Tuesday, January 11, 2011

Tuesday Recap

Markets again by the numbers looked like a boring day. As we have discussed the old adage never sell a dull market. Or are the indexes just biding their time and waiting to digest the bulk of forthcoming earning reports. Let the indexes themselves tell us. No ones opinion really matters. Commodities led the way Tuesday. Oil is back above $91 and the Nasdaq today closed at levels not seen since December 2007. And that was with small losses in leaders such as AAPL PCLN. Retail has been taking it on the chin as crude has advanced as of late.

Stocks near specific buy points are. Flat bases PCAR @58.85, TXN @34.03, BEXP @28.49, CAM @51.81, BTU @66.17, SLB @84.65, PLCM @41.01, FISV @143.85, SBUX @33.52, FISV @60.74. 3 week tight patterns are CMI @113.98, CAT @94.99, JOYG @90.56, CVX @92.58, TROW @66.25, ACN @50.19, CA @25.20. 5 week tight patterns are ADI @38.53, LLTC @35.48, AVT @34.02, PLL @51.11. Cup bases are CNX @55.49, PAYX @32.92, DHI @15.54, LEN @21.89. Cup with handles are NUE @44.97, ATU @28.35, HD @35.67, JPM @45.05. WYNN is just below its 117.60 buy point in a cup base that occurred on 1/7. KSU is backing up to its 50.17 cup base buy point also on 1/7. CLR broke out of a 60.25 flat base buy point in big volume today. MXIM broke out of a 24.99 flat base buy point today on big volume as well. Stocks building potential cup with handle patterns are (remember handles need 5 days to form). NOC @68.85, MCO @30.19, CRM @144.79, BK @31.79.

Stocks near their 50 day MAs are AVGO @27, BRCM @44, ROK @69.25, SU @36, VALE @33.50, DECK @76, RVBD @34, SQM @54, COST @69, FL @18.50, RCII @29.15, PPG @80.50, SOA @22.50, CCL @44, LVS @48, HOT @59, RAI @32.50, ABV @29, ORCL @29.80, CHRW @76, FDX @91.75, UPS @71, GS @165. Stocks that found 50 day support Tuesday are MSCC BHP HAL RIO WFMI MAR. Both JKS EGO took out their 50 day MAs Tuesday.

Stocks near their 200 day MAs are MS @26.50, IBN @44.25, TAP @46, TGT @54.30, MCD @73.10, PVH @58, LOGI @17, ANN @21, DRI @44.50, GES @40, LTD @27.30, RTN here. PBR has now found support above its 200 day MA numerous times after breaking above it 12/29 on big volume. The trend has changed for PBR. LMT can be bought above 74.75, its 200 day MA.

Stocks displaying weakness are CMG that has now been living below its 50 day MA ever since the day after Xmas. FOSL had an outside reversal day and closed just at its 50 day. INTU lost its 50 day Tuesday. Stocks that can be shorted as they fall under their 50 days are NFX under 69, ANF under 52, PNRA under 100. Stocks that can be shorted as they move back toward their 50 days are OVTI @29, RL @109, CPX @29, KMX @33, COH @55, NKE @86. Stocks that found 50 day resistance Tuesday were PTEN SUN PAAS YUM NBL.

Portfolio changes Tuesday were long RAX @32.79 as it broke out of a flat base in big volume.

Good luck.


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