Tuesday, January 25, 2011

Tuesday Recap

Markets showed decent strength into the close Tuesday. After starting the day lower, then rallying foolishly on a consumer sentiment number, then falling again before rallying into the close. That is bullish action indeed. Volume ticked up to give more credence to the move. Of course it might have been anticipation of some pro capital, free markets chatter tonight before the State of the Union Address. Commodity stocks were hit hard today, while defense companies once again exhibited muscle. In late trade JNPR is up and ALTR is down modestly. Before the open tomorrow energy giants such as COP HES OXY will report and after the close NFLX QCOM SBUX will deliver their earnings. Economic reports Wednesday include new home sales and Fed interest rate policy decision.

Stocks near specific buy points are HAL 41.83, RIG 83.32 both cup with handles. BBBY 51.05 in a cup with high handle pattern.

Stocks near their 50 day MAs are AXL 13, F 17, GNTX 28, MGA 53, TRW 53.50, ALTR 36.25, ADI 37.25, CY 18.25, SIGM 13.50, SPRD 18, TXN 33, MT 36, MTL 28.25, A 40, DHR 46, JBL 18.25, VSH 15, CAT 91, APC 71, BP 44.50, COP 65.50, HES 75, NOV 65, NBL 84, OXY 94, SLB 81.50, SU 36.60, SUN 40, TCK 57, CLF 77, VALE 34, TDC 42.25, AGCO 49, MOS 72.50, LULU 65, EL 79.50, PETM 39.25, WFMI 49.75, CCL 44.25, HOT 60, KKR 14, AMTD 19, CTSH 72, ADSK 38.50, BMC 47, PMTC 23, ROVI 60, TIBX 20.25, UPS 72, REE 12, PNC 59, USB 26, JDSU 14.40, ALB 56, ETN 100.25. Stocks that found 50 day support today include CAVM AVGO MSCC SLAB RS JOYG PLL CXO CAM ESV MEE CLR TSO WLT WFT ICON AGU IPI CE DD SOA PCLN FOE SNPS CHRW NSC. Stocks that can be bought as they try to reclaim their 50 day MAs are PM thru 58.40, BUD thru 58, LOGI thru 19.60, PTEN thru 21.50, BTU thru 62, DRI thru 48.25. Demand heavy volume. OPEN found strong support at the 50 day today. GOOG is up 20 bucks since finding 50 day support yesterday. On the downside JKS took it on the chin today.

Stocks neat their 200 day MA are OVTI 24, PBR 36, PUDA 10, SWN 37, AEM here, ABX here, GFI 15, PVH 57, ARUN 18.25, AKAM 46, FFIV 99, GES 40, LTD 27.50, ORLY 53, BID 35.50, WSM 30.25, YUM 45, SAPE 11.50, RHT 37, CRM 110, VMW 77. ANN found 200 day support today. PAAS had a positive upside reversal today off the 200 day. EGO had a big volume upside reversal today as well. Will probably now challenge the 200 day MA on the upside. LO had the positive big volume reversal Monday and now looks primed to challenge its 200 day on the upside as well. BAC lost its 200 day today. Next stop 50 day support at 13?

Looking for relative strength today I noticed ACN which is at an all time high. SBUX continues to plod ahead. Earnings after the close tomorrow for SBUX.

Stocks showing weakness include ZION which had an outside reversal today. Stocks that lost their 50 day today are SPN TC GS NTAP. Stocks that met 50 day resistance today were ACI JWN KSU CNQ INFY. Stocks that can be shorted as they hit their 50 day MA on the upside include COH 55.50, DECK 78.25, UA 56, JNPR 36, NTAP 54.70, SQM 54, AAP 66, AMZN 180, FL 19, FOSL 71, PNRA 102, MAR 41, INFA 43.75, INTU 48, EXPD 54.25. Stocks that can be shorted as they fall below their 50 day MA are UNP under 92, WLL under 112.50, BWA under 67, JCI under 38, BRCM under 44, LLTC under 34, PH under 85, MDR under 19.20.

Portfolio changes today were buying IBN. Closed on its highs after an interest rate increase in India overnight and after finding repeated 200 day support recently.

Good luck.

The author owns IBN.

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