Thursday, January 27, 2011

After Hours

Markets finished near their highs for the day, with the tech ladened Nasdaq outperforming once again. Volume came in below Wednesdays elevated levels. Commodity related groups took a beatdown today as oil, copper, gold prices were lower. Internet related stocks such as NFLX PCLN AMZN were among the strongest groups (AMZN was down big after reporting earnings after the close). Chips and auto related sectors were hot today as well. F reports tomorrow morning and consumer sentiment and GDP come out tomorrow morning.

Stocks near specific buy points include BWA with a flat base buy point of 74.36. Cup with handles are PCAR 58.85, ATU 28.35. BBBY has a 51.05 cup with high handle buy point. CRUS had an enormous breakout at 19.17 from a double bottom with handle buy point. Its 19% move was assisted by a short squeeze most definitely.

Stocks near their 50 day MAs include ADI 37.80, LLTC 34.25, LRCX 50, SIGM 13.50, MT 36, GSM 17.75, A 40, JBL 18.50, JOYG 84.50, PH 85.50, CXO 86.20, APC 71.50, BP 45, COP 66, CNX 47, MEE 53, NBL 84, OXY 94.50, CLR 58, SLB 82, SU 37, TCK 57.50, WLT 120, WLL 115, RIO 69, VALE 34.30, ICON 19.80, JNPR 36.25, TDC 42.75, AGCO 50, AGU 86.50, RAX 31, EL 80, RCII 30, WFMI 50, CE 40.20, DD 49, HUN 16, SOA 23.10, CCL 44.50, HOT 60, KKR 14, CTSH 72, ADSK 39, BMC 47, CHRW here, UNP 94, UPS 72, PNC 60, USB 26, ALB 56. Stocks that found 50 day support post earnings that we spoke about yesterday were SBUX TKR JNS DHR. ALTR did the same Wednesday. PTEN had a nice day today after reclaiming its 50 day MA yesterday. BTU found 50 day support today after reclaiming that line Wednesday.

Stocks near their 200 day MA are BBT 26.50, PBR AEM ABX here, OVTI 24, AKAM 46, ANN 21, DRI 44.50, MCD 73.50, TGT 54.25, BUD 54.50, TAP 46, IBN 44.50. WHR is slowly breaking away from its 200 day MA with a 3% move upward today. BAC can be bought at 14, when it reclaims its 200 day.

Gap ups which are very bullish action and that are still intact are ROK BHI LULU EMN IBM SWK TER GLW.

Stocks that lost their 50 day today and looking weak were APA MUR. LOGI had a negative outside reversal. VMW SCCO INFA all found 50 day resistance today. Stocks that can be shorted as they move toward their 50 day MAs are SLB 46, JRCC 23.25, NFX 70.25, ARUN 23, AAP 66, FL 19, MAR 41, WYN 30, ABV 29, CA 24.40.

Good luck.

The author owns IBN BTU.

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