Thursday, December 16, 2010

Thursday AM

Markets for the third day in a row closed near session lows. More troubling was the increased volume and weakness in leading stocks. BIDU lost its 50 day in massive volume for example. Dollar strength after Spain debt issues did not help US Indexes. Many leading stocks are trying to consolidate and find support at key moving averages. Other like we previously discussed are showing bearish, high volatility sell signals.

Stocks near buy points are few: BAM @31.99 a flat base. KO @65.06 a 4 weeks tight pattern. NVDA @15.43 a cup with handle and BWC @26.01 a cup with high handle.

Stocks looking for 50 day support are: F @15.50, HOT @57, APC @62, DVN @70, MUR @67, UPL @45, AA @13.75, PTEN @20, CBI @28, CHKP @42.25, TIBX @19.25, EMN @79.50, RADS @18.90, NTGR @31, EBAY @29, FDX @90, UNP @90, BHP @85, ABX @50, RIO @67, VALE @33, AEM @78, CTSH @66, SBUX @30, XRX @11.50, URI @19.90, SKS @11, PM @58.50, CAVM @34, OVTI @28, CIS @19, BEAV @35.75, AGCO @44.25, ROST here. Stocks that found 50 day support Wednesday are NBL QLIK PX OPEN ARUN. MRX can be bought thru 28.75 and WCRX THRU 22.30, both their 50 days. And both found recent support at their 200 day.

Stocks nearing 200 day support are: EPD @38, PSA @97, SPG @91, DTV @38.30, RIMM @58.50, LTD @27, IBN @44, CREE @64, ATHR @32, ITUB @22, PNC here, RGC here.

JOYG had a nice earnings gap up. Very bullish behavior indeed. FNSR continued its nice run up post gap up with an upgrade Wednesday.

ETFs near MAs are: GLD @133, its 50 day. FXI @42 its 200 day. TBT is firmly above its 200 day now.

Stocks showing weakness are: DISCA SMG TTM all showing an inability to break thru their 50 day MAs. SUN PSA BVN have all lost their 50 days now. BIDU we discussed earlier. NTAP can be shorted under 52, and PVH under 64, both their 50 day MAs. ALB had an outside negative reversal day.

Good luck.


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