Tuesday, August 2, 2011

Tuesday Recap

Markets were bludgeoned Tuesday. No other way to put it. Volume expanded on both the Nazz and S&P 500 as both violated their 200 day MAs on big volume. Leading stocks have also made their presence felt. They are becoming a smaller bunch with each passing day. Today, the two leaders in the transport sector NSC KSU both gave up their 50 day MAs. Retail took a beating with COH plummeting on an earnings report. COH lost its 50 day MA in the process, and it took other leaders in the group with it. ANF BBBY M RL TIF UA also lost their 50 day MAs in sympathy. Chemical leader CE was brought down by weak earnings reports from WLK PPO which were both down 10% each today. Steel stocks are getting destroyed signaling a double dip? Who knows but MTL down 7%, MT 6%, X 4%. SDS which retook its 50 day MA last Friday on big volume is continuing higher. Today it stopped right at 200 day resistance. A move above that line tomorrow would be ominous indeed. Earnings reports tomorrow come from DVN KKR MOLX POL before the bell, and ATW CAR CXO CLR SOLR MTZ PXDSWI BID TRW WTI after the close.

Stocks that can be put on a watch list are: Cup with handles APC 85.20, RDSA 75.66, NTES 53.25. MSFT 28.25 in a double bottom with handle base. Might seem crazy to have stocks with these buy points, as I actually believe there is a lot more pain to come, but things can turn around very quickly.

Stocks near 50 day support are MCD 84, SBUX 38, GR 91.75, EXPE 29, HOG 39.95, AET 37, PM 68.50, ROC 54, ADS 93, VCLK 17.20, MOS 67.75, POT 56.10, BWA 74.25, ATW 43.50, CLR 64.50, HAL 50.75, KEG 18, NOV 75, SLB 84.10, WMB 30, CBI 37.95. Stocks that found 50 day support today were AN JWN KO PVH WYNN MTZ NCR MON GSM PXP FCX PENN.

Stocks near 200 day support are COST 74.10, EBAY 31, FL 20.10, PAG 19, HRL 27, HNZ 50.35, NKE 84.20, IFF 58.30, LVS 44.25, AGN 75, BAX 54, CAH 41, XRAY 36, HS 36, QLIK 27, ALB 60, FMC 80.50, PX 98.40, R 50.20, JBHT 42.80, VIAB 44.60, PLCM 24, IP 28.15, SAPE 12.95, WOR 19.30, CRZO 34, SWN 40, ARMH 25.35, GILD 39.55. Stocks that found support at their 200 day MA today were DRI ICON FTNT JOYG SLW. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are FAST 30.75, PETM 41.10, CRL 37.20, EMN 92, LYB 36, QCOM 52.60, CNI 71.60, UNP 96, BLL 35.75, CCK 36, JOYG 88, APA 118.50, MRO 27.75, NBR 25, AVGO 30.25, CLF 84.75, BEAV 36.80. Stocks that lost 200 day support today were EAT TITN YUM CELG NUAN SIAL WDR CMCSA TWC CSX EMC ACOM UTX TMO WAT ADP BG BX ABB AME CAT BC COP GPC RIO FCX XLNX PXD XOM ALTR. Stocks that can be shorted at 200 day resistance are ZMH 59.10, SWI 21.75. Stocks that met 200 day resistance today were ANN DKS BDX VPHM DOW DD CMI UPL. Put in a buy stop on ABX @49.25, as and if it can reclaim its 200 day MA.

Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are EL 101, WYNN 145, CHKP 55.75, DFS 24.40, NCR 18.75, SQM 62.75, SIVB 58.60, BHI 73, CVX 102.50, CXO 90.20, PENN 39.60. Stocks that lost their 50 day MAs today were ANF BBBY KMX CHS DLTR M PAG BID TIF TSCO COH RL UA WYN WPI SAP VMW CE POL DTV SINA ACN AGU GS CMI EXXI PTEN TCK ARMH RIO SCCO WCN SWKS HSY. Stocks that can be shorted at 50 day resistance are DLTR 65.50, M 28.80, MW 33.05, CHD 40.95, JPM 41, RS 48.40. Stocks that met 50 day resistance today were LTD SCSS NFLX CRM TIBX CBS DELL WLL SOLR.

Good luck.

We went into cash today as the 200 day MA on the S&P 500 was breached. Made a small gain in FCX WNR, small loss in WOR DE. Have to respect the action.

The author owns SDS.

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