Thursday, February 3, 2011

Thursday Night Charting

Markets showed some muster Thursday coming back from losses to finish upon their highs for the day. Volume was tame as we all await the BLS jobs report for January tomorrow morning. Productivity increased in Q4, retail sales were strong, the Institue for Supply Management and jobless claims were also benign. Action after the bell was mixed with JDSU up smartly, and LVS lower. Tomorrow FO TDW WY report before the bell.

Stocks near specific buy points include RIG 83.32, LEN 20.80, MS 30.35, LDK 14.70, all cup with handles. SIGM 15.12 in a double bottom with handle pattern, and VRSN 34.64 in a flat base. BHP broke thru a 94.03 flat base buy point, although volume was weak. CRUS is now 25% past its 19.17 double bottom buy point it took out on 1/27.

Stocks near 50 day MAs are ATU 26.90, BP 45, GNTX 29.50, TRW 55, ALTR 37, ADI 38, AVGO 28, CAVM 40, IRF 30.25, MXIM 24.80, TXN 33.25, TQNT 12.75, GSM 18, DHR 46.40, JBL 19, JOYG 86, APC 73, CNQ 43, NBL 85, BTU 62, WLT 123, TDC 43, AGCO 50, PETM 39.80, WFMI 50.20, CE 41, PX 93.60, TROW 64.25, FLR 66, ROVI 60.50, CNI 67, CP 66, KSU 49, ALB 56, TSM 12.50, BRKR 17, ACM 28, FWLT 35, PAY 40. Stocks that can be purchased as they reclaim their 50 day MAs are CMI thru 108.75, TKR thru 49.20, CPX thru 29.25 (had earnings tonight), PUDA thru 13.35, COH thru 55.25, DECK thru 80.25, XXIA thru 16.80, TIF thru 62, WSM thru 34.25, WYN thru 30.20, TAP thru 49.15, PM thru 58.30. CMG LTD both blasted thru their 50 day MAs today. Stocks that found 50 day MA support today were OXY AXL MGA A ACI UNP LLTC LRCX CNX TC JBHT UPS VALE SOA CCL JNS BMC. AMP found support at the 50 day MA today after earnings.

Stocks near 200 day MAs are PCAR 48, MRVL 18, OVTI 24, SLAB 42.50, PVH 57, RTN 48.30, AKAM 46.25, DLTR 47.85, MCD 73.50, BUD 55, INFY 65, NSC 59, BAC 13.80, NTRS 50.50, TEVA 53. BBD is at its 200 day right here. If it breaks below that it can be shorted. EWZ needs to hold that 200 day at 72. Rousseff seems to be no Lula, at least what the market is saying. AEM ABX ANN all rallied smartly today after recent 200 day support. TGT can be shorted if it fails to reclaim its 200 day MA at 54.50.

Gap up stocks that need to be watched because of their bullishness are KLAC NVLS ROK DOV PLL BHI CAM TEX BIDU EL IBM SWK TER GLW HP MRO LAZ CCK MTW.

The solar group seems poised for continued strength on the back of strong oil, if that trend continues. FSLR LDK JKS seem to be the sector leaders.

Stocks that found their 50 day MAs today resistance were RL SQM MAR RAI SCCO RVBD SBUX RCL PMTC. Stocks that can be shorted at their 50 day MAs are JCI 39, BRCM 45, MSCC 23.50, BID 44. Stocks that can be shorted under their 50 day MA are TEL under 35, ITW under 52.60.

Good luck.

The author owns FCX. Will add to the position if it takes out 57.75 on the upside. 55 will be my stop.

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