Monday, November 29, 2010

Monday Monday

Markets started very poorly as Europe lagged with the official announcement of Irelands bailout package. In the last 2 hours of the session markets climbed off their lows. Leading stocks outperformed as they should. AMZN NFLX were among the best. Energy, retail were among the best sectors. Volume was below average. SPY themselves bounced right off their 50 day MA. A good sign.

Stocks sporting specific buy points are: TDC @42.08 a flat base. SNDK @46.70, a double bottom base. XOM @72.00, VECO @46.35 both double bottoms with handles. CPX @29.23 a 3 weeks tight pattern. As always demand big volume on the breakout. Other buy spots are BTU thru 60, ARBA CIS both @20. Lets buy X thru 50, its 200 day MA. Lets buy CNI thru 65.25, its 50 day MA.

Stocks that are looking for 50 day MA support are: TRW @45, HOT @56, NBL @80, AA @13, CVLT @28.25, VRSN @33, JNPR @32.50, IBM @141, BIDU @105, ARUN @22, QCOM @46, CSX @60, CAT @80, PTEN @19. Stocks that found support at the 50 day MA today to further demonstrate the lines importance were: COP MUR MOS EMN DD BHP FCX SWC AEM MCD YUM SCCO ARMH AMP BEAV PPG BCSI SIAL FOE XLB.

Stocks that should find support at their 200 day MA are: PSA @96, VNO @80, MRX @26, BUD @54, ATHR @32. EGO found support at its 200 day today. CREE crossed above its 200 day today for the second time in 3 days. Tenacious.

Can CMI be the next member of the "par star" group? Stay tuned. ANR looks like its forming a handle in its cup base. It needs 2 more days to form however. Do not jump the gun. Be patient. TBT can be bought @34, its 50 day MA. QSFT can be shorted under 25, its 50 day. We will be looking to reenter FCX at par. Looked very strong today and was one of the first leaders to start heading higher even when the market was still near its lows early in the session.

Good luck.

The author owns CAKE ARMH NVDA.

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