Wednesday, July 6, 2011

Wednesday After Market

Markets continue to climb the proverbial "wall of worry", with the Nasdaq closing higher for the 7th straight day. Volume was slightly stronger. The indexes are hovering around possible double bottom buy points. The Nasdaq tried to clear it today but retreated and closed just below it. The S&P 500 is about 6 points from its trigger point. More breakouts surfaced today with two leading stocks clearing double bottom buy points. RAX 44.81 and MON 74.56. Leading stock ACN has bullishly held its earnings/S&P 500 inclusion gap very well. Markets did react positively to poor news early in the am, with China raising both interest rates and reserve requirements. We left impressed with the strength FCX showed today after the Chinese announcement. Chips were weak, while transports outperformed. Tomorrow brings jobless claims and ADP employment report.

Stocks offering specific buy points are: Cup bases are COST 84.00, BDX 89.83, CRL 42.94, PVH 71.91, ARBA 35.94, NUAN 23.03, DD 57.10, MMM 98.05, UTX 90.77, IRM 35.60, WAT 100.10, AME 47.10, JOYG 102.27, GSM 24.90, ARMH 32.28, HP 70.56, KEG 19.03, NOV 80.75, RRC 59.74, SPN 41.11. Double bottoms are KMX 35.10, EBAY 34.75, WYN 35.34, DECK 93.74, APKT 77.61, EMR 61.39, PAYX 32.40, VCLK 18.27, MCHP 39.77, WPRT 26.05, APC 80.85, BHI 76.75. Flat base is FO 65.58.

Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are RAI 38.40, DOW 36.95, LYB 40.35, SOA 23.75, WLK 55.25, ORCL 33.40, SAP 61.80, VRSN 35, AKAM 32.40, AGCO 50.45, BG 71, DE 86.35, IP 30.50, ARW 42.25, XOM 82.25, PAAS 32.10. CTXS CBE AEM all retook their 10 week MAs today. Stocks near 50 day support are COP 54.75, HNZ 53, ABV 32, EAT 24.60, M 27.90, PAG 21, PETM 44, YUM 54.85, AET 43.50, ALXN 47.20, XRAY 38, VRX 51.40, IFF 63, ALB 68, DISH 29, CBS 27, VIAB 50, CSX 25.50, ACOM 39.25, IPI 31, HON 58.80, MWV 33, ROP 82, ADS 53.40, A 49.75, TMO 63, EMC 27.40, NTGR 40.95, PH 88, X 44.70, ALTR 46.25, CY 20.40, NVLS 35, SMTC 27, BHI 72, NBL 88.40, OXY 104, SGY 30.40, WY 21.50. Stocks that found 50 day support today were PEP ANF EMN APKT COF WDR MOS CCK MCO JBL OPEN BRCM CMI APA CXO BTU PXD AA.

Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are BTU 61.60, DVN 80.60, CAM 41.30, AVT 33.25, TROW 62.25, RJF 34, EFX 35.90, ADSK 39.75, LVS 44.50. AMP retook its 40 week MA today. Stocks near 40 week support are VRSN 34, ETN 50.20, EMR 56.55, APH 53.25, IR 45.15, ADI 37.85, MXIM 24.65, SU 39.45, SUN 41. STT AGU FCX all found 40 week support today. Stocks that can be shorted at 40 week resistance are JDSU 17.20, TXN 33.10, HES 76. HOT NBR TCK all met 40 week resistance today. Stocks that can be shorted as they lose their 40 week MAs and their sell stop spots are ANN 25.50, JCP 33.60, DIS 39, ATI 59.75, FCS 16, EOG 101.25. WLT lost its 40 week MA today.

Stocks that can be shorted at 10 week MAs are FLIR 34.50, TXT 23.10, INTU 52.75, VMED 31.30, LAZ 38, NUE 40.95, RS 50.20, NXPI 27.15, VLO 26. CAR SYK met 10 week resistance today. Stocks that can be shorted as they lose their 10 week MAs and their sell stop spots are DKS 38.75, LTD 38.75, RCL 37.40, WLP 77.75, ARUN 28.75, ABB 25.75, ATML 14.05, WMB 30. CCL DAR both lost their 10 week MAs today.

Good luck.

The author owns DE FCX.

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