Saturday, January 22, 2011

Weekend Stock Reflections

Markets limply came back some on Friday. GE gave the Dow a small boost as the index finished up for 8 straight weeks now. The Nasdaq closed down 2.4% for the week and the S & P 500 fell just under 1%. Could a rotation be under way? The Dow is up 2.5% for the year now and the small cap S & P 600 is lower by 1.3%. Techs have been hurt as semis were among the weeks weak sectors. GOOG could not prevent the Nasdaq from its 3rd consecutive daily loss. AAPL had a rough day and markets in general Friday closed near the lows of the session. Not encouraging action. Next week a big batches of earnings will occur. NFLX AMZN VMW RVBD QCOM SBUX MCD TXN OXY CAT KSU report.

Stocks near buy points, and these are stocks which held up well during a tough week include: Flat bases are UPS 74.04, OXY 99.67, COST 73.55. Cup with handles are NYX 33.10, LEN 20.80. Cup base is MS 32.39. There are a limited amount since I feel a correction, a healthy one at that, is upon us. With that being said we must always be ready incase the uptrend resumes in the near future.

Stocks near their 50 day moving averages, which normally offer a stock a well needed rest after a nice uptrend and support in a correction, are BWA here, ETN 100, RIMM 60, F 17, GNTX 28, TEN 40.25, ALTR 36, AVGO 27, CY 18, MCHP 35, MIPS 15, SIGM 13.50, SWKS 28, SPRD 18, TXN 33, MTL 28.25, A 40, AVT 33, JBL 18, VSH 15, ATU 26, CAT 90, JOYG 83, PLL 48, CXO 85, BP 45, CVX 88, COP 65.25, HES 75, MUR 71, NOV 64.50, CLR 57.75, RRC 44.15, SLB 81, SPN 34, VLO 22, WLT 117, WFT 21.70, AA 14.80, CLF 77, TC 13.50, VALE 34, ICON 19.50, AAPL 322, EMC 22.90, NTAP 54.50, OPEN 72, TDC 52.25, AGCO 49, AGU 85, MOS 72, BBBY 47, LOW 24.10, SBUX 32, WFMI 49, CE 40, DOW 33.70, SOA 23, CCL 44.20, HOT 60, BX 14, JNS 12.15, KKR 14, NDAQ 23, CTSH 71, ADSK 38.25, BMC 46.80, CA 24.25, PMTC 23, ROVI 59.50, TIBX 20.10, CHRW here, FDX 92, JBHT 40, NSC 62.50, UNP 93, USB 26, STT 46, ALB 55.75. JKS now resting above its 50 day for a second straight week after it reclaimed it on 1/11. Oils rise is certainly helping the solar name. Stocks that can be bought as they attempt to reclaim their 50 day MAs are KMX thru 33.50, TAP thru 49.30. Super Bowl fever with a Coors light. Not for me. I like any IPA.

Stocks near their 200 day MAs are BAC 14, AMP 56, ABV 24, BUD 54.25, WSM 30.20, MCD 73.30, LTD 27.50, GES 40, ANN 21, FFIV 100, AKAM 46, LLL 75, LOGI 17, PAAS 30, GFI 15, ABX 46, AEM 67, SWN 37, PUDA 10, PBR 36. HPQ has not looked back after reclaiming its 200 day MA on 1/6. It has defied the Nasdaq's weakness this week as it finished up everyday except for a measly .02 loss on Wednesday. BBT is freeing itself from its 200 day after being below that line since June 2010. Nice earnings helped. Stocks that have lost their 200 day which is bearish indeed are LO EGO PVH.

As cautious as I am right now some stocks that had a bullish gap are still holding up. Bullish behavior indeed. KLAC NVLS LULU EMN WAG WFMI should be watched closely.

Stocks showing weakness and which lost their 50 day MAs Friday are CMI DOV VRSN MSCC BEXP EXPD OVTI JRCC KSU SCHN AMZN PKI INFY. As this list of former leaders break below that line concern grows. GOOG had a bearish outside reversal day Friday. Stocks that hit their 50 day MAs and proved too much to overcome include NFX FL NFLX FCX FOSL LVS RIO PNRA MAR UA TIF OMC ANF YUM BBD PX SCCO. Stocks that can be shorted as they pierce their 50 day MAs on the downside are RDC under 33, LLTC under 34, WLL under 113, BIDU under 105. Stocks that can be shorted as they approach their 50 day MAs to challenge that line of support are ALV 78, PCAR 56, SCCO 46, ACI 32.25, JNPR 36, ARUN 23.

Good luck.


  1. This is a bit off topic since you made no mention of this stock above, but what are your feelings on Chevron?

  2. Hi Brian, CVX is under "stocks,nearing 50 MA"

  3. Hey Brian, CVX looks strong. Im bullish on it. Had a 92.58 3 weeks tight pattern (weeks of 12/24-1/7), but volume never kicked in to confirm the breakout. That being said any stock that takes out 90, eventually finds its way to par, 100. Chart looks great and groupmates COP XOM BP HES all llok good as well.