Tuesday, November 8, 2011

Tuesday Recap

Markets finished higher Tuesday, with both the Nasdaq and S&P 500 rising 1.2%. Volume importantly rose across the board. The S&P 500, playing catch up with the Nasdaq, reclaimed its 200 day MA, one day after the Nasdaq did just that. The Nasdaq is now sitting 1% off a 2753 double bottom with handle buy point. The indexes are beginning to develop some very bullish patterns. They have repeatedly found strong buying interest into the close, finishing very near highs for the session. More breakouts are occuring. Today saw WMT breakout from a 58.06 double bottom with handle buy point and NTGR from a 36.80 cup with handle trigger. Always demand strong volume on the breakout as both WNR YUM broke out in weak volume today from their respective double bottom with handle bases. GNC retreated back to its 25.96 double bottom with handle buy point. ETFs hovering near 200 day MAs include IYT which can be bought with a buy stop above 200 day resistance at 91. USO can be purchased with a buy stop above its 200 day as well at 37.85. An additional add on buy can be done at 39.35 in a double bottom base. XLE retook its 200 day today. Earnings reactions were also viewed in a very positive light with PCLN rising 9%, RAX 7.5%. Tomorrow reports come from CJES RL M MAKO.

Stocks near specific buy points include: Double bottom with handle bases are LULU 59.56, TPX 72.10, XLNX 34.03, PM 72.59, TIF 81.09, WSM 40.17, BIDU 147.78, AXP 52.45, ORCL 33.91, SAP 63.53, AET 41.17, CBS 26.87, CVX 110.11, CXO 100.37, NBL 94.98, RDSA 74.15, VLO 26.96, JOYG 93.94, PLL 54.18, CBI 39.37. Cup with handles are NSC 75.96, PPG 90.10, UNP 103.90, LLTC 33.48, ASML 43.98, COH 66.64, ABV 34.89. RAX 46.27 in a flat base, FE 46.61 in a flat base, DPZ 33.10 in a 3 week tight pattern and CHKP 61.70 in a cup with high handle pattern.

Stocks that can be bought as they recover their 200 day MAs and their corresponding buy stops are : AKAM 31.10, KKR 15.10, SCCO 34.75, CRM 135.75, EMC 25.60, WLP 70, TXN 32.25, BBT 25.20, WFC 28.15, CE 45.75, XOM 80.30, EMR 53, AVT 31.70, ATU 24.70, CAT 98.25, PLL 52.75, JBHT 43.20. BUD ADI COP EXXI NOV HON DHR URI all reclaimed their 200 day MAs Tuesday.

Stocks to buy as they recover their 50 day MAs and their corresponding buy stops are: CERN 67, WPI 68. Both DAR KO retook their 50 day MAs today.

Stocks that can be bought near 200 day support include: FL 21.10, HSY 56, XRAY 36, EOG 100, HFC 31, PXP 34, HON 54.05. WSM PAY R GRA EOG JOYG all found support at their 20 day MAs today.

Stocks that can be bought near 50 day support are: AGU 78, CVI 25.05. Stocks that received 50 day support today were DSW AA WFM DFS BMY WY.

Pharma still looks a bit soft and JAZZ can be shorted with a sell stop of 33.65 as it loses 40 week support, and ALXN can be shorted with a sell stop of 63.75, as it loses 10 week support. MAKO can be shorted at 10 week resistance at 37.25. IBN met 50 day resistance today.

Good luck.

The author owns FCX DE ORCL. JNY was sold for a very small loss as it breached is 200 day intraday.

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