Saturday, November 5, 2011

Weekend Stock Reflections

Markets ended the week Friday with losses, but did manage to close in the upper half of their weekly ranges. The S&P 500 lost 2.5% for the week for its first weekly lost in the last 5. The Nazz lost 1.9% hitting 200 day resistance which it reclaimed Thursday. Some positives are developing including the relative outperformance of leading stocks. SBUX broke out Friday from 3 weeks tight pattern buy point of 43.53. Many are continuing higher. TPX revisited is 64.70 double bottom buy point and then rallied 6%. Some are consolidating and building handles on their respective bases as you will view in the next paragraph. Earnings continue to shine for most stocks with this weeks stars QCOM CLR both up 7%, HANS 6%. Good reactions indicate market health. Worrying charts include the recent strong pharmaceutical stocks. JAZZ WPI both have lost their 50 day MAs, although JAZZ did find 200 day support Friday. Keep an eye on ALXN to see if it can hold its 50 day MA. KO, like JAZZ, has a concerning bearish head and shoulders pattern. AAPL can be given the benefit of the doubt as it holds above its 50 day MA, but distribution is building and it rallies on soft volume. CHK had an outside day after earnings Friday. Earnings reports Monday include PCLN RAX.

Stocks near exact buy points are double bottom with handle buy points are PM 72.59, TIF 81.09, WMT 58.06, WSM 40.17, BIDU 147.78, AXP 52.45, ORCL 33.91, SAP 63.53, AET 41.17, CBS 26.87, KLAC 48.10, PPG 90.10, APC 84.08, CVX 110.11, CXO 100.37, WNR 17.87, JOYG 93.94, BWA 77.80. Cup with handles are COH 66.64, ABV 34.89, DSW 55.02, ACN 62.80, ASML 43.98, UNP 103.90, ETF XRT 55.02. Cup bases are NEM 71.35, RAX 46.27. 3 week tight patterns are DPZ 33.10, PETM 48.67. CHKP has a 61.70 in a cup with high handle pattern.

Stocks that can be bought near 200 day support are GG 49.10, MON 69.75, R 49.50, MCO 34.05, WPI 63, EOG 100.50, NBL 88.25, VLO 25.10, PH 82.50, CBI 36.05. Stocks that found 200 day support Friday were JNY DTV GRA RDSA VLO PCLN JOYG PH CMI. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots AKAM 31.50, PAY 44.30, EMC 25.60, TXN 32.25, BBT 25.20, UPS 70.90, HON 54.45, EMR 53.20, ATU 24.70, CAT 98.25, JBHT 43.15, URI 25.25. ADI XLNX EOG OXY PXP all retook their 40 week MAs Friday. Stocks that can be shorted at 40 week resistance are ANN 26.10, GMCR 77.50, WYNN 137. Stocks that met 40 week resistance Friday were XRAY TXN EXXI PLL URI. Stocks that can be shorted as they lose their 40 week MAs and their sell stop spots are FOSL 96, KO 66.75, JAZZ 33.60.

Stocks that can be bought at 50 day support are BHP 76, FCX 38.25, SO 42.30, LULU 54, BBBY 59, AAPL 394, V 89.50, CELG 63, BMY 31.15, BBT 22.05, GS 102.50, JPM 33, MS 15.90, BHI 54.50, WY 17. Stocks that found 50 day support Friday were AA ED FE DE CELG BMY WFC HAL. CJES can be bought as it retakes its 50 day MA with a buy stop of 19.75. Stocks that can be shorted as they lose their 10 week MAs and their sell stop spots are DLTR 76, WFM 67.80, AGU 77.50, ALXN 63.70. Stocks that can be shorted as they meet 10 week resistance are AMZN 223, HSY 58.60, ATHN 60.25.

Stocks that can be bought at gut spots are X 26, recently broke thru its 50 day MA on huge volume. Recent gap ups that can be bought are MCD 92, SWI 28. Hold on to those as long as they hold their gap ups. Buy COG near its 78.75 double bottom buy point. My favorite energy stock right now.

Good luck. The author owns FCX DE ORCL JNY. We bought JNY at its 200 day MA at 12.13.

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