Tuesday, October 4, 2011

Tuesday Recap

Turnaround Tuesday certainly lived up to its name today. After the S&P 500 intraday touched bear market territory, both the Nazz and S&P 500 flew higher late in the day. Volume actually rose smartly to boot. Intraday reversals were too many to mention but two that come to mind is AAPL which ran ahead almost 20 handles as it found 200 day support almost to the penny. GS surged 10 points off its intraday low. Other stocks, primarily retail, that found almost exact 200 day support today were DECK BBBY DSW TSCO WFM COG. XRT rallied 5.5%, taking many in the group higher. Stocks that found exact 50 day support today were VFC COST LTD JWN ED JBL CHD. We mentioned recently the importance of just simplifying your strategies and seeing how stocks would react around their 50/200 day MAs has proved true. A few rare situations are blooming with stocks showing excat buy points in valid bases. CPHD 41.04 in a cup with handle base, and RAI 38.53 in a double bottom with handle base. Interesting to see how some stocks bounced off nice real round numbers. AMZN 200, PCP 140, PX 90 AGU DE 60, RAX NUE 30.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are TGT 50.25, BUD 54.10, XOM 74.25, WFC 25.15, TWC 66, CHKP 54.25, UPS 65.25, FFIV 80.40. Stocks that retook their 50 day MAs today were DSW TJX TSCO QCOR LRCX SMTC TXN. Stocks that found 50 day support today were HSY ORLY ROST CERN IBM WCN KLAC. CELG can be bought at 59, its 50 day MA. Stocks which can be shorted at 50 day resistance are HANS 83.50, COH 55.75, IACI 39, RAX 36, CMG 310, GMCR 101, MCD 87.50, XRT 48.05, SBUX 38, AKAM 22. Stocks that met 50 day resistance today were UA NKE DPZ M USB ATHN ARBA TIBX JAZZ WPI AVGO LLTC. MXIM lost its 50 day MA today.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are ABV 30.85, MTZ 19.10, ACN 54.80. Stocks that can be shorted at 200 day resistance ANF 64, AN 34, PETM 42.20, SCSS 14, IFF 59.50,EP 18, EXPE 26.05, BAX 55, HUM 70.50. Stocks that found 200 day support today were GOLD ADS HLF WPRT.

Good trading.

The author owns FCX DE. We bought both today early in the session.

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