Tuesday, August 9, 2011

Tuesday Recap

Wow. Pretty much sums up the day. The volatility today was breathtaking. 71 handles intraday on the S&P 500, not counting the extreme overnight weakness. The S&P 500 gained almost 5% today on big volume. The Nazz had an intraday range of 152 points. Today the Nazz outperformed, a rare occurrence as of late, gaining 5.3%. The reversals of the indexes, and volume was impressive indeed. Perhaps the best of all, was the way the market rallied into the close. Just the opposite of the bearish behavior we have been witnessing recently. Bernanke lit a bid under the market (short covering as well), although not initially, after keeping rates on Treasuries low until at least 2013. Stocks win by default. Leaders that found 50 day support Monday, on a horrendous tape, motored ahead Tuesday outclassing the indexes percentage gains were GMCR up 11%, JAZZ 11%, AAPL 6%. Leaders did and will always outperform. Some weakness was seen by FOSL, which lost 12% and a weak earnings reaction. Its almost been halved in 3 weeks. CAG lost 2%. Weakness on a red hot tape is usually not a great sign. AH M RL all report tomorrow morning before the bell.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CMG 306, DLTR 66, SAH 14.25, HLF 57.15, KO 67.20, EXPE 29.10, IACI 37.65, HFC 67.75. Stocks that retook their 50 day MAs, which are familiar leaders that withstood the recent weakness the best as they always do, were AMZN MCD TJX SODA CROX PCLN BIDU ALXN COG SM. GOOG JAZZ ABX all found 50 day support Tuesday.

Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are PAG 19.20, DAR 15, MON 68.30, HOG 38.20, GOOG 577, SINA 93.25, FTNT 20.50, ABV 29.80, PLCM 24.55, GSM 20.40, MTZ 18.10, VIAB 45.20, CHK 29.30, CPX 30.30, HAL 45.30, KSU 52.80. Stocks that retook their 200 day MAs Tuesday were TGI BBBY DG FAST ORLY SCSS SFLY SAH SBUX TIF TSCO CHD CL EL TUP BGS DECK CHKP QLIK DFS FRX GSK UNH ROC CBS OKE NSC IRM. Stocks near 200 day support are DFS 22, ROC 46.25, ROSE 42. Stocks that found support at 200 day MAs today were ANF NFLX WYNN ADS V CRS ACN WCN WPRT. Stocks that can be shorted at 200 day resistance are GR 88, DRI 48.50, EBAY 31, LTD 34.45, PETM 41.55, YUM 51.65, PENN 37, RAX 37, BAX 54, MSI 40.90, AVGO 31. Stocks that met 40 week resistance today were COST M ROST WFM CAG RL GOOG ABV AET AGN CI CHK WNR CCK.

Stocks that can be shorted at 50 day resistance are LULU 54, AN 36, DSW 50.50, ORLY 61.85, SBUX 38, CHD 40.55. Stocks that met 50 day resistance today were SAH HSY MSFT V RRC.

Good luck.

The author is still in 100% cash.

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