Wednesday, October 13, 2010

Tuesday Am

Another day, another bullish move. Early weakness gave way to late strength. Stocks finished with a push into the close with the Nasdaq leading the way. After the close INTC beat estimates and guided higher for Q4. CSX also beat the numbers. Today JPM AAPL VMW TXN IBM all report. Fed minutes revealed members are favoring more easing.

Stocks sporting specific buy points include: ADSK @33.70 and VALE @32.94 (both cup with handles), DTV @42.71 and SLW @27.41 (both 3 weeks tight) and QCOM @45.85 (double bottom with handle). TCK is building the right side of its base and a potential buy spot is 20.09 . However it could form a handle. Be patient and see what develops.

Stocks finding support near their 50 day MA are: CTSH ARUN NEM ENTR. All bullish signs when that line holds and the chart continues its uptrend.

RIG is approaching its 200 day MA near 67. Lets see how that one responds there. IBN continues to look great after its recent gap up. If UNP trades in the low 80s this week lets try and buy some there.

VMW reports today and it could try and test its 50 day MA near 81. Lets see if that resistance holds now. Others that will react to VMW earnings include CRM CTXS.

Good luck.

The author owns EXXI APA WLL. Short WFMI PSA AVGO.

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