Markets finished mixed Tuesday with the Dow the only major index to finish in the black. Volume rose across the board which would mark the first distribution recently. Gold and silver, along with oil finished down big. Retail sector also was weak.
Stocks near specific buy points are: KSU @49.58, DD @50.27, ORCL @32.37, NDAQ @24.44, RAI @33.05 all 3 week tight patterns. Flat bases are BLL @69.80, KSU @50.17, JCI @40.25. 4 week tight pattern for PLL @51.11. Cup base for WYNN @117.60. Double bottom with handles are CRUS @17.06, NETL @34.45. AGU is back near its 89.79 buy point in a cup with handle base.
Stocks near their 50 day MAs are STZ @21, FL @18.40, WFMI @47.30, SIAL @65.20, PCAR @55, ALB @54, FDX @91, MAR @40, PLCM @37.15, CAM @48, HAL @38, BTU @60, SLB @78, PTEN @20.80, OII @71, ARBA @21.50, ADSK @37, INTU @48, RHT @45, PX @93, BMC @46, FFIV @130, RAX @29, EXPD @48.25, BHP @88, SBUX @31.30, JWN @42, PETM @39, CPO @45, ALTR @35, NVLS @31, KLAC @38, MXIM @23.50, DHR @45, MKC @45.30, ATU @25, MCHP @34, RJF @31, BRKR @16, FISV @57, HNZ @49, KO here. Stocks that did find 50 day support today are NBL PMTC SLW UPL GFI SWC PNRA. DTV is reclaiming its 50 day, and stocks that can be bought as they retake their 50 day MAs are: VIT thru 36.50, EPD thru 42.25, HS thru 28.10.
Stocks near their 200 day support are AKAM @44.50, AEM @67, MCD @73, NEM and MRX here. PBR bounced off 200 day support and turned higher. NYX is establishing itself firmly above its 200 day MA. BBT can be bought thru 27.25, and BAC thru 14.40, as they reclaim their 200 day MA.
XOM APA both displayed strong relative strength amid an oil sell off. Very bullish action indeed. CLF MTL AA all showed extraordinary relative strength Tuesday.
ETFs near buy spots are FXI thru 44.75, its 50 day MA. It found recent support at its 200 day MA. GLD found support Tuesday at its 50 day MA. Lets see if it holds.
Stocks showing weakness are: All these finished below their 50 day MA in big volume which is a red flag. PVH WRC NKE LTD TAP OVTI HRC ROST CPX TIBX YUM ORLY. AAP NLC both had bad days after a recent outside reversal days. RL had an outside reversal day today. UA can be shorted under 54, its 50 day MA. Commercial real estate was weak today with PSA SPG VNO all trading weakly Tuesday. SMG a laggard in a strong ag group needs to hold its 200 day MA @48.70.
Portfolio changes today include long TRW @54.93 as it took out a 4 week tight pattern in strong volume. Long QCOM @50.41 also taking out a 4 week tight pattern. More significant it powered ahead even after announcing a buyout offer of ATHR.
Good luck.
The author owns ARMH CHRW DE VRSN KKR QCOM TRW SDS. Short TTM EBAY.
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