Monday Monday

Markets once again closed in a boring fashion. Again, as the old adage goes, never sell a dull market. Volume will not pick up until the new year commences. Until then, breakouts will be few and far between. They may move past buy points but the lack of volume will lessen the impact of the move. The markets did prove their resilience by finishing on their highs of the day after early weakness due to the Chinese interest rate hike.

Stocks near specific buy points are: ADP @47.27, LRCX @53.01, FAST @60.25, PCAR @57.85, FCS @15.90, LLTC @35.17 all 3 week tight patterns. Flat bases are WSM @36.92, RAI @33.51. Cup with high handle is ANR @56.52. Cup with handle is APC @71.99, MTL @29.84 (handle needs 2 more days to form), X @59.56 (handle needs one more day to form). CCL is holding just above a 45.00 buy point in a flat base which occurred on 12/21.

Stocks near their 50 day MA are: WYN @29.50, MAR @40, HOT @58, PCLN @400, CPX @28, XOM @70, NBL @83, RIG here, UPL @46, PTEN @20.50, NFLX @178, SIAL @65, DD @48, GOOG @600, TDC @41, IBM @144, EXPD @53, KSU @46.25, UNP @90.75, ABX @50.40, RIO @68, GFI @17, VALE @33, JCI @37, SBUX @31, JWN @41, UA @53, COH @53.75, NKE @85, OVTI @28.50, AGP @44, BEAV @36, MSCC @22, MIPS @14, EMR @56. Stocks that found support at their 50 day today are NFLX MCHP ORLY CAKE M BRCM NETL HRC. Stocks that can be bought as they move upward thru their 50 day MA are: AMT thru 51.50, CP thru 65.25, MRX @28.25, VNO thru 84.25.

STX RIMM are both finding support above their 200 day MA. ZION is pulling further away from its 200 day MA as it has proven support there. MCD LOGI are both trading below there 50 day MA and should find support at there respective 200 day MAs. MCD @73, LOGI @16.85. BBT can be bought at 27.30, as it breaks above its 200 day MA.

HES SLB both trading in a very tight range. Very bullish. PAY is holding its gap up. PBR could be building the right side of its base. It recently traded above the 50 day MA and now looks ready to challenge its 200 day @36.40.

ETFs XHB XLF both building right sides of base. TBT found support at its 200 day today. GLD finding support at its 50 day MA.

CMG lost its 50 day today and RES can be shorted under 18, its 50 day MA.

The author owns CAKE NVDA ARMH CHRW X DE VRSN WCRX KKR SDS. Short TTM EBAY.