The markets today gave back a small portion of last week gains. The Nasdaq is still up 12% this month alone, and the weak volume today suggested big players remained on the sidelines. Leading stocks performed admirably today as well, cushioning the blow.
Lets remember our buy stops HOT @54.35, (cup with handle), TEN @29.84 (cup base), BUCY @72.60 (cup with handle) and OVTI @23.72. We can buy CXO @62 (50 day), CPX @19 (50 day), PFE @16.75 and IPI @26 (both 200 day).
Stocks going through moving averages and can be bought as they go thru them are: CRUS thru 18 (50 day), APC thru 59 (200 day)
RIG looking good and a new chart that I discovered that I really like is AXTI.
Today I bought some TIBX @18.05. The gap up on Friday after that earnings beat usually foreshadows a stronge future move. Lets remember how well stocks performed after gapping up. CTXS INFA INTU OPEN APKT CHRW AAP DLTR, and of course NZ come to mind. The risk reward set up here of losing a point to maybe gain 4 or 5 is the set ups we look for all the time.
PSA lost its 50 day today. Looks weak and can be shorted back up to that line.
Good luck.
The author owns FCX AMT AKAM EXXI APA WLL TIBX. Short JKS AVGO
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