day MAs today were PVH SOA WSM JOYG WM VRSN PAY TS TKR DVN NBL SU SUN IP OMC RVBD AAPL JDSU ADI AA BHP RIO.

Stocks that can be shorted as they meet 50 day resistance are COST 80, VIAB 49.10, UNP 100.50, ADS 89.75, AXP 48.90, GSM 21.60, MTL 27, ARMH 29, CY 21.05. Stocks that met 50 day resistance today were LULU AMZN SCSS DRC HAL PTEN SLB TPX VCLK TWC XLNX IPI. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are HS 41, UNH 47.70, WLP 75.35, TMO 60.50, FTNT 22.10. Stocks that lost their 50 day MAs today were ACN MSI CNI UNP A BHI OXY SWN EL TUP BLL ABB BMC CHKP CTXE INFA NUAN VMW COH NKE UA ALB AGN AGP CBS PM.

Good luck.

Author still in 100% cash.

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