Tuesday, November 16, 2010

Night Charting

Distribution days are starting to add up for the indexes. Leaders getting hit, and 52 weeks lows outpacing 52 weeks highs for the first time in a long while added to the gloomy outlook here. Today it was continuing concerns over potential China interest rate hikes and Irish debt issues. Perhaps the market just needs a healthy correction here, having a huge recent advance.

Stocks again are not providing specific buy points, but testing support levels. Equities that are trending toward their 50 day MAs are: AXTI @7, YUM @48, MUR @63.50, NBL @78, AA @12.50, INFA @38, INTU @46, TIBX @18, AAPL @295, NTAP @51, TDC @38, BIDU @100, QCOM @45, SWC @17, CAT @78, JOYG @71, GPC @46, MDC @76.50, PM @57, AMP @50, TRMB @35, PAY @30, BEAV@33, XRX @10.75, BMC @42.50, CBE @50, NTGR @28, DFS @17, SIAL @61.50, KBR @25, M @23, CCL @40, PLL @42.

Stocks that found support at their 50 day today despite the nasty sell off and must be commended are: DE CMI HOT CVX EMN NKE EMC CHRW VALE IBN QSFT RHT ORCL HAS. See how they perform in the next sessions.

Stocks that found support today at their 200 day MA are: RIG @65, FDX @84.25, EGO @16.50. Stocks trending toward their 200 day MA and where that support is are: CNI @61, NEM @57, PFE @16.45, MRX @26, MRVL @18.50.

Individual stocks that performed well on a horrendous tape were retail stocks. JCG LULU MELI WMT URBN DKS COST UA. Semis TQNT CREE both finished in the black today. Energy stocks that finished in the black despite cruse being down 3% today were CRZO CXO. Take note. WFMI BRCM gap ups still intact.

Stocks that lost their 50 day MAs CB CTXS CRM. JKS down 7 days in a row also now below its 50 day. Real estate got hit today hard. SPG VNO BAM PSA. Although most found support at 50 or 200 day MAs be careful. Heavy volume accompanied the move down.

JJC sold off in huge volume but found support at the 50 day. EWZ could be headed for 200 day MA @71.

Will be looking for shorting opportunities from here on out.

Good luck.

The author owns ORCL.

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