Markets gave back some recent gains Tuesday on some poor earnings reports and continued focus on Europe. The Nazz lost 2.26%, and its 200 day MA it had recaptured the day before. The S&P 500 lost 2%. Volume was softer on the Nazz, and up a tad on the S&P 500. The market may perhaps retreat, which is healthy, until the SDS approaches 200 day resistance to the upside near 22. Earnings news dominated the day with MMM falling 6%. CMI lowered gudiance and fell 5%, but found solid 50 day MA support. X plunged 10% on a weak earnings report, while rival NUE gave up just 3%. NUE recently recovered its 50 day MA, while laggard X has not. Weakness is to be sold among poor performers. YTD NUE lower by 25%, while X is lower by 65%!!. Chemicals had a bifurcating day as ALB was up 5% on upbeat earnings, while GRA EMN were lower by 5%. Refiners got destroyed with oil prices rising. HFC lost 10%, and its 200 day MA. CVI lost 9%, and its 50 day. WNR lost 10%, and its 200 day as well. Regarding WNR, that is why technicians wait for price confirmation to pull the trigger and not before. It had a 17.87 double bottom with handle buy point. Big integrated oils continue to have trouble with 200 day resistance including XOM COP. Some relative strength to take note of on a bad tape were the semis. The SMH was able to hold its 200 day MA, and many semis were actually up on the day. They included INTC ARMH KLAC NVLS. Transports bounced off 200 day support today and came off their lows. They were CNI NSC UNP. Some individual names that have now given you definitive stops if you care to go long them are UPS BTU. Both came smartly off their lows Tuesday in a soft market. Put sell stops ion Tuesdays lows. GNC managed to finish up as well, not surrendering its 24.90 double bottom buy point. Nice job. AMZN was lower after hours by 13% Tuesday on earnings. It is right near critical 200 day support. Todays earnings include ADP BEAV COG COP EXXI GMCR HES NSC NVLS ORLY PX SO JNY V WLP.
Stocks near 200 day support are SWN 40 ANN 26, PIR 10.75, WSM 36.60, LMT 77.50, ORCL 31.55, SAP 58.20, ADP 51, ABC 39.05, CMCSA 23.70, DTV 46.15, MTZ 19.25, ASML 39, AVGO 33, PX 100, APC 76, RDSA 69.40, CHRW 74.10, JBL 19.35, PAG 19.70. Stocks that found support at their 40 week MAs were JNY JNJ CBS SWN CNI NSC BWA BEAV. Stocks that can be shorted at 40 week resistance are GG 49, ABX 49, DFS 23.60. Stocks that met 40 week resistance are AET BAX PPG COG XOM TYC CBI URI. Stocks that can be shorted as they lose 200 day support and their sell stop spots are KO 66.40, CVI 22.40. Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are ADI 37.25, LLTC 32.20, NVLS 33.90, JOYG 88.25. ARMH retook its 200 day Tuesday.
Stocks near 50 day support are NEM 63.60, ED 56.55, FE 44, SO 42, EBAY 31, SBUX 39, AKAM 22, V 88, NVDA 13.95, BBT 21.60, JPM 33, MS 15.95, WFC 24.90, APA 93, EOG 84.50. Stocks that found 50 day support Tuesday were BHP DE VZ CE BHI CRZO DOV. Stocks that can be shorted as they lose 10 week support are AAPL 389, MA 326, CERN 65.75, MAKO 35.75, WPI 66.75, BSFT 31.75, QCOM 50.90, DOW 26. Stocks that lost their 10 week MAs Tuesday were RIO FCX BID BAX VIAB CBOE EMN COG MMM FWLT. Stocks that can be shorted at 10 week resistance are LULU 53.10, HANS 87.30, VIAB 43.50, IBN 36.20. Stocks that met 10 week resistance Tuesday were SCCO TAP AGU BIDU ATHN GS SLB TCL LVS.
Good luck.
The author owns FCX DE.
No comments:
Post a Comment