Monday, February 28, 2011
Monday Monday
To all my loyal readers I apologize, but I will not be posting a recap tonight. I have a case of food poisoning. Will certainly be writing back tomorrow. Have a great night.
Sunday, February 27, 2011
Weekend Warrior
Are the markets climbing the proverbial wall of worry? Contagion, oil prices, massive amount of European debt coming soon, Irish and German elections. I could go on and on. Just follow the price and volume action of the indexes and leaders themselves. Markets delivered some big gains, but they did come on weak volume. Leading stocks like DECK had a 6% intraday reversal after hitting an all time high after earnings. Not the type of action you would like to see during an aging bull market. TLT, a bond ETF, reclaimed its 50 day MA Friday. Could that be an ominous sign for equities? Fridays strong price action still left the major indexes with decent sized losses for the week. The S&P and Nasdaq finished lower by 1.7 and 1.9% for the shortened 4 day week. But that being said the indexes did find support at their 50 day MAs during the week. The SOX, one of the strongest sectors of the year, outperformed Friday and ramped up 2%. AAPL found formidable support at its 50 day MA this week. Thats why its important to keep an eye open for both long and short set ups. Simply because we can have our own bias to where the market is headed, but I really do not know, and I have news for you. No one really does. Earnings to look for Monday include JKS before the open, and RRC BID after the close. Pending home sales and the Chicago Purchasers Index are released Monday.
Stocks near specific buy points include. Cup with handles are NUE 49.34, NOV 82.08, POT 64.07, EBAY 35.45, NDAQ 29.81, JPM 48.46, GLW 23.53, AMAT 16.77, NCR 20.72, UA 70.53 (which cup goes back 4 years). Flat bases are MXIM 28.54, HES 86.22, WAG 43.28, FISV 63.98, CTSH 77.84. Double bottoms are ABX 54.03, FCX 57.74, BBD 20.89, SCCO 47.73. 3 week tight pattern buy points are EMC 27.48, ROST 72.80, ADP 50.05, ADS 80.07. MON 76.79 in a double bottom with handle formation and XLNX 34.22 in a 4 weeks tight pattern. Stocks that recently took out buy points are faring ok. APC is back above its 80.70 flat base buy point it took out 2/17. BHI back above its 70.09 3 weeks tight pattern. SLW back above its 40.10 double bottom buy point. RIO, however remains below its 73.10 flat base buy point.
Stocks that can be bought if they reclaim their 50 day MAs are MCP 49.30, TRW 58.25, MT 37.50, TKR 50.20, A 42.75, ACI 34.25, VALE 35.10, PVH 61.25, FFIV 128, SINA 82.75, AAP 64.25, LVS 47.40, BUD 56.80, FWLT 36.50. Stocks which reclaimed their 50 day moving averages Friday were APA PETM HUN ADSK ORCL WFC CBI. Stocks nearing 50 day support are ADI 39, ATML 14, CY 20.75, KLAC 44, LRCX 52, NVLS 36, NVDA 21.05, SPRD 20.50, TXN 34.10, RS 53.75, DHR 48, CAT 97, DOV 61.40, JOYG 90.50, BP 46.50, MDR 21.10, OXY 99, BTU 62, WLL 60, BHP 91, GFI 16.90, TDC 44.75, RTN 49.50, COST 73, JWN 43, RAI 32.90, AMP 60.50, BX 16, ACN 50.75, CHKP 47, CNI 68.30, ARW 37.75, RIMM 62.50, APH 54.30, CRZO 34, RES 18, ERJ 32, WLP 62, SHLD 79, COF 48, PAG 18, NWL 18.80. Stocks that found solid 50 day support this week were ALTR ATML CY SWKS BHP PAAS NKE OPEN MOS POT RAX LULU CMG PPG WYNN TROW LEN INFA SNPS VRSN KSU BLL AMT SWC CCJ GRA.
Stocks near 200 day support are F 14, MGA 45, MIPS 10.15, AEM 68.25, LOGI 17.10, NTAP 48, MCD 74, ABV 25,CHRW 69, EXPD 46.25, TSM 11, NXL 18, BEAV 32.25, CBD 37, WM 35, UPL here. Stocks that found good 200 day support this week were BRCM ORLY INFY RHT ROVI VMW EXPD BBD. TTM can be bought thru 24.75, reclaiming its 200 day MA. TGT can be shorted near 54, its 200 day MA which may prove to be resistance. IBN LO both back below their 200 day MAs. BUD TAP both languishing below their 200 days. Look at SAM, an illiquid stock, but an indication that the beer market has too much competition from the smaller and more nimble, local, crafty guys? Although BUD has under its umbrella of brands Stella Artois, Becks, Michelob, Hoegaarden among many others. Maybe you learned something about BUD there. I did.
CXO, a chart of beauty, is up $10 after recently breaking through par on Valentines Day. CVX PXD now both over par. AGU PX next?
Gap up stocks holding tightly still which is very bullish behavior are EL RL IBM HP AET CMCSA WMB MMC. RDC had a nice gap up Friday. Put it on the watch list.
Natural gas plays are getting firm again. CHK EOG RRC leading the way. RJF is my favorite financial play. A beautiful chart hitting an all time high this week. ETFs again exposing the old BRIC names that I continue to find fascinating. PIN, India and FXI both under their 200 day MAs, EWZ finding tenuous support at its 200 day MA, but RSX continues higher to 2 1/2 year highs. Tax cuts work. Whoever thought tax cuts and autocrats would go hand and hand? Even they get it.
Stocks showing weakness include UNP NOC GOOG AMZN MCD SBUX TIF FLR COH VALE X all of which hit 50 day resistance and could not perforate those lines. They could next week but to not to do on a strong Friday might raise a little caution. XOM was a notable energy laggard. Stocks that can be shorted at their 50 day and its proves resistance are TEN 42.25, BRCM 44, LLTC 35, MSCC 23, MTL 31.50, TEL 36.30, BBBY 49, CE 42, SOA 24, HOT 62, GR 90. Stocks that can be shorted if they pierce their 50 day MAs to the downside are FCS 17, PH 87.75, NFLX 200, UPS 72.50.
Leading stocks that I am looking to enter very soon are CLR SWC BHI DVN BTU. Patience and discipline.
Good luck.
The author is flat.
Stocks near specific buy points include. Cup with handles are NUE 49.34, NOV 82.08, POT 64.07, EBAY 35.45, NDAQ 29.81, JPM 48.46, GLW 23.53, AMAT 16.77, NCR 20.72, UA 70.53 (which cup goes back 4 years). Flat bases are MXIM 28.54, HES 86.22, WAG 43.28, FISV 63.98, CTSH 77.84. Double bottoms are ABX 54.03, FCX 57.74, BBD 20.89, SCCO 47.73. 3 week tight pattern buy points are EMC 27.48, ROST 72.80, ADP 50.05, ADS 80.07. MON 76.79 in a double bottom with handle formation and XLNX 34.22 in a 4 weeks tight pattern. Stocks that recently took out buy points are faring ok. APC is back above its 80.70 flat base buy point it took out 2/17. BHI back above its 70.09 3 weeks tight pattern. SLW back above its 40.10 double bottom buy point. RIO, however remains below its 73.10 flat base buy point.
Stocks that can be bought if they reclaim their 50 day MAs are MCP 49.30, TRW 58.25, MT 37.50, TKR 50.20, A 42.75, ACI 34.25, VALE 35.10, PVH 61.25, FFIV 128, SINA 82.75, AAP 64.25, LVS 47.40, BUD 56.80, FWLT 36.50. Stocks which reclaimed their 50 day moving averages Friday were APA PETM HUN ADSK ORCL WFC CBI. Stocks nearing 50 day support are ADI 39, ATML 14, CY 20.75, KLAC 44, LRCX 52, NVLS 36, NVDA 21.05, SPRD 20.50, TXN 34.10, RS 53.75, DHR 48, CAT 97, DOV 61.40, JOYG 90.50, BP 46.50, MDR 21.10, OXY 99, BTU 62, WLL 60, BHP 91, GFI 16.90, TDC 44.75, RTN 49.50, COST 73, JWN 43, RAI 32.90, AMP 60.50, BX 16, ACN 50.75, CHKP 47, CNI 68.30, ARW 37.75, RIMM 62.50, APH 54.30, CRZO 34, RES 18, ERJ 32, WLP 62, SHLD 79, COF 48, PAG 18, NWL 18.80. Stocks that found solid 50 day support this week were ALTR ATML CY SWKS BHP PAAS NKE OPEN MOS POT RAX LULU CMG PPG WYNN TROW LEN INFA SNPS VRSN KSU BLL AMT SWC CCJ GRA.
Stocks near 200 day support are F 14, MGA 45, MIPS 10.15, AEM 68.25, LOGI 17.10, NTAP 48, MCD 74, ABV 25,CHRW 69, EXPD 46.25, TSM 11, NXL 18, BEAV 32.25, CBD 37, WM 35, UPL here. Stocks that found good 200 day support this week were BRCM ORLY INFY RHT ROVI VMW EXPD BBD. TTM can be bought thru 24.75, reclaiming its 200 day MA. TGT can be shorted near 54, its 200 day MA which may prove to be resistance. IBN LO both back below their 200 day MAs. BUD TAP both languishing below their 200 days. Look at SAM, an illiquid stock, but an indication that the beer market has too much competition from the smaller and more nimble, local, crafty guys? Although BUD has under its umbrella of brands Stella Artois, Becks, Michelob, Hoegaarden among many others. Maybe you learned something about BUD there. I did.
CXO, a chart of beauty, is up $10 after recently breaking through par on Valentines Day. CVX PXD now both over par. AGU PX next?
Gap up stocks holding tightly still which is very bullish behavior are EL RL IBM HP AET CMCSA WMB MMC. RDC had a nice gap up Friday. Put it on the watch list.
Natural gas plays are getting firm again. CHK EOG RRC leading the way. RJF is my favorite financial play. A beautiful chart hitting an all time high this week. ETFs again exposing the old BRIC names that I continue to find fascinating. PIN, India and FXI both under their 200 day MAs, EWZ finding tenuous support at its 200 day MA, but RSX continues higher to 2 1/2 year highs. Tax cuts work. Whoever thought tax cuts and autocrats would go hand and hand? Even they get it.
Stocks showing weakness include UNP NOC GOOG AMZN MCD SBUX TIF FLR COH VALE X all of which hit 50 day resistance and could not perforate those lines. They could next week but to not to do on a strong Friday might raise a little caution. XOM was a notable energy laggard. Stocks that can be shorted at their 50 day and its proves resistance are TEN 42.25, BRCM 44, LLTC 35, MSCC 23, MTL 31.50, TEL 36.30, BBBY 49, CE 42, SOA 24, HOT 62, GR 90. Stocks that can be shorted if they pierce their 50 day MAs to the downside are FCS 17, PH 87.75, NFLX 200, UPS 72.50.
Leading stocks that I am looking to enter very soon are CLR SWC BHI DVN BTU. Patience and discipline.
Good luck.
The author is flat.
Thursday, February 24, 2011
Thursday Thoughts
Markets closed in a mixed fashion today as volume fell. Indexes did manage to finish well off the lows however. Economic news was uneven also with jobless claims and durable goods orders impressed, while new home sales depressed. The Nasdaq did find support at its 50 day MA today. With many prognosticators still calling for a correction, who knows? I for one feel like we are headed lower. But again my opinion doesnt matter much. Its the markets price and volume action. Groups that lagged today were refiners and gold miners and winners came from select tech sectors. After the close CRM DECK were up sharply post earnings. Tomorrow JRCC JCP RDC WCRX report.
Stocks near 50 day MAs are BWA 72, ADI 39, ATML 14, MXIM 25.50, NVDA 21.10, TXN 34.05, ATI 62, GSM 19, RS 53.50, DHR 48, WAT 78.10, CAT 97, CBE 61.15, DOV 61, JOYG 90, BP 46.25, HES 80, MDR 21.05, OXY 78.50, SLB 86.30, WLL 60, AEM 49.50, TDC 45, AGU 91, GD 74, BIDU 114, RAX 34, COST 73, FOSL 73, JWN 43, DD 51, EMN 89, PX 94.50, WYNN 116, RAI 32.90, URI 27, ACN 50.80, INTU 49, CSX 69, CNI 68.40, KSU 50.90, JPM 44.50, ARW 37.40, PAY 42, LAZ 42, CVLT 32, CBG 22.50, CBS 20.50, PAG 18, MWV 28, ASML 40.50, AMAT 15, ADS 74, ERJ 32. ETFs SLV 29, GLD 134. Stocks that found 50 day support Thursday were ATML CY FCS LRCX MCHP WFT AAPL LULU WAG PPG AMT HON. Stocks that can be bought as they reclaim their 50 day MA are PUDA thru 12.80, VALE thru 35.10, PVH 51.60, UNP thru 95.25. ETF EWZ thru 75.15.
Stocks near 200 day support are F 14, MIPS 10.10, JRCC 19, PVH 57.90, NTAP 48, MCD 74, MAR 36.80, ABV 25, CHRW 69, EXPD 46.60, FDX 86, BAC 13.60, HXL 18, BEAV 32.40. ORLY INFY found good 200 day support today. TTM lost its 200 day. HPQ found resistance at its 200 day today. LO back below its 200 day, TAP is falling further below it. OVTI can be shorted at 200 day resistance aT 24.75. AEM can be shorted under its 200 day at 68. BUD can be bought thru its 200 day at 55.50.
Gap ups still holding despite this very recent correction are DHR even after it gapped up on 2/7 after announcing to buy BEC. Others that are still showing great price action after gapping up are PLL RL EL TER AET CMCSA WMB MMC.
Even though my bias toward the market is lower I have to be aware of potential buy points that can arise at anytime. Two copper names setting up possible double bottom buy points are FCX 57.74, SCCO 47.73.
Stocks that can be shorted at their 50 day MAs are BBBY 49, PETM 40.40, SBUX 32.70, DOW 36, SOA 24, HOT 62, ADSK 41, WFC 32, ALB 57, ETN 106, GR 90, WBC 60, GNTX 31, TRW 57.60, LLTC 35, MSCC 23, TKR 50, A 42.40, AVT 34.70, JBL 21, TEL 36.30, ITW 34.40, PH 88.50, ACI 34, COH 55, MON 72, SINA 81, AMZN 182. Stocks that can be shorted under their 50 day MAs are APC under 76, NBL under 86, SUN under 41, ANF under 54, WSM under 35, FISV under 61, TROW under 65.25, GRA under 35.75. CNQ had an outside day today, as many oil names reversed hard from their intraday highs.
Good luck.
The author is flat.
Stocks near 50 day MAs are BWA 72, ADI 39, ATML 14, MXIM 25.50, NVDA 21.10, TXN 34.05, ATI 62, GSM 19, RS 53.50, DHR 48, WAT 78.10, CAT 97, CBE 61.15, DOV 61, JOYG 90, BP 46.25, HES 80, MDR 21.05, OXY 78.50, SLB 86.30, WLL 60, AEM 49.50, TDC 45, AGU 91, GD 74, BIDU 114, RAX 34, COST 73, FOSL 73, JWN 43, DD 51, EMN 89, PX 94.50, WYNN 116, RAI 32.90, URI 27, ACN 50.80, INTU 49, CSX 69, CNI 68.40, KSU 50.90, JPM 44.50, ARW 37.40, PAY 42, LAZ 42, CVLT 32, CBG 22.50, CBS 20.50, PAG 18, MWV 28, ASML 40.50, AMAT 15, ADS 74, ERJ 32. ETFs SLV 29, GLD 134. Stocks that found 50 day support Thursday were ATML CY FCS LRCX MCHP WFT AAPL LULU WAG PPG AMT HON. Stocks that can be bought as they reclaim their 50 day MA are PUDA thru 12.80, VALE thru 35.10, PVH 51.60, UNP thru 95.25. ETF EWZ thru 75.15.
Stocks near 200 day support are F 14, MIPS 10.10, JRCC 19, PVH 57.90, NTAP 48, MCD 74, MAR 36.80, ABV 25, CHRW 69, EXPD 46.60, FDX 86, BAC 13.60, HXL 18, BEAV 32.40. ORLY INFY found good 200 day support today. TTM lost its 200 day. HPQ found resistance at its 200 day today. LO back below its 200 day, TAP is falling further below it. OVTI can be shorted at 200 day resistance aT 24.75. AEM can be shorted under its 200 day at 68. BUD can be bought thru its 200 day at 55.50.
Gap ups still holding despite this very recent correction are DHR even after it gapped up on 2/7 after announcing to buy BEC. Others that are still showing great price action after gapping up are PLL RL EL TER AET CMCSA WMB MMC.
Even though my bias toward the market is lower I have to be aware of potential buy points that can arise at anytime. Two copper names setting up possible double bottom buy points are FCX 57.74, SCCO 47.73.
Stocks that can be shorted at their 50 day MAs are BBBY 49, PETM 40.40, SBUX 32.70, DOW 36, SOA 24, HOT 62, ADSK 41, WFC 32, ALB 57, ETN 106, GR 90, WBC 60, GNTX 31, TRW 57.60, LLTC 35, MSCC 23, TKR 50, A 42.40, AVT 34.70, JBL 21, TEL 36.30, ITW 34.40, PH 88.50, ACI 34, COH 55, MON 72, SINA 81, AMZN 182. Stocks that can be shorted under their 50 day MAs are APC under 76, NBL under 86, SUN under 41, ANF under 54, WSM under 35, FISV under 61, TROW under 65.25, GRA under 35.75. CNQ had an outside day today, as many oil names reversed hard from their intraday highs.
Good luck.
The author is flat.
Wednesday, February 23, 2011
Wednesday Thoughts
Stocks fell again Wednesday but managed to finish off the lows. An oil spike and fear of contagion in the Middle East threw fear the markets way. Energy related names starred once again and retail, steel and transports fell. Volume came in higher for a second consecutive day. Stocks winners unrelated to energy were hard to find although AAPL managed to rally off its 50 day moving average in good volume. Leading stocks are not breaking out of bases and many are slicing through important moving averages. Some of finding support at long term trend lines. As always respect the markets price action whether it agrees with your beliefs or not. PCLN up 5% after the close on earnings. Tomorrow we have earnings from FWLT GM NEM SHLD TGT before the open and AMAT DECK OVTI CRM after the close.
Although we are not recommending buying stocks breaking out from bases while the market is in correction mode its always wise to keep your watch list handy because the rally can resume at anytime. Some stocks that remain above their recent buy points are BHI above its 70.09 3 weeks tight buy point. CVX above its 98.33 cup with handle buy point. SLW above its 40.10 double bottom buy point. Keep an eye on relative strength during correction mode.
Stocks near 50 day MAs are BWA 72, ARMH 25, AVGO 29.60 (had good earnings reaction after the close), MXIM 25.50, NVDA 21, TXN 34, ATI 61.75, GSM 19, NUE 45.80, DHR 48, WAT 78, CAT 96.75, DOV 61, JOYG 90, PLL 51.60, APC 76, BP 46.25, MDR 21, NBL 86.25, CLF 86, JNPR 39, OPEN 80, TDC 45, GD 73.60, BIDU 110, RAX 34, JWN 43, WAG 41, PPG 84.50, NFLX 200, ACN 50.60, IBM 155, CHKP 47, INTU 49, TIBX 22, CNI 68.25, KSU 50.40, ARW 37.20, GE 19, RJF 35.10, RIMM 62.25, PAY 42, CBG 22.50, CBS 20.30, TJX 47, MWV 27.90, ASML 40.50, AMAT 15, ERJ 32, ADS 74. Stocks that found support at their 50 day MA today were ADI ATML FCS SWKS TQNT RS VSH JKS BTU WFT BHP AAPL RVBD TEX LULU CMG COST FOSL BID WSM LYB WYNN KBR ORCL VRSN BLL TTMI LAZ AMT CCJ WM GGC WCRX.
Stocks near 200 day MAs ALV 66, F 14, MRVL here, MSCC 19, MIPS 10, MT 33.10, MTL 25, JRCC 19, PUDA 10.10, PVH 57.50, LOGI 17.10, NTAP 48, AAP 59, MCD 74, ORLY 53.75, MAR 36.70, ABV 25, INFY 65.50, ROVI 50, VMW 80, CHRW 69, FDX 86, STT 41.10, HXL 17.95, BEAV 32.40. BRCM ROVI EXPD UPL all found solid 200 day support today. LO has been moving higher and away from its 200 day MA. IBN lost its 200 day, and OVTI plunged below its 200 day MA today. OVTI has been a recent laggard in the semi space as the group has been among the strongest. Red flag on a plunge below the 200 day. Remember TGT.
PXD became a par member today. It originally broke through 100 on 2/16.
Stocks that showed weakness today slicing their 50 day MA were MGA TRW LLTC SPRD TKR X A AVT JBL TEL PH COH XXIA DE NOC BBBY PETM TIF HUN HOT CTSH FLR ADSK INFA BMC PMTC CRM JBHT UNP FWLT DKS MPEL WBC CBI QLIK SBUX. Stocks that can be shorted under their 50 day MA are JCI under 39.50, FCS under 17, LRCX under 51.60, ATU under 27.25, ANF under 54, FISV under 61, ADP under 48.10, ETN under 103.50, EMR under 58.65, AFL under 57, HON under 55. Stocks that can be shorted at their 50 day MA are ITW 54.30, SINA 80, ADSK 41, WFC 32. ANN had an outside day, RHT down 6% today after losing its 50 day Tuesday.
Good luck.
The author is flat.
Although we are not recommending buying stocks breaking out from bases while the market is in correction mode its always wise to keep your watch list handy because the rally can resume at anytime. Some stocks that remain above their recent buy points are BHI above its 70.09 3 weeks tight buy point. CVX above its 98.33 cup with handle buy point. SLW above its 40.10 double bottom buy point. Keep an eye on relative strength during correction mode.
Stocks near 50 day MAs are BWA 72, ARMH 25, AVGO 29.60 (had good earnings reaction after the close), MXIM 25.50, NVDA 21, TXN 34, ATI 61.75, GSM 19, NUE 45.80, DHR 48, WAT 78, CAT 96.75, DOV 61, JOYG 90, PLL 51.60, APC 76, BP 46.25, MDR 21, NBL 86.25, CLF 86, JNPR 39, OPEN 80, TDC 45, GD 73.60, BIDU 110, RAX 34, JWN 43, WAG 41, PPG 84.50, NFLX 200, ACN 50.60, IBM 155, CHKP 47, INTU 49, TIBX 22, CNI 68.25, KSU 50.40, ARW 37.20, GE 19, RJF 35.10, RIMM 62.25, PAY 42, CBG 22.50, CBS 20.30, TJX 47, MWV 27.90, ASML 40.50, AMAT 15, ERJ 32, ADS 74. Stocks that found support at their 50 day MA today were ADI ATML FCS SWKS TQNT RS VSH JKS BTU WFT BHP AAPL RVBD TEX LULU CMG COST FOSL BID WSM LYB WYNN KBR ORCL VRSN BLL TTMI LAZ AMT CCJ WM GGC WCRX.
Stocks near 200 day MAs ALV 66, F 14, MRVL here, MSCC 19, MIPS 10, MT 33.10, MTL 25, JRCC 19, PUDA 10.10, PVH 57.50, LOGI 17.10, NTAP 48, AAP 59, MCD 74, ORLY 53.75, MAR 36.70, ABV 25, INFY 65.50, ROVI 50, VMW 80, CHRW 69, FDX 86, STT 41.10, HXL 17.95, BEAV 32.40. BRCM ROVI EXPD UPL all found solid 200 day support today. LO has been moving higher and away from its 200 day MA. IBN lost its 200 day, and OVTI plunged below its 200 day MA today. OVTI has been a recent laggard in the semi space as the group has been among the strongest. Red flag on a plunge below the 200 day. Remember TGT.
PXD became a par member today. It originally broke through 100 on 2/16.
Stocks that showed weakness today slicing their 50 day MA were MGA TRW LLTC SPRD TKR X A AVT JBL TEL PH COH XXIA DE NOC BBBY PETM TIF HUN HOT CTSH FLR ADSK INFA BMC PMTC CRM JBHT UNP FWLT DKS MPEL WBC CBI QLIK SBUX. Stocks that can be shorted under their 50 day MA are JCI under 39.50, FCS under 17, LRCX under 51.60, ATU under 27.25, ANF under 54, FISV under 61, ADP under 48.10, ETN under 103.50, EMR under 58.65, AFL under 57, HON under 55. Stocks that can be shorted at their 50 day MA are ITW 54.30, SINA 80, ADSK 41, WFC 32. ANN had an outside day, RHT down 6% today after losing its 50 day Tuesday.
Good luck.
The author is flat.
Tuesday, February 22, 2011
Tuesday Recap
Markets sold off Tuesday after the long holiday weekend in heavy volume. Blame it on Libya, blame it on an overbought condition. It happened today and it may last for awhile. Many leading stocks were hit hard, accentuating the strength of the selloff. Gold miners and some spots of energy bucked the trend, but that was about it. The SOX was off 4%, transports were pummeled. EXPD got hammered on bad earning s as did CHRW did also in that sector recently. AAPL BIDU NFLX PCLN all were smacked around. The uptrend we have been enjoying since last summer seems due for some sort of break. HPQ CHK both fell after hours which could set the stage for tomorrow. Cash seems king right now, and thats where I am. Buying stocks breaking out of bases is hazardous and we will look for shorting opportunities, and to see if leading stocks find support at moving averages. Earnings come tomorrow from TJX SKS AMT before the open and AVGO CLR CXO LMT MGA PCLN WLL after the close. Existing home sales and same store chain sales are among the economic reports Wednesday.
Stocks near 50 day MAs are GNTX 31, MGA 56.25, TRW 57.25, ARMH 25, ALTR 38, ADI 39, ATML 14, AVGO 29.50, CY 20.50, FCS 17.10, IRF 31, LRCX 52, MXIM 25.50, MCHP 36.10, NVDA 21, SPRD 20, TXN 34, AVT 34.75, DHR 48, JBL 20.60, VSH 16, ATU 27.75, PLL 51.50, BP 46, HAL 42, MDR 21, NBL 86, OXY 98, BTU here, WFT 23.30, AA 16.25, BHP 91.50, COH 55.25, NKE 85.50, XXIA 17.05, RVBD 37.05, AGCO 52, AGU here, DE 88.25, MOS 78, LLL 76, RTN 49, RAX 34, ANF 54, COST 72.90, JWN 43, PETM 40.30, SBUX here, TIF 61.95, WAG 41, YUM 40.05, DOW 36, EMN 89.25, WYN 30, TROW 66, ACN 51, ADP 48.25, FLR 69, KBR 31.90, LEN 19.50, ADSK 41, BMC 48.25, INFA 46, ORCL 32, TIBX 22, VRSN 34, KSU 50.40, UPS 73.25, BAC here, JPM 44.50, GE 19.50, ETN 105, APH 54.50, FWLT here, HXL here, PAY 42, LAZ 42, AMT 52, SWC 22, EMR 59, CCJ here, CBS 20.25, HON 55, GRA 36.25, AMAT 15, ONNN 10.75, WCRX 23.40, ERJ 32.
Stocks near 200 day support are BRCM 38.75, MSCC 19, MIPS 10, OVTI 24.60, MT 33.15, JRCC 19, PUDA 10, AEM 68.10, NTAP 48, AAP 59, MCD 74, CCL 39.25, INFY 65.50, VMW 80, CHRW 68.75, SCCO 38, BEAV 32.50, TTM 24.10. PVH ORLY both found 200 day support today amidst a nasty selloff. IBN UPL both lost their 200 day today, and BUD hit its 200 day and headed lower. MRVL can be shorted under 18, its 200 day MA.
Some stocks did manage to demonstrate relative strength today and that bears watching if this selloff proves short and shallow. CXO CVX XOM PTEN PBR CLR SU PVH ANN.
Stocks that look weak are MTL ITW APA RIO VALE SINA AMZN CE SOA MAR LVS CCL RHT UNP GS REE TSM all of which lost their 50 day MA today. Stocks that lost their 50 day in a big way today and look like trend changers are CMI WLT SQM GR. Stocks that can be shorted at their 50 day MA are TEN 42.25, LLTC 35, SCHN 64, ACI 34. Stocks that can be shorted under their 50 day MAs are HOT below 61.50, FISV below 61, CTSH below 74, ALB below 57, DKS below 36.50, CAVM below 41, TKR below 49.50, A below 42, PH below 88, HES below 79.50, AAPL below 337, AGU below 90, HUN below 17, LYB below 35. FFIV ROVI TCK all continue their miserable ways after recently losing their 50 day MAs.
Sold both positions today for losses. APC which traced an outside reversal we sold for a $1.50 loss, and EMN we sold for a $1.45 loss. EMN is approaching 50 day support.
Good luck.
The author is in cash.
Stocks near 50 day MAs are GNTX 31, MGA 56.25, TRW 57.25, ARMH 25, ALTR 38, ADI 39, ATML 14, AVGO 29.50, CY 20.50, FCS 17.10, IRF 31, LRCX 52, MXIM 25.50, MCHP 36.10, NVDA 21, SPRD 20, TXN 34, AVT 34.75, DHR 48, JBL 20.60, VSH 16, ATU 27.75, PLL 51.50, BP 46, HAL 42, MDR 21, NBL 86, OXY 98, BTU here, WFT 23.30, AA 16.25, BHP 91.50, COH 55.25, NKE 85.50, XXIA 17.05, RVBD 37.05, AGCO 52, AGU here, DE 88.25, MOS 78, LLL 76, RTN 49, RAX 34, ANF 54, COST 72.90, JWN 43, PETM 40.30, SBUX here, TIF 61.95, WAG 41, YUM 40.05, DOW 36, EMN 89.25, WYN 30, TROW 66, ACN 51, ADP 48.25, FLR 69, KBR 31.90, LEN 19.50, ADSK 41, BMC 48.25, INFA 46, ORCL 32, TIBX 22, VRSN 34, KSU 50.40, UPS 73.25, BAC here, JPM 44.50, GE 19.50, ETN 105, APH 54.50, FWLT here, HXL here, PAY 42, LAZ 42, AMT 52, SWC 22, EMR 59, CCJ here, CBS 20.25, HON 55, GRA 36.25, AMAT 15, ONNN 10.75, WCRX 23.40, ERJ 32.
Stocks near 200 day support are BRCM 38.75, MSCC 19, MIPS 10, OVTI 24.60, MT 33.15, JRCC 19, PUDA 10, AEM 68.10, NTAP 48, AAP 59, MCD 74, CCL 39.25, INFY 65.50, VMW 80, CHRW 68.75, SCCO 38, BEAV 32.50, TTM 24.10. PVH ORLY both found 200 day support today amidst a nasty selloff. IBN UPL both lost their 200 day today, and BUD hit its 200 day and headed lower. MRVL can be shorted under 18, its 200 day MA.
Some stocks did manage to demonstrate relative strength today and that bears watching if this selloff proves short and shallow. CXO CVX XOM PTEN PBR CLR SU PVH ANN.
Stocks that look weak are MTL ITW APA RIO VALE SINA AMZN CE SOA MAR LVS CCL RHT UNP GS REE TSM all of which lost their 50 day MA today. Stocks that lost their 50 day in a big way today and look like trend changers are CMI WLT SQM GR. Stocks that can be shorted at their 50 day MA are TEN 42.25, LLTC 35, SCHN 64, ACI 34. Stocks that can be shorted under their 50 day MAs are HOT below 61.50, FISV below 61, CTSH below 74, ALB below 57, DKS below 36.50, CAVM below 41, TKR below 49.50, A below 42, PH below 88, HES below 79.50, AAPL below 337, AGU below 90, HUN below 17, LYB below 35. FFIV ROVI TCK all continue their miserable ways after recently losing their 50 day MAs.
Sold both positions today for losses. APC which traced an outside reversal we sold for a $1.50 loss, and EMN we sold for a $1.45 loss. EMN is approaching 50 day support.
Good luck.
The author is in cash.
Saturday, February 19, 2011
Weekend Stock Reflections
Markets Friday finished in the black again after some afternoon weakness. For the week the Nasdaq and S&P were both up 1%. Volume was higher due to option expirations, but the action of leading stocks posed some cause for concern. AAPL was down almost $8 Friday, and has had some heavy down volume days this year. That type of volatility when a stock is near a high is often associated with a short term top. That being said we must respect the price action of the indexes and understand leading stocks are still setting up buy points in abundance. Some leaders did demonstrate strength as ARUN bolted higher on earnings. Stocks hitting all time highs Friday include COST CAT APC JOYG PM TROW. Strong groups Friday were defense related as newspapers, food and HMOs out shined while refiners, miners, networkers struggled. Markets are closed Monday for Presidents Day and we can expect earnings Tuesday from HD M WMT before the open and CHK HLF HPQ after the close. Economic reports Tuesday include Case Schiller Home and consumer confidence.
Stocks near specific buy points include. 3 week tight patterns are LLTC 36.07, PETM 42.46, WAG 43.28, IBM 166.35, BLL 37.53, XLNX 34.22. Cup bases are COH 58.65, NKE 92.59, LTD 35.58, JNS 15.82, JPM 48.30, MS 32.39, WFC 34.35. Double bottoms are ABX 54.03, RHT 46.56, EXPD 55.88, BBD 20.89, SLW 40.10. Flat bases are TRW 63.36, BBBY 51.05, ONNN 12.05, ALB 60.80. Cup with handles are NBL 92.26, BK 32.60, AMAT 16.77. 4 weeks tight is HPQ 38.68. WAT broke out of a 81.10 cup base buy point on Friday, as did MUR from a 73.53 double bottom buy point. Two stocks which broke out but we did not purchase were PM, a double bottom buy point at 60.24, and TROW a 3 weeks tight pattern at 69.08. Both because volume was not above the minimum 40% volume burst or more. Sometimes volumes kicks in later, but discipline remains paramount.
Stocks that can be purchased as they reclaim their 50 day MAs are ABV thru 28.80, and ETF EWZ thru 73.25. Stocks that reclaimed their 50 day MA Friday include AB GFI PAAS. LYB is another leader that delivered earnings that were received poorly on to find 50 day support on the downside then rally furiously to the upside. AMP comes to mind as well there. Stocks near 50 day support are CMI here, GNTX 31, MGA 56, CY 20.50, SPRD 20, MT MTL here, TEL 36.10, ITW 54.15, PH 88, BP 46, BTU 62.50, PBR 36.40, BHP 91, RIO VALE here, AGU 90, MON 71, SINA 80, MCD 75.50, CE 42, HUN 17, SOA 24, ADSK 41, INFA 46, ORCL 32, UNP 94.50, ETN 105, GR 90, SWC 22, CCJ 40.
Stocks near 200 day support include JRCC 19, ORLY 53.60, IBN 45, UPL 44.90. BUD can be purchased if it can reclaim its 200 day MA thru 55.50. TGT is good evidence of ominous times ahead once you lose the 200 day. Was down another 2.5% Friday. TAP found 200 day resistance Friday, after losing its 200 day recently. Stocks that look like they have had a sea change since reclaiming their 200 day MAs since December include HPQ PBR LLL LMT RTN BBT BAC PNC SANM SPWRA. Summary, respect the 200 day.
Stocks that have taken out par in the last week or so and have performed strongly were CAT up $6, CXO up $5.50, OXY up $7 all in a very short period of time. JOYG closed above $100 Friday. Stocks very close to par now include FDX CVX PX SLB. Hmm, just being silly, but 5 of the 8 symbols mentioned in this short paragraph have an X in them. I love looking for patterns but that was wacky.
Stocks that are behaving bullishly by holding very tightly after recent gap ups include RL WFMI EL LAZ AET DIS MMC.
Stocks looking weak include copper names SCCO FCX which look shaky at best now living comfortably below their 50 day MAs. FFIV MIPS NTAP ROVI TCK continue to struggle below 50 day resistance after recent earnings reports. MSCC TTM both found 50 day resistance again on Friday. AEM WLT sliced their 50 day Friday. Stocks that can be shorted near their 50 day MAs include BEAV 38, STT 47, OVTI 28.40. Other stocks that lost their 50 day Friday are CCL VMW REE MCP.
Recent purchases EMN APC both finished lower Friday, but above buy points.
Good luck.
The author owns EMN APC.
Stocks near specific buy points include. 3 week tight patterns are LLTC 36.07, PETM 42.46, WAG 43.28, IBM 166.35, BLL 37.53, XLNX 34.22. Cup bases are COH 58.65, NKE 92.59, LTD 35.58, JNS 15.82, JPM 48.30, MS 32.39, WFC 34.35. Double bottoms are ABX 54.03, RHT 46.56, EXPD 55.88, BBD 20.89, SLW 40.10. Flat bases are TRW 63.36, BBBY 51.05, ONNN 12.05, ALB 60.80. Cup with handles are NBL 92.26, BK 32.60, AMAT 16.77. 4 weeks tight is HPQ 38.68. WAT broke out of a 81.10 cup base buy point on Friday, as did MUR from a 73.53 double bottom buy point. Two stocks which broke out but we did not purchase were PM, a double bottom buy point at 60.24, and TROW a 3 weeks tight pattern at 69.08. Both because volume was not above the minimum 40% volume burst or more. Sometimes volumes kicks in later, but discipline remains paramount.
Stocks that can be purchased as they reclaim their 50 day MAs are ABV thru 28.80, and ETF EWZ thru 73.25. Stocks that reclaimed their 50 day MA Friday include AB GFI PAAS. LYB is another leader that delivered earnings that were received poorly on to find 50 day support on the downside then rally furiously to the upside. AMP comes to mind as well there. Stocks near 50 day support are CMI here, GNTX 31, MGA 56, CY 20.50, SPRD 20, MT MTL here, TEL 36.10, ITW 54.15, PH 88, BP 46, BTU 62.50, PBR 36.40, BHP 91, RIO VALE here, AGU 90, MON 71, SINA 80, MCD 75.50, CE 42, HUN 17, SOA 24, ADSK 41, INFA 46, ORCL 32, UNP 94.50, ETN 105, GR 90, SWC 22, CCJ 40.
Stocks near 200 day support include JRCC 19, ORLY 53.60, IBN 45, UPL 44.90. BUD can be purchased if it can reclaim its 200 day MA thru 55.50. TGT is good evidence of ominous times ahead once you lose the 200 day. Was down another 2.5% Friday. TAP found 200 day resistance Friday, after losing its 200 day recently. Stocks that look like they have had a sea change since reclaiming their 200 day MAs since December include HPQ PBR LLL LMT RTN BBT BAC PNC SANM SPWRA. Summary, respect the 200 day.
Stocks that have taken out par in the last week or so and have performed strongly were CAT up $6, CXO up $5.50, OXY up $7 all in a very short period of time. JOYG closed above $100 Friday. Stocks very close to par now include FDX CVX PX SLB. Hmm, just being silly, but 5 of the 8 symbols mentioned in this short paragraph have an X in them. I love looking for patterns but that was wacky.
Stocks that are behaving bullishly by holding very tightly after recent gap ups include RL WFMI EL LAZ AET DIS MMC.
Stocks looking weak include copper names SCCO FCX which look shaky at best now living comfortably below their 50 day MAs. FFIV MIPS NTAP ROVI TCK continue to struggle below 50 day resistance after recent earnings reports. MSCC TTM both found 50 day resistance again on Friday. AEM WLT sliced their 50 day Friday. Stocks that can be shorted near their 50 day MAs include BEAV 38, STT 47, OVTI 28.40. Other stocks that lost their 50 day Friday are CCL VMW REE MCP.
Recent purchases EMN APC both finished lower Friday, but above buy points.
Good luck.
The author owns EMN APC.
Friday, February 18, 2011
Thursday Recap
Markets once again demonstrated their "comeback kid" style as of late. Opening weakly after less than rosy economic reports, markets steadily rose for the remainder of the day. Volume was on the soft side though. Disappointing jobless claims and inflation were the culprits for the early weakness. One bright spot early was the Philly Fed Manufacturing report. It was its best in 7 years. More stocks broke out of bases again. Remember the true strength of a bull market is how its leaders perform. Footwear stocks and chips excelled while auto parts struggled. ARUN was up big after the bell Thursday. Earnings calendar is light today with HS EGO UPL all reporting before the bell.
Stocks near specific buy points are: Cup bases X 71.05, LTD 35.85, WAT 81.10. Double bottoms are MUR 73.53, ABX 54.03, EXPD 55.88. Cup with handles are ITW 56.46, CVX 98.33, NBL 92.26, RIG 83.32, GD 78.31, LDK 14.70, AMAT 16.77. ANF broke out of a 58.60 cup base Thursday. DECK flew past its 87.98 cup base buy point as well. APC broke out of a 80.70 flat base buy point. EMN broke out of a 94.52 flat base buy point. BHI finished ahead of its 70.09 3 weeks tight pattern it cleared on Wednesday. AGCO also finished ahead of its buy point which it cleared Thursday in a 56.28 cup with handle base.
Stocks that can be purchased as they reclaim their 50 day MAs are MSCC thru 23.50, OVTI thru 28.60, GFI thru 17.20, ANN thru 24.75, IBN thru 47, TTM thru 27.50. Stocks that found good 50 day support Thursday were CMI NBL WLT VALE EXPD. SCHN reclaimed its 50 day Thursday, however the stock is on the illiquid side. Stocks near their 50 day MAs are MGA 56, MT 37, MTL 31, A 42, TEL 36.10, PH 88, PBR 36.25, BHP 91.50, RIO 71, BBBY 48, SBUX 32.70, SOA 24, ORCL 32, REE 13, GR 90.
Stocks near their 200 day MAs are MRVL 18.10, PUDA 10, PVH 57.75, ORLY 53.75, CBD 36.60. TAP is nearing its 200 day after plunging below it last week. See if it can reclaim its 200 day near 46.50, or if it becomes resistance. LO reclaimed its 200 day Thursday, but it is looking ominously like a bearish head and shoulders base. SWN TGT both finished below their 200 day MAs in big volume Thursday.
JOYG CLF both near par. AEM down on earnings, ABX up on earnings exhibiting bifurcation in the gold miners group Thursday. NTAP had a big down day slicing its 50 day MA on earnings, but finishing on its highs for the day.
Stocks which have found 50 day resistance this week, which used to have support their indicating a possible trend change are ALV MIPS FFIV AAP VMW. Stocks that can be shorted as they near their 50 day MAs are STT 47, BEAV 38. AAPL, the tech general was down $5 in higher volume Thursday.
Portfolio changes Thursday were buying APC EMN as they broke out of flat bases mentioned above.
Good luck.
The author owns APC EMN.
Stocks near specific buy points are: Cup bases X 71.05, LTD 35.85, WAT 81.10. Double bottoms are MUR 73.53, ABX 54.03, EXPD 55.88. Cup with handles are ITW 56.46, CVX 98.33, NBL 92.26, RIG 83.32, GD 78.31, LDK 14.70, AMAT 16.77. ANF broke out of a 58.60 cup base Thursday. DECK flew past its 87.98 cup base buy point as well. APC broke out of a 80.70 flat base buy point. EMN broke out of a 94.52 flat base buy point. BHI finished ahead of its 70.09 3 weeks tight pattern it cleared on Wednesday. AGCO also finished ahead of its buy point which it cleared Thursday in a 56.28 cup with handle base.
Stocks that can be purchased as they reclaim their 50 day MAs are MSCC thru 23.50, OVTI thru 28.60, GFI thru 17.20, ANN thru 24.75, IBN thru 47, TTM thru 27.50. Stocks that found good 50 day support Thursday were CMI NBL WLT VALE EXPD. SCHN reclaimed its 50 day Thursday, however the stock is on the illiquid side. Stocks near their 50 day MAs are MGA 56, MT 37, MTL 31, A 42, TEL 36.10, PH 88, PBR 36.25, BHP 91.50, RIO 71, BBBY 48, SBUX 32.70, SOA 24, ORCL 32, REE 13, GR 90.
Stocks near their 200 day MAs are MRVL 18.10, PUDA 10, PVH 57.75, ORLY 53.75, CBD 36.60. TAP is nearing its 200 day after plunging below it last week. See if it can reclaim its 200 day near 46.50, or if it becomes resistance. LO reclaimed its 200 day Thursday, but it is looking ominously like a bearish head and shoulders base. SWN TGT both finished below their 200 day MAs in big volume Thursday.
JOYG CLF both near par. AEM down on earnings, ABX up on earnings exhibiting bifurcation in the gold miners group Thursday. NTAP had a big down day slicing its 50 day MA on earnings, but finishing on its highs for the day.
Stocks which have found 50 day resistance this week, which used to have support their indicating a possible trend change are ALV MIPS FFIV AAP VMW. Stocks that can be shorted as they near their 50 day MAs are STT 47, BEAV 38. AAPL, the tech general was down $5 in higher volume Thursday.
Portfolio changes Thursday were buying APC EMN as they broke out of flat bases mentioned above.
Good luck.
The author owns APC EMN.
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