Thursday, February 10, 2011

Thursday AM

Markets suffered losses in larger volume than the day before with only the Dow managing to finish positive in the last few minutes of the day by the slimmest of margins. The Nasdaq and S&P 500 both lost a third of 1%. The SOX suffered losses that doubled the major indexes. Seeing chips selloff was not productive given that is one of the best performing sectors of the year to date. Action amongst the leading stocks was mixed with PCLN RL AGU all seeing strong gains today. Ag related stocks did well today as the Agriculture Dept signaled supplies in the industry were tight and need for products rising. More merger announcements from NYX failed to lift markets. Earnings after the close was mixed with WFMI up and AKAM and laggard CSCO lower. Thursday brings reports from BWA TAP PEP PM before the open and CMG PNRA RAX WYNN after the close. Initial jobless claims are out Thursday morning.

Stocks near specific buy points are. Cup with handles NUE 48.72, FLR 72.91. Flat bases are JBL 21.88, BBBY 51.05. Cup bases are COH 56.65, CMG 262.87 and PM has a double bottom buy point of 60.24. CHKP broke out of a 48.88 flat base buy point Wednesday. WSM broke out from a double bottom buy point of 36.75. RIO can be bought if it retreats to last weeks buy point of 73.10 if that holds.

Stocks near 50 day MAs are AXL 13.90, CMI 109, GNTX 30.25, JCI 39, MGA 55, ADI 38.25, MXIM 25, SIGM 14, MT 36.95, MTL 30.50, X 56.50, APC 74, BP 45.50, CNQ 43, COP 68, HAL 41, HES 78, NBL 86, CLR 60, RIG 74.50, WFT 22.80, BHP 91, CLF 82, TDC 43.50, ARUN 23, PETM 40, SBUX 32.50, CE 41.30, HUN 16.50, LYB 34, PX 94, SOA 23.50, CCL 45.55, FISV 60.25, CTSH 73, ADP 47.90, FOE 15, ADSK 40.25, ORCL 31.50, ROVI 61.50, ALB 56.25, TSM 12.75, DNR 19.30. Stocks that found 50 day support Wednesday were TKR OXY YUM RCL. AAP reclaimed its 50 day, but was down slightly after hours on earnings. AMZN reclaimed its 50 day Tuesday and continued higher Wednesday despite the Nasdaq weakness. NKE COH DECK all showing constructive action after recently reclaiming their 50 day MAs. Stocks that can be bought as they reclaim their 50 day MAs are WAT thru 78.25, MCD thru 76.25, ORLY thru 59.25, BUD thru 57.25.

Stocks near 200 day MAs include JRCC 19, PBR 35.50, SWN 37, ABX 46.50, VALE 30.25, DLTR 48, TGT 54, TAP 46.25, ABV 24.50, INFY 65, TTM here. BBD can be shorted at 18.70 if its 200 day acts as resistance. Boy do the Brazilians miss Lula.

Large cap tech really shined in spite of general tech weakness Wednesday. PCLN EMC HPQ AMZN BIDU and AAPL at an all time high. Gap ups which have now held for 4 days and can be considered for buy candidates include PLL CAM XOM EL ROST. DHR continued to hold its gap up for a second day after announcing a buyout Tuesday of BEC. RL DIS gapped up Wednesday on earnings.

Stocks showing weakness and meeting 50 day resistance Wednesday include TEN MSCC ACI AEM NEM SQM BID LVS. Stocks that lost their 50 day include CNX BTU TC WYN PMTC. TCK WLT both lost their 50 day MAs Wednesday leaving their long term uptrends shaky at least in the short term. Stocks that can be shorted at their 50 day MA include ANF 54, ANN 25, MAR 41, RHT 45.50, VMW 90, NSC 63, SCCO 46.25. Stocks that can be shorted if they pierce their 50 day to the downside are AGCO under 50.50, JBHT under 40.50. Boy is NFLX squeezing some shorts out of business.

Good luck.

The author owns LULU BUD.

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