Tuesday, October 11, 2011

Tuesday Recap

Markets were basically calm and flat today with the exception of the Nazz which outperformed and was up .7%. And Nazz volume was up from yesterdays levels, but still below normal. The simple fact that both the Nazz and the S&P 500 held there huge gains from yesterday, and in the case of the Nazz gained further, was impressive. The Nazz is approaching the 2600 level which has proved troublesome in the past. The S&P 500 is nearing its own big round number of 1200. The SDS is approaching its 200 day MA at 22, which has proved as strong support recently. Leading stocks were as bifurcated as they Nazz and the Dow, with AAPL up 3% (clearing 400), and ATHN UP 4%. However BIDU met 200 day resistance, and WYNN 50 day resistance. More stocks are sporting potential double bottom bases which should be included on your watch list. We mentioned a few yesterday (CVX EP KLAC), today a few more are in the process. WFC 29.73 (yes a bank stock!!), CNI 75.02, SWI 25.72 all double bottom buy points. The retail ETF XRT reclaimed its 200 day MA today as some stocks in that group are building the right side of their potential bases. M TGT come to mind. TWC also is building its right side. The energy ETF XLE is nearing its 50 day MA. Will be interesting to see how that transpires. It will be affected certainly by the moves in the US Dollar ETF UUP. Stocks that hit all time highs today were ALXN DLTR ROST. AA disappointed after the close. May be a buying opportunity for some other commodity stocks if they sell off since aluminum has been a serious underperformer as of late. PEP reports before the open tomorrow. GOOG JPM report Thursday.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots DE 73.25, LULU 54.25, HLF 55.50, HFC 31.35, NBL 82.25, EXPE 28.90, HOG 36.25, MS 16.25, QLIK 25, EMN 38.50, XRAY 33.25, IP 25.80, CBI 32.75, A 34.25. Stocks that retook their 50 day MAs today were GOOG CMG MA CVI CRM DOV WAT AKRX KKR. Stocks near 50 day support are ANN 23, DPZ 26.95, TIF 68, CVX 96, COP 65.50, EP 18.25, RRC 61, RDSA 64.25, QCOM 50.50, PPG 74.25, WPI 66, WCN 33. Stocks that found 50 day support today were BUD ABV DIS WPI ETN. Stocks that can be shorted at 50 day resistance are CROX 27, GMCR 100.50, COG 68.50, HES 57, WYNN 141, ALB 48.25, AET 38, CAT 83, DD 45. Stocks that found 50 day resistance today were CROX LULU CVS TAP HLF CLR HES NOV OXY EXPE WYNN MS QLIK CBS DOW CSX JOYG CBI WY A XLNX. WSM can be shorted with a sell stop of 31.50, its 50 day MA.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are RAX 38.40, CMCSA 23.75, ORCL 31.70, TIBX 25.25, VMW 91.25, ADP 50.80, UNP 96.25, BWA 72.25, BRCM 37.60, MXIM 25.25. Stocks that retook their 200 day MAs today were K WNR PCLN. Stocks near 200 day support are KO 66.40, COH 57, TGT 51, PX 99.50, GTLS 46.25, BAX 55, JBL 19.55, ARMH 27.25, AVGO 32.50, KLAC 41.95, INTU 51. Stocks that found 40 week support today were PM IFF HFC PENN WYNN MTZ ARBA HS HUM UNH. Stocks that can be shorted at 40 week resistance are GG 48.50, ABX 49, BIDU 131, PAG 19.50, AXP 47.10, EL 95, SM 69, IRM 30.50. Stocks that met 200 day resistance today were TIBX VMW ADP IRM NDAQ NSC. LVS can be shorted with a sell stop of 44, its 200 day MA.

Good luck. Will be in Montauk surf fishing for the next 3 days. Posts will resume on the weekend.

The author owns FCX DE.

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