Thursday, December 16, 2010

Thursday Night Charting

Markets rallied Thursday somewhat with the Nasdaq showing the way. Volume came in below average however. Economic forecasts were all better than expected. Philly Fed, initial jobless claims and housing starts came in above views. After hours both RIMM ORCL were higher after earnings reports were rosy.

Stocks showing specific buy points are: PM @60.97, M @26.42, NSC @63.77 all flat bases. FDX @96.33, ARMH @19.38, EFX @36.09 all cup with handles.

Stocks nearing there 50 day MAs are: RIG @67, UPL @45.30, ERF @28, ABX @50, OVTI @28, FOE @14.25, MIPS @13.25. Stocks that found 50 day support today were WYN CCL NBL EMN NTAP ARUN UNP PCP XRX PFE ROST MON. WYNN is now back above its 50 day MA after an upgrade.

Stocks near there 200 day MAs are: PSA @96, NEM @58, EGO @17, CREE @64, ITUB @22, PNC here. BBT can be bought thru its 200 day @27.75.

NUE had a positive reaction to negative earnings guidance. A bullish sign. X, a holding of ours rallied in sympathy. INTU broke out of a flat base @49.04 on big volume. Did not pull the trigger because of the recent earnings miss though.

Gap ups still holding strong are: BLL WFMI LULU PSS EL FL DKS GES ANF.

ETFs: FXI buy @42, 200 day. EWG @23.75, EWA @24.75, both buys at their 50 day MAs.

Stocks showing weakness include: BIDU which now looks broken. Another down day in big volume. AEM plunged 6% in huge volume undercutting its 50 day MA. Reits SPG, VNO PSA continue to perform poorly. LVS @46 VIT@36, can both be shorted there as they move back to their 50 day MAs which could now be resistance.

Good luck.


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