Tuesday, November 23, 2010

Tuesday After Market

Markets suffered a distribution day Tuesday. Indexes sold off in heavy volume and leaders struggled. Ongoing Eurozone concerns and a skirmish between the two Koreas led to the steep decline. SPY did manage to close right on its 50 day MA. Steel and home related stocks were weak, while retail somewhat bucked the trend.

SUN is sporting a 40.73 buy point in a flat base. Stock finished up on a terrible tape. Other leading stocks to finish in the black were RVBD OPEN JWN UA BKI DECK ALTR. Stocks that perform well on a horrible tape warrant a close look if the market can catch a bid.

Stocks that should find support at their 50 day MAs are: APA @102, APC @60, COP @59.50, DOW @30, MUR @64, NBL @79, RIG @65 ("golden cross"), TCK @45, AA @12.75, CRZO @25, TIBX @18.25, GOOG @570, JNPR @32, CHRW @71, IBM @140, BIDU @103, ARUN @21.50, BLL @62, CSX @59, UNP @86, BHP @82, FCX @95, RIO @64, CAT @80, JOYG @72, HS @26.50, MCD @77, YUM @49, SCCO @40, RAI @31, BMC @38, WYNN @100. CVLT IPI TAP all bounced off their 50 day MA today on a terrible tape and finished on their highs of the day.

Stocks that should find support at their 200 day MA are: CNI @61, FDX @84, SWK @58, PFE @16.50, MRX @26, NVDA @13, EGO @16.50.

WYNN will be added to our "par stars index". Aslong as it holds above 100. FCX did close below that number today, but WLT literally bounced right off 100 and closed in the middle of its daily range.

ETFs that are near MAs are MOO which closed right on its 50 day today @49. Needs to hold here. RSX also closed at its 50 day today @34. Commodity nation ETFs EWA EWZ both have now fallen below their 50 day MA in heavy volume. Not a good sign. Dr. Copper ETF JJC lost its 50 day today, athough it is illiquid. FXI 200 day MA is 42.

VZ DTV both failing at their 50 day MAs. VZ having decent AAPL related news and not pushing higher not a good sign. RIMM failing at its 200 day MA.

TSLA strong as a bull. Continues to plow ahead on an apparent 2 week long short squeeze. I dont want to hear about the GM Volt which apparently gets 40 miles to the "gallon" on a plug in charge. TSLA seems to be doing it without government support. At least for now I give Elon Musk two thumbs up.

Portfolio changes include selling BUD ORCL as they broke below their 50 day MAs. May revisit but that was the catalyst that got me in.

Good luck.

The author owns CAKE NVDA ARMH.

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