Thursday, October 6, 2011

Thursday Recap

Markets rallied for the 3rd consecutive Thursday, but a drop in volume dampened the spirit. The past three days saw the indexes have softer volume than the previous day. Not exactly bullish. Some positives are developing with the fact that markets are rallying strongly into the close. Three days in a row now. The Nazz and the S&P 500 both rallied 1.8% today. The Nazz is less than 1% from its 50 day MA, (2520) where resistance has proved formidable. The S&P 500 is closing in on its 50 day MA (1180) as well. The ETF SDS lost its 50 day MA today and is approaching its 200 day MA near 22, where support has proven firm. That could all change with the jobs report tomorrow morning before the bell. Banks were up again smartly today with JPM MS both up 5% and GS 4%. The bank ETF XLF is also approaching its 50 day MA about 50 cents away. The retail ETF XRT reclaimed its 50 day MA with the help of TGT strong same store sales report. Many in that group have rallied strongly off 200 day support for three days now and include BBBY JWN CROX DECK.

Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are RAX 36.10, LULU 54.30, CVX 96.40, COP 66.25, EP 18.60, QCOM 51.25, SAP 52.95, NLSN 28.20, PPG 75, EXPD 43.25, EMR 45.25, NUE 34.20, WY 17.25, A 35. Stocks that retook their 50 day MAs today were MON HANS RL BBBY DPZ PAG SBUX ABV ADS V WFC CMCSA MTZ CHKP ADP MCO PAYX WPI WAT NVLS and XRT a retail ETF. Stocks near 50 day support SBUX 38, ABV 31.85, XOM 73, NTGR 28, WFC 24.75, MTZ 19.10, CERN 64, UPS 65, TXN 27, AKAM 22, XRT 47.95. Stocks that found 50 day support today were COST FAST TJX ED NDAQ JAZZ UPS BRCM MCHP MXIM.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are DEO 79, PM 65.20, IFF 59.85, ARBA 30.25, TIBX 25.20, VMW 90.45, PX 99.80, NDAQ 25.30, JBL 19.60, SWI 22.80. Stocks that retook their 200 day MAs today were MON ANF AN EBAY TPX CVI EP EXPE BAX AVGO. Stocks near 200 day support are M 25.60, TGT 51, CVI 22, EXPE 26.05, ACN 54.25, KSU 54, INTC 21.45. Stocks that can be shorted at 200 day resistance are GG 48.50, ABX 49, KO 66.50, BIDU 131, PETM 42.15, EL 94.75, WYNN 135, IRM 30.50, HUM 71, UNH 45.90.

Stocks that can be shorted at 50 day resistance are CROX 27, IACI 39, ANN 23.10, AN 36.40, GMCR 101, MCD 84.75, TIF 68.40, WSM 32, CSX 21, ETN 40, HON 46, DHR 44, ARMH 26.50, GNC 22.95. Stocks that met 50 day resistance today were K RAX ANF ANN SCSS BUD EP RRC QCOM CRM GTLS HS CNI UNP EMR ARCO.

Good luck.

The author owns FCX DE.

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