Tuesday, December 21, 2010

Tuesday Recap

Markets rallied Tuesday as stocks delivered solid earnings and M&A news. Volume did come in below average, obviously not out of the norm for this time of year. Breadth was healthy and leading stocks continued to perform well. Oil, steel, and ags sectors outperformed. After the close earnings reports were mixed as NKE RHT traded lower and TIBX traded higher.

Stocks near specific buy points are: APC @72.09, JWN @44.05, NVDA @15.43, EFX @36.09 all cup with handles. Flat bases are IBM @147.63, WSM @36.92. Cup bases are MTL @31.89, RAI @33.51. Double bottom with handle, CRUS @17.06. 3 weeks tight pattern is TXN @34.03.

Stocks nearing their 50 day MA are: CVLT @29.50, ABX @50, GFI @16.80, DOV @55.25, BRCM @42.25, WCRX @22, BEAV @36, APH @51.25, MIPS @13.50, TQNT @11. Stocks that continue to find recent 50 day support are: NFLX WYNN RES WNR EMN ARUN UNP PFE SKS LTD OVTI CEVA FOE. Stocks nearing their 50 day MA and attempting to retake them are: MOS @69.50, LOGI @19.95. Put in buy stops on MOS LOGI at those prices. As always demand strong volume.

Stocks near their 200 day MA are: DTV @38.50, CREE @64, NYX @29.50, ZION @22.50, RIMM here.

Gap ups from upside earnings reports that continue to perform well are: LULU WFMI ANF PAY BRCM JOYG FNSR COH EL FL DKS.

ETFs near buy points are: SMH @33.36 in a 3 weeks tight pattern. MOO @53.00 in a cup base. XLF XHB both building the right side of their bases. KOL JJC acting strong.

Stocks exhibiting weakness are: AMT which stopped today at its 50 day MA. PM lost its 50 day today. VIT can be shorted @36.25 as it nears its 50 day MA.

Portfolio changes today were: Long KKR @13.85 as it broke out in huge volume from a flat base. Added to our ARMH @19.38 as it broke out in huge volume from a cup with handle base. We originally purchased ARMH 11/19 as it retook its 50 day MA in strong volume. Shorted EBAY @29 as it lost its 50 day in above average volume. TTM on a very short leash here.


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