Monday, November 7, 2011

Monday Thoughts

Markets finished in the black Monday and at highs of the day after suffering losses of at least 1%. The S&P 500 rose .6%, the Nazz .3%. Volume did not accompany the bullish move higher. Still the price action has to be respected. The Nazz did manage to recapture its 200 day MA Monday. No leading stocks really broke out today, with the exception of NEM, but volume was only 15% above average. Quite a few energy names are setting up valid buy points which can be seen in the next paragraph. The XLE is stalking its 200 day MA which has acted as resistance recently. Put in a buy stop above 72.75 on that ETF. Semis had a decent day today with INTC advancing 2.25% today after retreating to its 23.49 double bottom buy point late last week. SMH found solid support at its 40 week MA. The ETF has now carved out a cup with handle buy point of 32.84. Retail lagged with leaders DECK DSW both dropping 4% and DECK 2.5%. M bucked the trend advancing 3%. APPL still remains a concern finishing lower today on a decent tape. The volume trends their look disturbing with up days on weak volume and vica versa on down days. It does manage to hold its 10 week line but if that is breached it could revisit its 200 day MA very easily. WYNN also looks troubling on the chart. ATHN was lower by another 5%, after having a bearish outside reversal day 10/21 on earnings. CHK has had its own earnings outside day last week and both finished in the red on a benign tape. Tech can get a boost at the open tomorrow as both PCLN RAX were up after hours post earnings. Tomorrow reports come from IFF FOSL HFC CRZO.

Stocks near specific buy points are double bottom with handles ORCL 33.91, PM 72.59, TIF 81.09, WMT 58.06, YUM 54.99, BIDU 147.78, AXP 52.45, SAP 63.53, AET 41.17, CBS 26.87, CE 46.45, PPG 90.10, APC 84.08, CVX 110.11, CXO 100.37, NBL 94.98, RDSA 74.15, VLO 26.96, WNR 17.87, JOYG 93.94, BWA 77.80, CBI 39.37. Cup with handles are COH 66.64, ABV 34.89, DSW 55.02, ASML 43.98, KLAC 48.10, UNP 103.90, IFF 63.98 (earnings tomorrow). QCOM has a 59.58 double bottom buy point and CHKP has a 61.70 cup with high handle buy point. 3 week tight patterns are DPZ 33.10, PETM 48.67.

Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are AKAM 31.25, CRM 135.25, EMC 25.60, TXN 32.25, BBT 25.25, COP 72.40, EXXI 30.85, XOM 80.25, UPS 70.95, HON 54.50, EMR 53, AVT 31.80, ATU 24.60, CAT 98.25, PLL 52.60, URI 25.15. PAY retook its 40 week MA today. Stocks that can be bought at 200 day support are FL 21, WSM 36.95, WPI 63, LLTC 31.95, NBL 88.20. Stocks that found 200 day support today were ORCL JNY NTGR R ADP CBS XLNX GRA EOG OXY RDSA PH BWA CMI CBI IFF. JAZZ can be shorted with a sell stop @33.50. DTV lost its 200 day MA today. CRM ADI EXXI NOV HON PLL all met 200 day resistance today.

Stocks that can be bought at 50 day support are FE 44.50, V 89.95, JPM 33, GS 102.50, MS 15.90, CVI 25.10. CJES can be bought with a sell stop above 19.65 as it retakes its 10 week MA. Stocks that found 10 week support today were LULU FOSL TGT AGU AAPL DELL ALXN CELG BMY AVGO NVDA WFC PX BHI CVI HAL EXPD MMM WY. Stocks that can be shorted as they lose 10 week support and their sell stop spots are LULU 53.75, WFM 67.80, ALXN 63.75. ROVI MAKO both lost 10 week support today. Stocks that can be shorted at 10 week resistance are AMZN 224, HSY 58.70, ROVI 46.40, MAKO 37.25. Both ROVI MAKO lost 10 week support today.

Good luck.

The author owns FCX DE ORCL JNY.

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