Thursday, August 4, 2011

Thursday Thoughts

Markets just careened lower today, in enormous volume. Was it capitulation? Doubtful. Did not feel much like panic, and we had no upside reversal. The Nazz lost more than 5%, its worst single day loss in over 2 1/2 years. The indexes are now in correction mode, literally. The Nazz is 11.5% off its 52 week high, the S&P 500 is now more than 12% off its 52 week high. Today's horrendous tape, left both indexes negative for the year now. The S&P 500 is down 4.6%, the Nazz 3.6%, since January 1st. Some former leaders that were damaged today included FOSL, which lost its 50 day MA for the first time since January. TPX plunged 9%, undercutting its 50 day MA today. ROC, a chemical leader lost its 50 day and 10% today. UNP tumbled 6%, losing its 200 day MA in the process. OPEN, underwent a 2/1 stock split apparently. Oops, its a mirage. Its just been cut in half since hitting its all time high 4/25. Cash and caution are the words of the day. Not much in the way of earnings of companies we follow tomorrow. Of course we have the big employment number tomorrow at 830am.

Stocks near 50 day support, and these are leaders because their simply are not many stocks still above their 50 day MAs, are MCD 84, DECK 89.50, VFC 107, HLF 56.15, ALXN 49.50, JAZZ 33, MSFT 25.65, BIDU 139, COG 64.50, CHK 30.95, RRC 57, SAH 14. Stocks that found 50 day support today were AMZN EXPE IBM CAM PDS.

Stocks near 200 day support are BBBY 50.60, CHS 13.20, FAST 31, LTD 34.25, M 25.50, PAG 19, TIF 65.25, KO 65.15, HRL 27, COH 56.50, MW 28.50, CL 81.20, EL 90, TUP 56.20, HOG 37.85, AET 37, AGN 75, FRX 34, UNH 43.90, ERTS 19.05, FTNT 20.10, TIBX 24.40, CE 44.25, AXP 46.30, DFS 22, NSC 67.10, CBS 23, NCR 17.55, PLCM 24.10, DAR 14.70, SQM 56.50, SIVB 54.30, WPRT 20.55, BHI 65, HAL 44.50, KEG 14.50, PTEN 26, WTI 21, CBI 35, SLOR 11, PENN 37. Stocks that found 200 day support today were RL UA CHD INFA VMW GOOG RAX SAPE HP NBL SWN. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are RL 119, INFA 48.50, CRM 134, MSI 40.35, DELL 14.80, SINA 89.20, RAX 36, MCO 32.15, GSM 19.75, PXP 34, SPN 35.50, AVGO 30.40. Stocks that lost 40 week support today were DRI EBAY FL JWN PETM HNZ ICON NKE PVH GR IFF LVS WYN BAX CAH XRAY ABV ARBA SAP ALB FMC PX R QCOM CNI JBHT VIAB BLL CCK MON POT WOR JOYG BWA APA ATW BEXP CRZO CVX CLR EXXI NOV RDSA SLB WMB ARMH CLF BEAV. Stocks that can be shorted at 40 week resistance are EAT 23.05, YUM 51.55, ABV 29.50, TWC 70, NUAN 19.15. Stocks that met 200 day resistance today were HS VPHM LYB CXO.

Stocks that can be shorted at 50 day resistance are AN 36, BBBY 56.05, LTD 38, CHKP 56, ADS 93. Stocks that met 50 day resistance today were DLTR BID NKE PAY POT WCN SWI. Stocks that can be shorted as they lose 50 day support and their sell stop spots are BRY 52, BRCM 33.75. Stocks that lost 50 day support today were EBAY SBUX KO WYNN PM CERN CHKP ADS ACN MOS APA ATW CPX HAL OIS ROSE MCP HSY.

Good luck.

The author is in 100% cash.

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