Wednesday, August 17, 2011

Wednesday After Market

Markets gave back early gains today, closing mixed. Volume tapered off, normal for the summer doldrums season. The S&P 500 finished slightly up, the Nazz down 0.5%. Leading stocks were weak today, and everyday it seems more leaders are giving up their superior status. When the generals fall, it is definitely a time for caution. Retail leaders, which were some of the last bastions of strength are faltering. LULU lost another 3% today, after losing both 4.5% and its 50 day MA Tuesday. DECK lost 7% today but managed to garner 200 day support. ANF lost 9% today. Other former leaders looking recently bruised include HLF TPX COH. Speaking of retail, has anyone realized the only solid earnings results are coming from the cheap category. WMT Tuesday (stopped right at its 50 day MA), TGT today (stopped right at its 200 day). That is contrast to the luxury retailers that were holding up until recently. TIF JWN SKS come to mind. NFLX, yet another leader trying to find its way, heading for a 200 day test very soon. Software stocks took a hit today too. CRM down 5%, INFA 5%, VMW 4.5%, TIBX 4%. Both retail and software were strong solid groups in the not to distant past. Piggybacking Warren Buffett (whose tax the super rich tirades are getting old and quite frankly misguided), proved futile today. DG gave back all of yesterdays gains and then some. Groupmate DLTR had a bearish outside reversal. DLTR ROST report before the bell tomorrow and CRM reports after the close.

Stocks near 50 day support are GNC 22, TJX 53, CHD 40.75, CROX 26.50, RL 130.50, ALXN 50, CHK 30.80. Stocks that received 50 day support today were TGI CMG SBUX CL HSY WYNN CHKP V. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are WCN 32, IBM 173.50, AN 36.25, ORLY 62.15, HNZ 53, MON 71.10, POT 56.50, BIDU 140.75, DFS 25, GSK 42.75 ATW 43.60. Stocks that retook their 50 day MAs today were WFM MOS PM.

Stocks near 200 day MAs are ANF 61.90, BBBY 51.10, COST 75, FAST 31.15, BGS 16.50, DAR 15, PENN 37.05, FRX 34, UNH 44, VPHM 18, CRS 45.25, MTZ 18, VIAB 45, GPOR 26.50, HAL here, HLX 15, ACN 53, SLW 37, ABX 49.20. Stocks that found 200 day support today were ROST DECK QLIK AET ABT AGN CAH CI VPHM VIAB PTEN WMB KSU NSC. Stocks that can be shorted at 200 day resistance are GR 88.10, EBAY 31.10, GPC 52.05, M 25.75, NKE 84.40, HOG 38, WYN 31.50, RAX 37.10, NCR 17.75, GSM 20.50, PX 99, BHI 66, CPX 30.25, HP 58.75, OIS 71, TD 80.25, CCK 36.50, CE 45. Stocks that met 200 day resistance today were GR FOSL SAH YUM NKE LVS BAX HS AMT CVX CPX HP SWN SGY SPN BMO CNI BLL BWA ARMH. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are EAT 23.10, DSW 42.25, SFLY 45.40, SINA 91.75, QLIK 27. Stocks that lost their 200 day MAs today were LTD TIF PLCM. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are YUM 51.85, HS 36.75, MSI 41.25. FTNT MHP both retook their 200 day MAs today.

Stocks that can be shorted at 50 day resistance are HLF 56.25, TUP 65.25, HRL 29, ADS 92.75, WPI 66.40, IRM 33. Stocks that met 50 day resistance today were MSFT GPOR ROSE WNR WCN LULU AN ORLY TUP POT PCLN GOOG. EXPE VMW lost their 50 day MAs today.

Good luck.

The author owns FCX WNR.

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