Markets closed once again in a dull fashion. Volume tapered off compared to Fridays quadruple witching. Leaders are again acting well including AMZN which broke out from a 3 weeks tight pattern in strong volume. After the close ADBE JBL both rose after giving positive earnings reports. Tomorrow companies such as NKE RHT TIBX will report.
Stocks showing specific buy points include: RS @57.29, FDX @96.33, ARMH @19.38, NVDA @15.43, EFX @36.09 all cup with handles. CREE @72.95, NETL @34.45 both double bottom with handle patterns. ETN @101.89 a 3 weeks tight base. BAM @31.99 a cup without handle, and KKR @13.85 in a flat base.
Stocks near 50 day support are: APC @64, NBL @82, PXP @29, PTEN @20.25, NSC @61.70, KSU @46, UNP @90, BHP @86, SWC @19, VALE @33, SKS @11.25, BRCM @42, TXN @31, SIMG @6.50, AXTI @8, BEAV @36, MSCC @22, HUN @14.20, HRC @39.75, PCAR @ 54, TQNT @11, MCHP @33.25. Stocks that have found 50 day support recently are: PCLN ERF EMN RAI OVTI FOE WYNN NFLX. SUN can be bought thru 39.50, if it can reclaim its 50 day MA.
Stocks near 200 day MA are: BUD @54, BBD @18, MCO @24.80, NYX @29.50, GCI @14.50, ITUB @22, SPLS @21.25, RIMM PNC both here.
ETFs near buy points are: OIH @140.09, RSX @37.50 both in a 3 weeks tight pattern. TBT right at its 200 day MA here. FXI 200 day is 42.
Stocks showing weakness are: OPEN under 68, EBAY under 29, ROST under 62 all their 50 day MAs. VIT can be shorted @36.25, its 50 day MA. AKAM looks headed to its 200 day MA @44. Fell under its 50 day MA again today.
Portfolio changes are: Long QLIK @26.57, taking out a cup base. Short TTM @30, as it hit its 50 day MA. We got stopped out on the LVS short for a one dollar loss.
The author owns CAKE ARMH NVDA CHRW GPS X DE VRSN QLIK WCRX SDS. Short TTM.
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