Tuesday, October 19, 2010

After Hours

Markets plunged today having their worst day in over 2 months. Volume exploded. Nearly every chart I looked at today and I look at hundreds was lower. Earnings after the close from JNPR CREE were met with big rounds of selling. As we spoke in yesterdays posting the reactions to the reports have turned unkind. Dollar explosion hit commodity related groups hard with machinery, energy, steel and miners hit hardest. Even tobacco and alcohol couldnt escape the markets carnage.

RIG CNX APC all seem to be now losing their personal battles with their 200 day MA. CLF NEM both lost their respective 50 day MAs. AEM did seem to find support at its 50 day @67. AA looks to challenge its 200 day tomorrow near 12.35. A sell stop can be put below the 50 day on JKS @26.75.

JWN is holding its 200 day at 37. If it doesnt hold a sell stop below that number can be placed.

OPEN sank thru its 50 day MA on big volume like a hot knife thru butter. Never a good sign.

Decent performances today include GS. It blew past its 200 day after good earnings this morning. A possible new uptrend developing. AAPL came back closing well off its lows of the days. INTU barely budged on this horrific day. Keep note of the relative strength there. NVDA also barely moved. Could that ORCL take over chatter have something to do with that? Only time will tell. Speaking of ORCL it closed on its highs and we bought some for the portfolio. FCX was also repurchased today.

Good luck.

The author owns FCX ORCL SMG WLL APA RADS. Short AVGO.

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