Thursday, December 9, 2010

After Market Pondering

Markets closed the day in a lackluster session. Initially markets rose on the positive jobless claims, gave back those gains then rallied into the close. Leaders performed well, including LULU, which surged on a strong earnings report. Volume rose on the Nazz, and it may get a boost on after market news that FFIV NFLX will join the S & P 500.

Stocks sporting specific buy points are: IBM @147.03, SIAL @66.11, both flat bases. QCOM @49.55 a double bottom with handle. NETL @34.60, a double bottom. KO @65.06 a 3 weeks tight pattern. FDX now has a buy point of 96.33 in a cup with a handle base. Competitor UPS broke out of a flat base @70.10 last week and has continued to trade above that breakout level. Stocks sporting potential buy points are: MELI forming a possible 70.88 buy point in a double bottom base. The handle needs two more days to develop. CREE recently shook free from its 200 day MA that we flagged and now has a possible buy point of 76.24 in a double bottom base.

Stocks that should find 50 day support are: WYN @29, NBL @81, HNR @12.50, VRSN @34, EMN @79, DD @47, NTAP @52, BIDU @106, AKAM @50, ARUN @22, JOYG @74, JWN @41, ARMH @18.20, CIS @18.50, LOGI @19.50, MOTR @23, BWC @23.75. Stocks that have found solid 50 day support in the last couple of days are: LVS CVLT LTD AVGO. RADS is trading tightly above the 50 day MA after recently reclaiming the 50 day. XXIA finding big volume support at the 50 day MA after recently retreating to it. BAC blasted thru its 50 day today.

Stocks that should find support at their 200 day MA are: VNO @81, MRX @26.25, NUE @41. IBN @44, ITUB @22, both foreign banks looking tenuous. ZION broke thru its 200 day MA today on strong volume. Put buy stops in on STX @15.50 and BBT @27.80 as they pass thru their 200 day MA.

FNSR trading well after its recent gap up.

ETFs MOO can be bought @50, its 50 day MA. FXI @42, its 200 day MA. TBT is right now at its 200 day MA.

Stocks looking weak are: TTM which gapped under its 50 day MA today. The Sensex has come under heavy pressure in the last two sessions. SPG can be shorted under 98, its 50 day. Big volume on the way down lately. AMT is losing its 50 day. NEM losing its battle with the 50 day MA too. Volume has been real heavy on the downside. Lets see if the 200 day @58 holds this time. YUM barely holding its 50 day and big volume on the way down today is not a good sign.

Sold MCD today for a $2 loss. Dropped below the 50 day. Discipline.

Good luck.


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