Markets sold off Tuesday after the long holiday weekend in heavy volume. Blame it on Libya, blame it on an overbought condition. It happened today and it may last for awhile. Many leading stocks were hit hard, accentuating the strength of the selloff. Gold miners and some spots of energy bucked the trend, but that was about it. The SOX was off 4%, transports were pummeled. EXPD got hammered on bad earning s as did CHRW did also in that sector recently. AAPL BIDU NFLX PCLN all were smacked around. The uptrend we have been enjoying since last summer seems due for some sort of break. HPQ CHK both fell after hours which could set the stage for tomorrow. Cash seems king right now, and thats where I am. Buying stocks breaking out of bases is hazardous and we will look for shorting opportunities, and to see if leading stocks find support at moving averages. Earnings come tomorrow from TJX SKS AMT before the open and AVGO CLR CXO LMT MGA PCLN WLL after the close. Existing home sales and same store chain sales are among the economic reports Wednesday.
Stocks near 50 day MAs are GNTX 31, MGA 56.25, TRW 57.25, ARMH 25, ALTR 38, ADI 39, ATML 14, AVGO 29.50, CY 20.50, FCS 17.10, IRF 31, LRCX 52, MXIM 25.50, MCHP 36.10, NVDA 21, SPRD 20, TXN 34, AVT 34.75, DHR 48, JBL 20.60, VSH 16, ATU 27.75, PLL 51.50, BP 46, HAL 42, MDR 21, NBL 86, OXY 98, BTU here, WFT 23.30, AA 16.25, BHP 91.50, COH 55.25, NKE 85.50, XXIA 17.05, RVBD 37.05, AGCO 52, AGU here, DE 88.25, MOS 78, LLL 76, RTN 49, RAX 34, ANF 54, COST 72.90, JWN 43, PETM 40.30, SBUX here, TIF 61.95, WAG 41, YUM 40.05, DOW 36, EMN 89.25, WYN 30, TROW 66, ACN 51, ADP 48.25, FLR 69, KBR 31.90, LEN 19.50, ADSK 41, BMC 48.25, INFA 46, ORCL 32, TIBX 22, VRSN 34, KSU 50.40, UPS 73.25, BAC here, JPM 44.50, GE 19.50, ETN 105, APH 54.50, FWLT here, HXL here, PAY 42, LAZ 42, AMT 52, SWC 22, EMR 59, CCJ here, CBS 20.25, HON 55, GRA 36.25, AMAT 15, ONNN 10.75, WCRX 23.40, ERJ 32.
Stocks near 200 day support are BRCM 38.75, MSCC 19, MIPS 10, OVTI 24.60, MT 33.15, JRCC 19, PUDA 10, AEM 68.10, NTAP 48, AAP 59, MCD 74, CCL 39.25, INFY 65.50, VMW 80, CHRW 68.75, SCCO 38, BEAV 32.50, TTM 24.10. PVH ORLY both found 200 day support today amidst a nasty selloff. IBN UPL both lost their 200 day today, and BUD hit its 200 day and headed lower. MRVL can be shorted under 18, its 200 day MA.
Some stocks did manage to demonstrate relative strength today and that bears watching if this selloff proves short and shallow. CXO CVX XOM PTEN PBR CLR SU PVH ANN.
Stocks that look weak are MTL ITW APA RIO VALE SINA AMZN CE SOA MAR LVS CCL RHT UNP GS REE TSM all of which lost their 50 day MA today. Stocks that lost their 50 day in a big way today and look like trend changers are CMI WLT SQM GR. Stocks that can be shorted at their 50 day MA are TEN 42.25, LLTC 35, SCHN 64, ACI 34. Stocks that can be shorted under their 50 day MAs are HOT below 61.50, FISV below 61, CTSH below 74, ALB below 57, DKS below 36.50, CAVM below 41, TKR below 49.50, A below 42, PH below 88, HES below 79.50, AAPL below 337, AGU below 90, HUN below 17, LYB below 35. FFIV ROVI TCK all continue their miserable ways after recently losing their 50 day MAs.
Sold both positions today for losses. APC which traced an outside reversal we sold for a $1.50 loss, and EMN we sold for a $1.45 loss. EMN is approaching 50 day support.
Good luck.
The author is in cash.
No comments:
Post a Comment