Tuesday, July 19, 2011

Tuesday Recap

Markets roared Tuesday, and they did so with some volume, and probably more importantly did not surrender and gains late. The S&P 500 gained 1.63%, and in the process recouped its 50 day MA. The Nasdaq outperformed rising 2.2%. Lending more credence to the days bullishness was the strength of leading stocks. Many broke out today. KO took out a 68.99 cup with high handle pattern. UA also took out a cup with high handle buy point of 81.55. KMT finished right at its cup with high handle buy point of 45.36. Old leader MSFT took out a double bottom buy point of 26.97. BHI PVH added gains after very recent breakouts. Some leaders on the other hand displayed bearish action. WYNN SINA has reversals intraday to the downside. WLP COP finished lower on a very healthy tape. After hours some techs were screaming higher post earnings. AAPL VMW ALTR were all higher. RVBD FTNT CMG were lower. Lets see if FTNT can find support near its 200 day MA tomorrow at 20. Tomorrow expect more earnings reports from APH JCI UTX before the bell and AXP CAKE EBAY QCOM RJF TSCO after the close.

Stocks near specific buy points include: Cup with handles IFF 65.34, MON 75.60, TXRH 18.50, LTD 41.28, AGN 85.67, BDX 89.85, CRL 42.30, VPHM 20.44, DD 56.30, AME 46.69, JOYG 99.41, SLB 90.99. Cup bases are VCLK 19.83, APC 85.60, CLR 73.58, SGY 36.04, ACOM 45.89, POT 61.90, XRAY 40.26. Double bottoms with handles are EBAY 34.17, FMC 89.82, ETN 53.25, CAT 112.75, EXXI 35.46, FTI 45.99. 3 week tight patterns are MCD 86.56, ICON 25.38, EL 107.20, CAH 47.16. Cup with high handles are CAKE 34.17 (earnings after bell Wednesday), CERN 64.58, UTX 91.93, NOV 82.00. Double bottom is NBR 28.60.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are TITN 28.05, AET 44.10, ILMN 74, SYK 60.25, RAI 38.25, BMC 54.25, ORCL 33.15, PAY 44.50, APKT 71, FDX 92.50, JNPR 33.30, NTGR 41.40, HON 58.25, IP 30.20, JBL 20.30, TMO 63.95, MTL 25.65, TKR 49.90, X 44.25, ABB 26, BHP 92.40. Stocks that retook their 50 day MAs today were ANN FL WYN CELG ABV PM NUAN QLIK TIBX ALB QCOM TWC CHRW VIAB EMC ARUN WAT SAPE BG DAR WBC WLL ARMH BRCM. Stocks near 50 day support are MW 33, AGP 68.50, CAH 45, CI 50, FRX 37.50, HS 44.10, QCOR 24, ERTS 23.40, APD 92.50, PPG 88, PX 104.25, AXP 50.20, DFS 24.60, DISH 29.50, CNI 77, JBHT 45.95, CBS 27.05, RAX 42. Stocks that received 50 day support today were HNZ UNH WDR ROP MMM ATI AVGO WY AEM.

Stocks near 200 day support are SAP 57, CCK 36, SMTC 24.40. WRC CAR LVS SYK PKI all received 200 day support Tuesday. Stocks that can be shorted at 200 day resistance are INTU 50.25, VRSN 34.05, DOW 35.30, SOA 23, KKR 15.55, VMED 27.95, ARW 38, MOLX 24.70, PAYX 31, CBE 60.10, IR 45.60, ADI 38, MXIM 25, NXPI 24. Stocks that met 200 day resistance today were BID PAY FDX DIS TKR TRW BTU TCK WLL ABX. Stocks that can be shorted as they lose 200 day support and their sell stop spots are LYB 35.85. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are NTAP 53, TTMI 15.80, RS 51.25, PH 88.30, BTU 61.75, TCK 53.45, WLL 61, CRUS 17.60. Stocks that retook their 40 week MAs today were ORCL FFIV TEL ATU CMI CAM DVN SU KLAC.

Stocks that can be shorted at 50 day resistance are INFA 56.25, TROW 60, RJF 33.05, MSI 46, SWI 24.50, A 49.40, APH 52.60, AGCO 49.10, JPM 41.50, MT 33, NUE 40.95, PLL 54.80, RIG 64.40, XLNX 34.95. Stocks that met 50 day resistance today were COST YUM EMN CMCSA CSX UNP NTAP BLL DHR ADP AGCO ITW ROK HES MRO RDC. Stocks that can be shorted as they lose their 50 day MAs and their sell stops are ORLY 61.40, HUM 78.80.

Good luck.

The author owns DE FCX WNR.

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