An interesting day for the equity markets Wednesday. Commodities enjoyed healthy gains where as techs took a slashing. Anything tech related was whiplashed. Especially software names. But many tech leaders were bruised. VMW CRM RHT CTXS RVBD FFIV RAX NTAP AKAM PCLN. None survived the on slaught. These are rarely one day events, but with this psychotic market you never know. Volume was mixed and energy was strong.
Stocks sporting specific buy points include: MAR @38.25 (cup without handle), CLF @68.93 SWC @17.52 (both cup with handles), NOV @46.97 (double bottom), NSC @60.90 (double bottom with handle).
In the energy sector XOM thru 64.25 and APC thru 59 can be bought as they pass thru their 200 day MA. ANR did it yesterday on nice volume. SLB is no trading above that line too. XEC GSM both looking good in that group as well.
Stocks that can be bought as they approach their 50 day MA are CB @55 AAP @56.
JWN MCO continue to hold above their 200 day MA. WRC looking good after its break out @52.21
Lets see if DOV forms a handle. Stock looks strong as it forms its right side.
Stocks flirting with their MAs include WFMI APKT. Short stops can be put on both if they fall below those lines. APKT @33.75 (50 day) and WFMI @35.75 (200 day).
Sometimes a good defense is better than a good offense. Recent sales of AKAM @51 and CRUS @17.50 look good now. Perhaps lucky but good discipline always proves wise.
Portfolio went thru some changes yesterday. Stopped out for 1 dollar loss on TIBX. Sold my A for a push. Sold my FCX for a nice gain. AMT as well. Might reenter these in near future. Was just gut feeling to get out. Maybe overextended.
Good luck.
The author owns EXXI WLL APA. Short AVGO PSA.
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