Thursday, August 11, 2011

Thursday Recap

Markets flew Thursday as the yo yo action of the week continued. Volume was lower than Wednesdays levels but above average. The Nazz was up 4.7%, while the S&P 500 was up 4.6%. The violent up and down action on the indexes signaling a bottom? It seems to be putting in a bid under the market. A surprising drop in jobless claims today added to the joy mood on Wall st. Perhaps all the "Markets in turmoil" shows and magazine covers are acting as contrarian indicators. As always follow the indexes and leading stocks to determine whether it is safe again to enter equities. Today leading stocks under performed the indexes, not a great sign. And demand heavier volume on up days. With the massive gains from Tuesday and Thursday the markets are all still down 2% or more for the week. Good earnings announcements are being rewarded with positive price action again as CSCO NWS both delivered 16% gains today. That is certainly a positive.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are LULU 55.10, ANF 70.50, AMZN 204.25, AN 36.25, DLTR 66.40, SBUX 38.25, CL 86.30, HLF 56.50, KO 67.25, HSY 56.50, ON 71, EXPE 29.20, IACI 38.10, HLX 17, WNR 18.10. Stocks that retook their 50 day MAs today were CMG TJX CHD RL SINA V ALXN CHK RRC. HFC SM both found support at their 50 day MA today and CROX can be bought at 26, its 50 day MA.

Stocks near 200 day support are SCSS 12.75, BGS 16.45, QLIK 27.20, WPRT 20.75. Stocks that found 200 day support today were SFLY CRS CBS ACN IRM SLW. Stocks that can be bought as they retake their 200 day MA and their buy stop spots are EBAY 31.25, M 25.80, PAG 19.25, ROST 71.75, SAH 14.25, HOG 38.25, INFA 49.40, AET 37.40, GSM 20.50, CPX 30.75, PTEN 26.40, WTI 21.50, WMB 28.20, CNI 72.15, AVGO 31.40. Stocks that retook their 200 day MAs today were BBBY EAT DG FAST FOSL TJF WFM DV HRL DAR VMW CHKP DFS EZPW PLCM ABV MTZ VIAB ATW GPOR HAL KSU NSC. Stocks that can be shorted at 200 day resistance are JWN 44.55, RAX here, TIBX 24.65, BAX 54.05, NCR 17.70, MSI 40.95, LYB 36.50, SWN 40, XLNX 32, BLL here. Stocks that met 200 day resistance today were M LTD ORLY YUM HNZ HBI NKE PENN CRM CI UNH PX APC HP NBL.

TUP can be shorted at 65, its 50 day MA. LULU DECK IACI all met 50 day resistance today.

Good luck.

The author owns WNR FCX.

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