Markets exploded today in higher volume. Almost all groups were strong. The SOX had a wonderful day. Tomorrow we have the jobs report. Indexes have made big moves this week with a shift in power of the house and the announcement of QE2. Some stocks in the software sector were well soft. CRM FFIV VMW all finished well lower on the day.
Stocks with specific buy points include: MAN @58.09 TKC @19.48. Both cup with handles. Equities flirting with there 200 day MA are RIG which a buy stop can be put in at 66. UPL buy stop @45 as it goes thru the 200 day as well. MT is now above its 200 day and X seems headed to its 200 day @49.
Gap ups today include: QCOM RIO SLW PAAS AEM WFMI. Recent gap ups MXIM BRCM COH all display very bullish behavior. Breaking away from short term consolidation after recent gap up.
VMW failed at its 50 day MA today. A weak sign on such a positive day. ARMH looking weak as well as it finished lower and still remains below its 50 day MA.
On a totally different note TSLA screamed higher today on an announcement of a 2% ownership stake by Panasonic. For all the bad press it has received I wish the company luck.
Portfolio changes today were getting long FCX thru par and selling CRM SMG for no loss or gain. Poor relative performance today.
Good luck.
The author owns ORCL CAKE RADS FCX.
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