Thursday, October 20, 2011

Thursday Recap

Markets put in a decent session Thursday as indexes managed to finish well off their lows and near highs for the day. The Nazz finished basically UNCH as it recovered more than 40 handles from its intra day low. The S&P 500 closed higher by .5%. Since it retook its 1200 level which proved trouble previously it has closed above that level ever since. Volume increased on the Nazz and fell on the S&P 500. Some positives are coming about with the 200 day MA on SDS becoming a nuisance. It has repeatedly found resistance their in recent days. Breakouts are emerging slowly. Today TSCO broke out from a 70.20 cup with handle base on 3X normal daily volume. Some stocks are starting to act in a benign way to earnings. Today RVBD rose 9%, UNP 4%, NUE 3%. Before we were seeing negative reactions even to good reports. The XLF found 50 day support today. 200 day support on the XRT is starting to look concrete. The Nazz's comeback was impressive since 3 of the heavyweights were lower today. AAPL PCLN and WYNN was down 5% alone. You would think we would be considerably lower considering the recent earning disappointments from the like of AAPL WYNN HAL WFC. But the fact that we are still holding up relatively well, more impressive since the huge run up we have had, has to bode well. Earnings Friday include MCD DOV KSU SLB VZ GNC.

Stocks near exact buy points (more on previous blogs) are NDAQ 26.06 in a double bottom with handle buy point. CHKP 61.56 in a cup without handle base. TIF setting up a double bottom base with a buy point of 77.94. KSU 59.77 in a cup with handle base. KSU reports before the bell Friday and if its as good as UNP was today, could potentially be a sweet breakout. GNC is also reporting Friday and its chart has firmed up nicely since retaking its 50 day MA. It is sporting a 24.90 double bottom buy point. BMY is one day away of forming the very bullish 3 week tight pattern where a stock closes on a weekly basis within 1% 3 consecutive weeks.

Stocks near 50 day support are ABV 32.60, BBBY 57, AKAM 22, IACI 39.05, AAPL 389, IBM 173, MAKO 36, QCOM 51, ADI 33. Stocks that received 50 day support today were UA EBAY GNC DELL ADS ATHN CRM XRAY WPI CBS NVDA BBT BK CBOE GRA CVI EOG HES HFC PXP SU WNR CAT DOV JOYG CMI. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are APA 93.50, A 34.25. Stocks that retook their 50 day MAs today were PM DVN RIG DO. DO did so on huge volume. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are MCD 88, MCO 30.50. BAX lost its 50 day today. AET can be shorted at 38, its 50 day MA. MA JPM both met 50 day resistance today.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are WSM 36.90, MDRX 19.65, ORCL 31.80, ABC 39.20, CBS 24.75, CMCSA 24.15, COP 72.30, XOM 80.25, NBL 88.30, SWN 40.45, UNP 96.30, UPS 71. NSC retook its 200 day MA today. Stocks near 200 day support are BIG 36, TIBX 25.20, BSFT 36.25, ASML 38.80, CVX 100.50, RDSA 69.25. Stocks that found 200 day support today were KO ADP HS MTZ AVGO KLAC PX APC RDSA. Stocks that can be shorted at 200 day resistance are LMT 77.50, RAX 39, SAP 58.20, JNJ 63.50, BRCM 37, CHRW 74.50. UNP met 200 day resistance today. LULU can be shorted under 47.75, its 200 day MA. ANN DELL DTV BRCM MXIM CNI JBL all lost 200 day support today.

Good luck.

The author owns FCX DE WNR KLAC. KLAC WNR were both bought at 200 day support today.

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