Monday, October 10, 2011

Monday Recap

Markets exploded to the upside on Columbus Day, perhaps because the credit markets were closed and there was no capital competition. Perhaps because of easing European concerns. Both the Nazz and the S&P 500 reclaimed their 50 day MAs today. The caveat was the absence of volume, however with the holiday thats understood. Some clear positives are developing. Indexes rallied hard into the close, closing upon their highs for the day. More leading stocks are setting up valid base buy points. Double bottom buy points are TPX 64.70, CVX 100.68, EP 20, PENN 40.52, KLAC 44.70. DSW ACN KSU are all patiently building the right side of their potential bases. We had some M&A activity in the oil group with SPN acquiring CPX. More leading stocks are hitting ALL time highs such as IBM QCOR VFC. Banks were strong today with the XLF nearing 50 day test @12.60. Today MS was up 7%, WFC BK 6%, JPM 5%. Transports were higher after the IYT also retook its 50 day MA. Sector mates NSC UNP EXPD all retook their 50 day MAs as well. AAPL regained its 10 week line too. That all being said the market is still in correction, and looks near term overbought. SDS should catch a bid near 22, its 200 day MA. Lets see how that test unfolds in the coming days. AA reports after the bell Tuesday.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are LULU 54.30, CVI 25.20, COG 69.90, CLR 53.60, OXY 82.25, CBS 23.25, XRAY 33.25, IP 26, WY 17.25, A 34.30, XLNX 30. Stocks that retook their 50 day MAs today were IACI ANN MCD TIF WSM BUD PCP TPX COP FTI RRC RDSA LVS ATHN DIS PPG UNH EMR HON NUE DHR BWA. Stocks near 50 day support are ABV 32, TPX 58. DPZ MTZ QCOM all found 50 day support today. Stocks that can be shorted at 50 day resistance are BHP 77.50, CROX 27, CVS 34.75, GMCR 101, MA here, HLF 55, CXO 83, HES 57.50, NOV 63, EXPE 28.50, WYNN 142, DOW 27, AET 38, GNC 22.95. Stocks that met 50 day resistance today were CROX GOOG LULU AN CMG TAP MA CRM NLSN XRAY CSX DOV ETN XLNX.

Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are CVX 100.20, CMCSA 23.80, TWC 71, QCOM 54.25, ORCL 31.80, ADP 50.80, NDAQ 25.40, MXIM 25.15, XRT 50.25. Stocks that retook their 200 day MAs today were KO COH PETM PM CBOE IFF HFC LVS WYNN ARBA PX HUM UNH JBL AVGO SWI INTU. Stocks near 200 support are TGT 51, PX 99.75, HS 37.95, JBL 19.60, AVGO 32.50, KLAC 41.95, INTU 49.80. EBAY found 200 day support today. Stocks that can be shorted at 200 day resistance are GG 48.50, ABX 49, BIDU 131, RAX 38.25, ANN 24.95, PAG 19.50, AXP 47.05, SM 69, WNR 16, PCLN 494. Stocks that found 200 day resistance today were K TIBX VMW IRM NDAQ.

The author owns FCX DE.

No comments:

Post a Comment