Wednesday, August 10, 2011

Wednesday After Market

Markets sunk Wednesday on renewed economic jitters and European concerns. The S&P 500 gave back almost of all Tuesdays gains falling 4.4%. The Nazz "outperformed" for the second straight day losing 4.1%. Volume was weaker than Tuesdays levels. Volatility remained high, as the Vix climbed over 22% on the day. On a miserable tape it often pays to watch stocks that demonstrate solid relative strength. Today those stocks were LULU FOSL CHD EL SODA TUP RL SINA JAZZ COG HFC WNR. If the market can regain its footing these may be the first to shoot higher out of the starting gate. That is a big if however. As we write futures are trading nicely higher. With the market in correction mode, buys remain risky at best. Today gold miners shined as the metal rose above $1800 an ounce for the first time. Banks were hit hard though with GS MS both down over 10%. Charts are busted up and could take weeks before the dust settles. For now see how individual stocks perform near their 50 and 200 day MAs. Cut losses quick and keep positions small and nimble. CSCO was up in after hours trading on earnings. Tomorrow earnings before the bell come from SODA EAT and after the close from DAR DV MCP JWN.

Stocks near 50 day support are CROX 25.95, GOOG 542, AAPL 355. Stocks which found 50 day support today were MCD SODA BIDU COG SM. AEM retook its 50 day MA today.

Stocks near 200 day support are ANF 60.80, AMZN 185, AN 34, DSW 42.50, TJX 49.65, TUP 56.30, BGS 15.45, HSY 52.50, EXPE 25.95, NFLX 222.50, SINA 93, CERN 53.30, ADS 80.70, V 76.75, ALXN 45.10, WPI 58, PM 63.55, IBM 160.75, WCN 29.35. Stocks that found 200 day support Wednesday were SCSS SFLY SBUX TSCO EL DECK CRS ROC CBS ROSE IRM WPRT. Stocks that can be shorted at 200 day resistance are LTD 34.45, PETM 41.55, WFM 56.50, HOG 37.90, PENN 37, RAX 37, CHKP 50.20, TIBX 24.60, CAH 41.20, MTZ 17.95, MSI 40.85, ATW 41, PTEN 26.05, ARMH 25.55, AVGO 31. Stocks that met 200 day resistance today were FAST M ORLY ROST DAR MON VMW EZPW AET UNH PLCM ABV VIAB HAL HLX WMB KSU BLL. Stocks that lost their 200 day MAs today were BBBY DG SAH CL KO QLIK DFS FRX GSK ACN. Stocks that retook their 200 day MAs, impressive on a terrible tape, were SINA WNR SLW ABX.

Stocks that can be shorted at 50 day resistance are LULU 54.10, DLTR 65.80, HLF 56.15, HSY 56.15, IACI 37.50. Stocks that met 50 day resistance today were AMZN CMG ALXN. PCLN lost its 50 day MA today.

Good luck.

We bought some WNR today as it showed strength recapturing its 200 day MA today. And some FCX. Which was strong all day relatively speaking until that plummeting close.

The author owns WNR FCX.

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