Tuesday, January 18, 2011

Tuesday After Market

Markets Tuesday overcame some negative news cast upon it and responded with tenacity. C missing forecasts before the open and AAPL's Steve Jobs taking a medical leave of abscence could not derail the bull. Plus after the close AAPL delivered some strong results and the stock is trading basically where it closed near its highs for the day. IBM is trading higher after blowing past estimates, and CREE as we discussed last week when it traded uncharacteristically lower when the SOX was screaming higher, is getting crushed. Tomorrow before the open expect earnings from major banks such as GS BK WFC USB NTRS STT.

Stocks near specific buy points include. Flat bases are EXPD @57.25, CHRW @82.15, VRSN @34.64, SNPS @27.53, ORCL @32.37, UPS @74.04, INFA @46.45, SAPE @13.54, ACN @51.53, SBUX @33.52, BID @47.90, RIO @73.10, OXY @99.67, NFX @73.68, MDR @21.13, PLL @51.16. Cup with handles are GTI @21.21, ATU @28.35, HAL @41.83, NTRS @56.96. Cup bases are RS @55.57, UA @60.24, PAYX @32.92, LEN @21.89. 5 week tight bases are DHR @48.06, IR @47.91. Double bottom is CRUS @19.17.

Stocks that broke out today include. CAT @94.99 taking out a 4 week tight pattern. ALTR @38.70 taking out 38.70 flat base. NOC broke out of a cup with handle at 68.85. GOOG broke out of a flat base @630.95. As always I do not have to mention all previoulsy mentioned stocks broke out in heavy volume. PCLN is trading very tightly after breaking out from a flat base buy point of 428.20 on 1/5.

Stocks near their 50 day MAs are PCAR 56, MSCC 23.10, SCHN 61, X 54, PKI 25, JRCC 23, MUR 71, PUDA here, RDC 33, DECK 77.50, SQM 54, DD 48.60, MAR 40.80, RHT 45.50. AVGO bounced off its 50 day MA Tuesday. JKS was up 8% Tuesday after recently reclaiming its 50 day MA. LOGI can be bought if it can break above 19.80, thru its 50 day MA.

Stocks near their 200 day MA are AEM 67, PVH 58, ANN 21, DRI 44.50, GES 40, LTD 27.50, TGT 54.25, IBN 44.50. ABX continued its rally after finding 200 day support Friday. BBT jumped above that line Friday as well. LLL LMT RTN are all now firmly ahead of their 200 day MA strengthened by BA announcement today. And hopefully after seeing Chinas stealth fighter last week, we now understand we must beef up defense spending. The conserative in me speaking there.

Our "Par Stars", which include stocks that rise through 100, include CMI on 12/1, WLT 11/19, WLL 10/5, WYNN 10/11, FCX 11/4 (those are the dates in which they broke thru that number). All the stocks have ran further after breaking thru 100, which stocks that break that majic number often do. These formerly mentioned stocks have ran up between 15-40 dollars above 100. Historically stocks that break thru 90 run to par and then farther so it is important to watch for potential new Par Stars. On that list should be CAT UNP JOYG DE CXO OXY CLF EMN.

Stocks showing weakness include KMX ORLY TIF WSM PM ABV all of which are now living comfortably below their 50 day MA. COH stopped at 55, its 50 day MA. OMC can be shorted at 46, its 50 day MA.

Good luck.


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