Sunday Sunday

Markets were mixed Thursday before the holiday closure Friday. Volume as expected came in below normal. For the week the S&P 500 finished 1% higher, and the Nasdaq 0.9% higher. Economic reports were basically yawned at Thursday. More M&A activity emerged Thursday with ROVI buying SNIC and JAS looking to be taken private, following JCG recently.

Stocks offering specific buy points include: 3 week tight patterns. CY @18.36, NLC @32.72, QCOM @50.10, LRCX @53.01, PLL @51.11, ARBA @24.57, TEN @43.81, TRW @54.93, MAR @42.78, TCK @58.59, CBI @33.59, ADSK @39.90, CSX @64.90, UPS @74.04, FAST @60.25, ATU @28.35, PCAR @57.85, FCS @15.90, LLTC @35.17. Flat bases are : NOV @66.21, NBL @86.99, SUN @41.33, IBM @147.63, CP @67.13, UNP @95.88, M @26.42. Double bottom with handles are: CREE @72.95, NETL @34.45, CRUS @17.06, GCI @16.27. 4 week tight patterns are: F @17.13, SBUX @33.25, ADI @38.70. FDX @96.33 in a cup with handle base and MOS @74.35 in a cup base.

Stocks nearing 50 day support are: WYN @29.50, CPX @28, RIG @68, RES @18, HUN @14.40, PTEN @20.50, INTU @47.75, QSFT @26.40, CRM @128, VRSN @32, EMN @80, CE @38, DD @48, NTAP @53, RADS @19, TDC @40.50, TRMB @38, EXPD @52.25, KSU @46, UNP @90, ABX @50.25, RIO @68, GFI @17, VALE @33, JCI @37, ORLY @59, CMG here, UA @53, COH @53, NKE @84.50, KMX here, XRX here, GSM @16.50, BRCM @42.50, OVTI @28, MXIM @22.75, AGP @44, EFX @34.50, BEAV @36, BMC @46, HRC @40, MCHP @33.50, MSCC @22, MIPS @14, FISV @57, TQNT @11, EMR @56. Stocks that can be bought as they break thru their 50 day to the upside are: EPD thru 42.25, MRX thru 28.30, LOGI thru 20.

Stocks nearing 200 day support are: AKAM @44, DTV @38.70, RIMM @58, NEM @58, EGO @17, URBN @35, PNC @58.50. Stocks that can be bought if they take out their 200 day MA to the upside are: SWN thru 37.75, BBT thru 27.50.

Gap ups this week to keep an eye on for continued strenght are JBL ARMH IDCC.

ETFs near support or breakout levels are: OIH thru 140, could be real good. TBT holding its 200 day @38. FXI 200 day MA is 42. SMH has a 33.36 buy point in a four week tight pattern. USO is solidly building its right side of base.

Stocks showing weakness are: WYNN ARUN VIT PM all losing their 50 day MA. PVH under 65 can be shorted, its 50 day MA. LVS under 45 can be shorted also its 50 day. PSA can not get back above par.

Good luck.

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