Thursday, December 9, 2010

Early Morning Thoughts

Markets showed modest gains after a selloff near the open. Leading stocks underperformed, and the best groups of the day were hardly the cream of the crop. Newspapers, books and banks. The laggards of the day were from leading sectors such as miners, energy. The light volume distorts the picture very much as well. Markets seem to be consolidating near their recent highs. Weekly jobless claims will be out this morning. LULU PLL report earnings today.

Stocks showing specific buy points include: XRX @12.05, TAP @50.55, BMC @47.05 all flat bases. KO still remains near its 65.06 3 weeks tight pattern. VMW sporting a 89.28 buy point in a cup base. XOM @72 in a double bottom base.

Stocks and there 50 day MAs which should show support are: IPI @31, LVS @45, NBL @81, WLL @105, SWN @35.75, DD @47, BIDU @107, NSC @61, JWN @40, SKS @10.80, WSM @33.80, AVGO @24.25, CIS @18, AGCO @46, MOTR @22. MCD YUM LTD MCO all found support at their 50 day Wednesday. GOOG is now back above its 50 day.

Stocks that should find support at their 200 day include: RRC @42, PSA @96.50, VNO @81, MRX @26, MT @34.25. ZION took out its 200 day today barely and WM seems to be enjoying its 200 day support. Lets see if WM can challenge its 50 day about a dollar higher from here soon.

TRMB holding gains tightly after an 11/3 flat base breakout. GPC doing the same after its 12/2 flat base breakout. GES is filling in its gap up on light volume. A good sign. NYX looks good here. Just above its 50/200 day MA, as it looks like some longs were taken out 11/30. V continues to be halted near its 200 day MA. If it can shake loose put in a buy stop above 79. Two thumbs up for the free market regarding MA V. The stocks prevailed and finished higher despite hackers shutting down their websites this week.

KBR VECO both had negative reversals Wednesday. CP has lost its 50 day MA here in big volume. Can it be headed to its 200 day @60, where that MA has shown support 4 times already this year?

Good luck.


No comments:

Post a Comment