Monday, August 15, 2011

Monday Thoughts

Markets Monday flew higher Monday, returning to the former days of Monday strength. The S&P 500 was up 2.18%, outperforming the Nazz gain of 1.88%. Volume was soft, lessening the conviction of the rally. A weak Empire Manufacturing index was shrugged off, bullish since ignoring bearish news. This seems to me to be a dead cat bounce long in the tooth, but he tape must be respected. Oil continues to advance, a possible sign of the economy feeling better? More bearish news being shrugged off was RIG going higher even after a 60 Minutes beating. Leading stock GOOG found support exactly at its 10 week MA after announcing a buyout of MMI for a big premium. The biggest gains in the markets came from some of the most defensive sectors such as utilities and tobacco. Not the most encouraging sign. Tomorrow TJX reports before the bell. Others reporting that may have market impact are WMT HD DELL.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are SWKS 23.60, WCN 31.90, IRM 33.10, KSU 56.90, WNR 18.10, ROSE 50, NBL 90.25, ROC 54.25, MTZ 19.80, ADS 93, QLIK 31.25, CERN 61.25, PENN 39.70, POT 56.25, MOS 66.90, MON 71, AGU 86.25, CL 86.55, WFM 61.60, SAH 14.30, ORLY 62, FAST 33.60, EBAY 31.25, BBBY 56.25, AMZN 205.50. Stocks that retook their 50 day MAs today were TGI ANF EAT SBUX HLF HSY EXPE PCLN WYNN CHKP VPHM ABV PM ATW GPOR HLX IBM WPRT. Stocks near 50 day support are ANF 70, MCD 84.50, CHD 40.75, HLF 56.25, KO 67.10, EXPE 29, BIDU 140, IACI 37.60, ALXN 50, ABV 31.55, AH 27.05. Stocks that found 50 day support today were TJX KO SINA AEM.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are GR 88.65, PAG 19.15, HS 36.60, NCR 17.90, AMT 51.95, MSI 41.25, ALB 60.50, APC 75.50, BHI 66.25, NOV 72, PXP 34.80, SWN 40.25, BMO 61.80, BWA 72. Stocks that retook their 200 day MAs today were HOG LVS FTNT INFA CRM CAH VPHM GSM CE PX CVX NBL OIS SGY SPN WTI WMB CNI ARMH. Stocks near 200 day support are ROST 71, TIF 66, AET 37.20, UNH 44, PLCM 24.50, CBS 23, VIAB 45.05, CPX 30.20. Stocks that found 200 day support at 200 day support today were DRI FOSL M LTD PETM ROST ABT AET CI FRX PTEN BLL SLW ABX AVGO. Stocks that can be shorted at 200 day resistance are BEAV 37.10, COST 75, GPC 52, COH 57, TIBX 24.70, AXP 46.60, BAX here, LYB 36.75, MHP here, RDC 37, XLNX 32, MCO here. Stocks that met 200 day resistance today were JWN TIBX AGN BAX HS NCR MHP. RAX can be shorted with a sell stop of 36.50, its 200 day MA.

Stocks that can be shorted at 50 day resistance are LTD 37.15, DFS 24.75, SPN 37.05, MXIM 24, TUP here. Stocks that found 50 day resistance today were AN CL TUP MON MOS MTZ.

Good luck.

The author owns FCX WNR.

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