Friday, December 17, 2010

Friday Night Charting

Markets today finished again in lackluster fashion. Again the adage, never sell a dull market. Volume grew due to quadruple witching Friday. Tech outperformed as both ORCL RIMM finished in the black. Both those previously mentioned did finish on their lows though. For the week the Nasdaq and S&P both finished up very slightly. On the positive side leading stocks acted better today.

Stocks showing exact buy points include: All these will be 3 week tight patterns. F @17.02, ETN @101.89, WLL @116.34, PCAR @57.85, APH @54.17, SOA @23.53, AAPL @325.16, IBM @146.40, NSC @63.77, JRCC @24.09, SBUX @33.19, HAS @50.27, ADI @38.70, PAY @41.57, ADP @47.27. Flat bases are: NBL @86.99, CP @67.13, SKS @12.32, KKR @13.85. Cup with handles are: FDX @96.33, NVDA @15.43, EFX @36.09. Cup bases without handles are: QLIK @26.57, CNI @68.09. As always demand volume of 50% greater than the daily average.

Stocks near the 50 day and the corresponding prices are: PCLN @390, CCL @42, ANR @49, CPX @27, APC @64.50, DVN @70, XOM @69, BTU @57, RIG @67.50, UPL @45, PTEN @20.20, CVLT @29.20, MCHP @32, QSFT @26, DD @47.75, NTAP @52.25, EBAY @29.15, AKAM @50, CSX @62, KSU @46, UNP @90, BHP @85.50, ABX @50, RIO @67.50, SWC @19, JWN @41, XRX @11.50, URI @20, SCCO @44, PM @59, ARMH @18, BRCM @42, OVTI @28, SIMG @6.50, BEAV @36, TQNT @11, MSCC @22, MIPS @13.25, FOE here.
Stocks that found 50 day support Friday were: WYNN ERF ARUN EMN STX EGO PCP LTD. Stocks that can be bought as they pass thru their 50 day MAs and those prices are: DISCA @42.85, SMG @52.25, MOS @69.

Stocks near their 200 day MAs are: EPD @38, RRC @42, PSA @97, DTV @38.50, NEM @58, NYX @29.50, ITUB @22, PNC here.

ORCL had an earnings gap up today. Others that have had earnings gap ups to see how they perform, which is bullishly are: CRM FNSR FFIV JOYG GPC LULU WFMI COH EL FL DKS ANF.

Stocks building the right side of their bases and warrant inclusion on a watch list are: MT MTL X NUE AMTD BLK BCSI PAYX.

ETFs in the news are: FXI @42, its 200 day. XLE formed a 3 weeks tight pattern with a buy point of 67.10. XLB XME also trading very tightly, stubbornly refusing to give up gains.

Stocks showing weakness are: LVS which is still facing resistance at the 50 day. VIT can be shorted @36, its 50 day MA. CIB looks headed to its 200 day. High volume selloffs under the 50 day for CIB which looks headed for 200 day support @56.25. Short strength in CIB. MCD looks headed for 200 day support after living below the 50 day on big volume down days. AMT same pattern. Below the 50 day now for a bit. 200 day support on AMT @46.25. Short AAP under 65, and ROST under 62, both their 50 day MAs. MCO now losing Its 50 day MA.

Changes in portfolio are: Long WCRX @22.30 as it broke thru its 50 day MA on big volume. Short LVS @46 as it hit 50 day resistance.

Good luck.


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