Monday, November 14, 2011

Monday Recap

Markets fell Monday, but managed to close off the days lows. Volume was weak, even below Fridays level which was Veterans Day. The Nasdaq could not muscle its way past 200 day resistance today and fell .8%, while the S&P 500 retreated 1%. Banks were hit pretty hard today on EU concerns as investors sought more yield on debt of both Italy and now Spain. Banks here at home took some hits but some were greeted by 10 week support including JPM MS. The XLF is now hovering just above its 10 week MA near 12.60. Energy was hit pretty good today as well, as crude approached the big round number of par. Some shale plays were the beneficiaries of BHP investing in US shale gas. CLR (71.87 double bottom buy point),PXP (now sporting a nice cup with handle buy point of 37.01), and CJES (recent fracking IPO), all of which were higher today on a weak tape. If you must play the energy sector as always, play the leaders. They would include EOG COG CVX NBL. Take notice of relative strength on weak tapes. Others to keep an eye on that bucked the trend today were TIF QCOM SIMO EL AMZN JNY GNC. Leading stocks displayed little damage today and we even had a breakout today with TIBX. AET advanced past a double bottom buy point today but closed below it. Remember leading stocks are a true barometer of market health. Tomorrow earnings are reported by WMT A DELL TJX DKS.

Stocks near specific buy points are double bottoms AET 41.95 (took out buy point intraday, but closed beneath), QCOM 59.58, CLR 71.87, EOG 107.98. Cup with handles are PXP 37.01, UNP 103.90, COH 66.64, WSM 40.17. Double bottom with handles are PLL 54.15, ARMH 31.65, TIF 81.09, PM 72.59. DPZ 33.10 in a 4 week tight pattern. Keep an eye on RAX BEAV, both of which are building handles in cup bases. Both previous mentioned need one more day to complete valid handles, which must be 5 days in duration.

Stocks near 200 day support are BUD 56.50, ORCL 31.60, SAP 58.50, ACN 55.50, WPI 63.40, CBS 24.95, ASML 38.95, CBOE 25.75, PPG 84.60, APC 76, FMC 80, CXO 93.10, OXY 96, SWN 40.25, HON 54, PH 82.25, PAG 20. Stocks that found 200 day support today were BIDU WLP XLNX EXXI.

Stocks near 50 day support are RIO 52.05, BBBY 59.60, TGT 52, DE 72.20, AXP 48, CHKP 56.15, CELG 63.70, BBT 22.20, BK 20, NTRS 37.55, PNC 50.90, DOW 26.45, CRZO 25.75, TCK 36, X 24.75. Stocks that found 50 day support today were BHP FE PCP DFS BMY JPM MS.

Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are CAT 98.25, JNY 12, AVT 31.50. PAY retook its 200 day MA today rising 8%. ALXN retook its 50 day MA.

Stocks that can be shorted at 200 day resistance are ADI 37.05 TXN 31.75, CE 45.50, CVI 23.05, COP 72.20, XOM 79.75, NOV 72, VLO 25.10, CMI 100.50. EBAY AKAM DELL CRM DTV ADI TXN CVI COP XOM DHR JBHT all met 200 day resistance today. Stocks that can be shorted at 50 day resistance are TAP 41, AMZN 224, LULU 54, JAZZ 40.40, AVGO 34, GS 102, BWA 68. Stocks that met 50 day resistance today were BTU WY AA WFM BAX CMCSA AVGO.

Stocks that can be shorted as they lose their 200 day MAs and their sell stops are KO 66.75, ADP 51, LLTC 31.70. HSY MCO XRAY AVGO UPS lost 200 day support today. Stocks that can be shorted as they lose 50 day support and their sell stop spots are CMG 319, AGU 76.50, WFC 24.70, ITW 54.10. LULU WNR lost their 50 day MAs today.

Good luck.

The author owns FCX DE WMT. Short LULU.

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