Tuesday, December 14, 2010

Tuesday Am

Markets finished the day mixed as a rally faded in the last 90 minutes of the day. Volume increased ever so slightly. Action from leading stocks was poor although many such as NFLX CMG AAPL all have made substantial runs and were due for normal pullbacks. Commodities rose, as China decided not to raise interest rates and tech lagged. Semis had a tough day. On tap for this morning is PPI, retail sales, and business inventories. The Fed will announce its interest rate decision at 215pm.

Stocks showing specific buy points are: CB @60.13, BAM @31.99, both flat bases. RADS @20.79, a cup base. FDX @96.33 in a cup with handle formation. Be careful yesterday 3 stocks rose above buy points only to finish near their lows. Not a good sign. They were JNPR VMW SMTC.

Stocks nearing their 50 day MA are: NBL here, UNP 89, FDO @48, CMG @220, LOGI @19.50, BX @13.50, AXTI @8, PM here. PFE rose above its 50 day MA yesterday in slightly higher volume after finding recent support at the 200 day.

Stocks nearing their 200 day MA are: VNO @81, RIMM @58, NYX @29.40, ZION @22.50, SPLS @21. Both NUE V pulling away strongly from their 200 day MA in last couple days in big volume. A good sign.

ORCL showed excellent relative strength Monday in big volume. BLL gap up still intact. CPO broke out from a flat base @46.16 Monday in big volume. VECO showed big relative strength among a weak semi group after breaking out of a double bottom base @47.83 on Friday.

Stocks looking weak are: MOS LVS both losing their 50 day MA. AMT can be shorted near 51 and CP near 64.50, both at their 50 day MAs. Both have displayed negative volume action on the way down recently. SPG can be shorted under 98, AKAM under 49.50, YUM under 49, all as they break down under their 50 day MAs.

Good luck. Apologize for the tardy post. Today is my birthday.


No comments:

Post a Comment