Monday, November 22, 2010

Monday Monday

Stocks showed some resilience today finishing well off the lows of the day. Leading stocks especially took charge. AMZN NFLX both high beta names that have enjoyed 50 day MA support were among the rulers of the day. When leading stocks outperform the indexes that usually is a very good sign. The Nasdaq was the only major index to finish in the black. Volume was weak today, and retail, semis and networks were among the best sectors of the day.

Stocks showing specific buy points are: VECO @46.35 and NETL @32.30, both double bottom with handle bases. APA @110.83 and NLC @30.60, both 3 week tight patterns. CMI @96.73 and GPC @48.62, both flat base patterns. BBY @45.51 a cup with handle base. And remember the buy points that are very close we discussed over the weekend. CHRW @73.23 and MCD @80.00, both flat bases. JWN @42.96 a double bottom with handle pattern.

Stocks that should provide 50 day support and those levels are: RIG @65, AA @12.75, HS @26.50, IBN here, AMP @50, RAI @31, PMTC @20.50. More stocks that have found support at their 50 day MA are: WYNN @100, CVX @83, INFA @38, TIBX @18, ORCL @28, PX @91, ARUN @21, APKT @38, FOE @14, VIT @33.50.

My new so called "par stars" are: WLT WLL FCX. All these are now above 100 and as long as they remain above that triple digit they should be held long. UNP will be the next one to join that club is my prediction.

Stocks that are near their 200 day MA are: RIMM currently in a downtrend right here. VNO PSA, both real estate stocks have found support at their 200 day. JCG is looking to challenge its 200 day @39. If it can get past their put in a buy stop above 39. SWN can be bought above 39, its 200 day MA. ATHR can be bought here as its 200 day now looks like solid support. MRX @26 and EGO @16 should enjoy support there at the 200 day.

Stocks that have enjoyed strong gap ups and still looking powerful are: RVBD WFMI FFIV COH CRM BRCM FO XXIA GPC RL FL CMG MXIM DKS. Gap up are very bullish signs and should be purchased if the gap up holds for 3 days after the gap up has occurred.

Changes in the portfolio today were buying CAKE thru 30.85 in a cup base.

Good luck.

The author owns ORCL CAKE NVDA BUD ARMH.

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