Tuesday, November 2, 2010

Election Day

Stocks rallied again today surprisingly on Election Day. Tomorrow we get the amount of QE2 the Fed will incorporate. Estimates are far and wide with the lower end at $250 million to GS predicting $2 trillion. Volume was up on the Nasdaq but lower on other indexes.

CMI rallied today after finding support after a bad reaction to earnings last week. Much like CHRW and HS it found solid ground at the 50 day MA. HLF did it today. Bouncing off the 50 day near 60 the stock rallied to finish lower but close on the highs of the day. SUN is their now. Sitting at the 50 day after a poor reaction to earnings last week. Lets see what the future holds for SUN. MRX has rallied off the 50 day MA today.

Real estate sector continues to look good. BAM VNO SPG PSA all continue solid uptrends with support along the 50 day MA all along.

JKS had a huge earnings gap up. Probably acclerated by a short squeeze combined with a genuine good number. XOM SLB continue their recent stellar moves of late.

Stocks looking to challenge their 200 day MA include: MT @35, NVDA @13, RIMM @60. Buy stops can be placed on all of those if they can penetrate those numbers on solid volume.

ARMH continues to live below its 50 day @18. Did not show relative strength at all today during the rally. Not a good sign. Lets see how it reacts if it challenges that MA @18.

Good luck.

The author owns CRM ORCL RADS SMG CAKE.

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