Tuesday, August 16, 2011

Tuesday Recap

Markets fell Tuesday in spite of decent economic data. Most eyes were on Europe and the disappointment they brought. Germany, Europe's economic engine, had anemic growth in its GDP report. Volume increased, an ominous sign, as the markets fell today. Even worse was the action of leading stocks. Leaders that lost their 50 day MAs today, and under performed the markets handily today were LULU BIDU SINA IACI. FOSL lost 7%, and its 200 day MA in the process. CRM had a bearish outside day, also losing its 200 day MA in the process. And the stocks that demonstrated good relative strength today hailed mainly from defensive sectors, like ABV ROST DLTR DG. DELL was lower after hours on earnings, citing a lack of clarity going forward. Tomorrow we have earnings from ANF DE before the bell and LTD SINA after the close.

Stocks near 50 day support are MCD 84.60, CHD 40.70, KO 67, CROX 26.40, LVS 42.50, V 83, ALXN 50, CHK 30.85, AEM 62. Stocks that found 50 day support today were SBUX TJX HSY EXPE WYNN CHKP ABV. Stocks that can be bought as they reclaim thier 50 day MAs and their buy stop spots are MOS 67, WCN 31.95.

Stocks near 200 day support are DSW 42.95, FAST 31.10, ORLY 59.05, SFLY 45.90, WFM 57, DAR 14.95, QLIK 27.15, EZPW 29.50, FRX 34, UNH 44, PLCM 24.50, CRS 45.10, MTZ 18, ATW 41.10, GPOR 26.40, HAL 45.20, KSU 52.75, ACN 53, SLW 37, ABX 49.10. Stocks that found 200 day support today were TGI LTD ROST MON POT ABT CI VPHM CVX HAL PTEN WTI WMB NSC. Stocks that can be shorted at 40 week resistance are JWN 44.60, PVH 64.50, HOG 38, WYN 31.40, RAX 37.25, INFA 49.10, BAX 54.10, PX 99, RDC 37, SPN 36, BWA 71.90, AVGO 31.25. Stocks that met 40 week resistance today were GR M JWN SAH YUM HOG NCR GSM OIS SWN SGY BLL BWA. Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are EABY 31.25, HS 36.50. COST AGN both reclaimed their 200 day MAs today. Stocks that lost 200 day support Tuesday were TIF NKE RAX FTNT INFA CE PX VIAB CPX NBL CNI AVGO.

Stocks that can be shorted at 50 day resistance are AN 36.05, TUP 65.25, HRL 29, ADS 92.50, IRM 33. Stocks that met 50 day resistance today were EAT HLF TUP PENN PM MTZ NBL. GOOG lost its 50 day MA today.

Good luck.

The author owns FCX WNR.

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