Thursday, August 4, 2011

Weekend Stock Reflections

Markets performed some acrobatics Wednesday with some heavy swings, finishing in the black. The Nazz finished up almost 1%, rallying 72 points off its intraday low. It still finished below its 200 day MA. A bearish sign indeed. The S&P 500 closed up 0.5%, and up 26 handles from its lows of the session. It is still well below its 200 day as well. Was this a dead cat bounce, or the beginning of a dig from this steep correction in this current bull market dating back 3 plus years? I think the latter and until these indexes can muster the strength to recapture their respective 200 day MAs, I will not be impressed. As always leading stocks outperformed the indexes, with DECK HLF both up 4% on the day. Many other leaders found strong support at their 50 or 200 day MAs to the penny. Examples that found support right at 50 day support were SBUX KO ADS HAL MTZ KEG NOV. Stocks that found support right at 200 day support were EBAY FAST WYN XRAY FTNT UNP CNI POT RDSA SLB to name a few. KKR, a former leader which lost its 200 day last month, (while the market was still holding up), a bearish sign indeed showed why yesterday losing 6% on earnings. Earnings reactions after the close among stocks we follow were MTZ SWI both up about 10% after reporting. Expect earnings from APA BRY BBG CAH CHD CI PXP TDC WNR before the open, and MCHP PKI RAX SAPE SUN after the close.

Stocks with specific buy points, that also can be put on a watch list, are: Cup with high handles PM 72.84, WTI 29.37 (up 6% after reporting Wed after the bell), SAH 16.37. Double bottoms with handles are MSFT 28.25, MTZ 22.48 (also up nicely pre market on a solid earnings delivery). Cup with handles are SGY 34.56, APC 85.20.

Stocks near 50 day support are AMZN 202, MCD 84, EXPE 29. Stocks that found good support Wednesday were GR HOG WYNN CHKP ACN MOS BWA APC ATW ROSE CBI MCP HSY. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CHS 15.10, WPI 66.60, TIBX 27.55, DTV 50.25, KSU 57.90. DLTR JWN NKE WCN all retook their 50 day MAs Wednesday.

Stocks near 200 day support are LTD 34.10, PAG 19, R 50.10, SINA 91. Stocks that found 200 day support Wednesday were FL PETM ICON LVS WYN BAX CAH HS ABV ARBA INFA QLIK FMC QCOM JBHT VIAB BLL CCK IP WOR BEXP CAM CRZO EXXI AVGO BEAV. Stocks that can be shorted at 200 day resistance are ANN 26.15, CAKE 30.15, DKS 37.05, STJ 46, CTXS 72.10, SIAL 66.10, CMCSA 23.50, TWC 70.15, CSX 23.90, ACOM 34.05, ROP 80, DHR 49, TMO 57.25, ADP 50, AME 41.50, CAT 98, OXY 98, XOM 79, ALTR 40.50, XLNX 31.80. Stocks that met 200 day resistance Wednesday were TITN VPHM BG JOYG WBC COP NBR. Stocks that lost 200 day support Wednesday were CRL APA. YUM can be bought with a buy stop of 51.75, its 200 day MA. EAT EMN both retook their 200 day MAs Wednesday.

Stocks that can be shorted at 50 day resistance are ANF 71, BBBY 56.05, KMX 31, M 28.85, MW 33, BID 41, HRL 29.15, COH 63, AGN 82, CBS 27.50, KLAC 40.75. Stocks that met 50 day resistance Wednesday were AN RL CMI PETM SOLR. Stocks that lost their 50 day MAs on a decnt turnaround day Wednesday were EL NSC SQM BHI CVS HP FCX.

Good luck.

We sold our SDS for a sweet profit Wednesday.

The author is flat.

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