Yesterdays action was not impressive, but far from disastrous. Volume as flat, although it did tick up on the Nasdaq due to the tremendous volume on ORCL and Mark Hurd was hired at the firm. In a weak tape watch for relative strength. This came yesterday from ISLN, JKS, NTAP, AKAM (which we purchased at 46.09 off the double bottom), MCD, X, NUE (which we purchased thru 39 yesterday), and NZ (which we purchased at 19).
We must also keep an eye out for weakness to sell into. Shorts that can be put on are: NFX @51, ALK @48, BCE here with a buy stop to cover at 32.75. Stock seems to be churning here. And WFMI place a short stop when it trades below to the 200 day at 35.
Other spots to purchase stocks: ROVI 42, VRSN 28.70, FMX 49, PWER 10, AN 22.50, GPC 42, SWKS 17.90, JCG thru 35, CB 54.25. DTV setting up a cup with handle base with buy point at 39.99, SMG with a 50.48 buy point in a cup with high handle base and CIG with a 16.99 double bottom with handle formation.
Pair suggestion long QCOM, short RIMM.
As always buy stocks that pass these buy points in strong volume and limit losses. Good luck.
The author owns positions in FCX, AMT, AVGO, AKAM, NZ, NUE.
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