Stocks gyrated Thursday starting off powerfully, turning South, then inching into the green by the close. The erratic action gave the bulls and bears something to lay their hats on. Market shook off what could have been a real ugly reversal. Sectors that took the worst of it included the steel names, miners, drillers and semis.
Energy names were mixed but most lower. APC stood out today as it powered its way past its 200 day MA in good volume. MUR nearing a 66.37 buy point in a cup with high handle base. DOV closing in on its 55.07 buy point in a cup with handle base. On the downside RIG MT both seem be to be losing their battle with the 200 day. Steel names such as NUE MTL X all got beat up today. The group has been a laggard. Miners that continue to look weak include NEM ANV. Both lost additional ground as they slipped thru their 50 day MA.
Stocks that can be bought as they approach their 50 day MA are RAX @22, AMT @49, ARMH @17.50.
JWN lost its 200 day and now that line near 37 should become resistance. OPEN looks like its starting a downtrend after a long bull run. The plunge thru its 50 day which provided support all year long looks broken now. AKAM looks like a short @48 (50 day), unless it can bust thru.
On a bullish note PH GPC continue to hold their gap ups. KKR is a recent IPO to keep on the radar.
Good luck.
The author owns FCX ORCL WLL APA RADS SMG. Short AVGO.
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