Monday, August 22, 2011

Monday Thoughts

What else is new? Markets started with a bang and ended with a thump. Many stocks mirrored the index action by reversing and finishing hard upon their lows. The Nazz and the S&P 500 both finished UNCH basically after showing decent gains of 2% or more intraday. Former leaders are now really be taken to the slaughterhouse. CMG LULU PCLN HLF HAL are all down 5 days in a row now. And the value trap is that they look cheap but keep getting cheaper everyday. Energy and banks took the biggest hits today. GS was down 5% alone, BAC 7%. Gold/silver miners led to the upside once again suggesting that defensive names are still showing their might. AEM actually met 200 day resistance to the penny today. IBM also met 200 day resistance to the penny as well, after losing that line of support for the first time in a long while. Leading pharmaceuticals QCOR JAZZ met exact 50 day resistance today. There still does not seem to be that panic that brings that ultimate big capitulation day, that may suggest we are near a bottom. The selling seems to orderly for now. One standout today was a recent IPO ARCO. Up 4% on a poor tape not to shabby. Tomorrow we hear of earnings from HNZ before the open and AVGO GSM after the close.

Stocks near 200 day support include TGI 45.90, LULU 43, BBBY 51.20, CMG 266, HRL 27.25, EXPE 25.95, IACI 32.75, CERN 54, ADS 82, DFS 22.20, V 77, GSK 40.40, OKE 64, SM 66, IRM 29. Stocks that found 200 day support today were BBBY SCSS SBUX BGS WYNN CHKP EZPW WNR. Stocks that can be shorted at 200 day resistance are EAT 23.20, COST 75, FAST 31.55, M 25.70, LTD 34.75, PETM 41.75, TSCO 56, WFM 57.20, YUM 51.65, DAR 15, BAX 54.05, CAH 41.55, CI 43.85, HS 36.10, MHP 39, GPOR 26.60, ARMH 26. Stocks that met 200 day resistance were ROST EL TPX DAR PENN SINA VPHM CRS MTZ CBS CHK HLX ROSE. Stocks that can be shorted as they lose 200 day support and their sell stop spots are WYNN 128, BIDU 124.50, CHKP 50.25, WPRT 20.50. AEM can be bought with a buy stop of 69.15, if and when it can take out its 200 day MA.

Stocks that can be shorted at 50 day resistance are AAPL 360, COG 67.25, RRC 58, GNC 22. Stocks that met 50 day resistance today were AN DG DLTR ORLY CL HSY LVS GSK VPHM AAPL. COG lost its 50 day today.

Good luck. I will be on vacation until mid next week. Posts will resume then.

The author is long WNR. We sold FCX for a small loss.

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