Thursday Recap

Markets once again demonstrated their "comeback kid" style as of late. Opening weakly after less than rosy economic reports, markets steadily rose for the remainder of the day. Volume was on the soft side though. Disappointing jobless claims and inflation were the culprits for the early weakness. One bright spot early was the Philly Fed Manufacturing report. It was its best in 7 years. More stocks broke out of bases again. Remember the true strength of a bull market is how its leaders perform. Footwear stocks and chips excelled while auto parts struggled. ARUN was up big after the bell Thursday. Earnings calendar is light today with HS EGO UPL all reporting before the bell.

Stocks near specific buy points are: Cup bases X 71.05, LTD 35.85, WAT 81.10. Double bottoms are MUR 73.53, ABX 54.03, EXPD 55.88. Cup with handles are ITW 56.46, CVX 98.33, NBL 92.26, RIG 83.32, GD 78.31, LDK 14.70, AMAT 16.77. ANF broke out of a 58.60 cup base Thursday. DECK flew past its 87.98 cup base buy point as well. APC broke out of a 80.70 flat base buy point. EMN broke out of a 94.52 flat base buy point. BHI finished ahead of its 70.09 3 weeks tight pattern it cleared on Wednesday. AGCO also finished ahead of its buy point which it cleared Thursday in a 56.28 cup with handle base.

Stocks that can be purchased as they reclaim their 50 day MAs are MSCC thru 23.50, OVTI thru 28.60, GFI thru 17.20, ANN thru 24.75, IBN thru 47, TTM thru 27.50. Stocks that found good 50 day support Thursday were CMI NBL WLT VALE EXPD. SCHN reclaimed its 50 day Thursday, however the stock is on the illiquid side. Stocks near their 50 day MAs are MGA 56, MT 37, MTL 31, A 42, TEL 36.10, PH 88, PBR 36.25, BHP 91.50, RIO 71, BBBY 48, SBUX 32.70, SOA 24, ORCL 32, REE 13, GR 90.

Stocks near their 200 day MAs are MRVL 18.10, PUDA 10, PVH 57.75, ORLY 53.75, CBD 36.60. TAP is nearing its 200 day after plunging below it last week. See if it can reclaim its 200 day near 46.50, or if it becomes resistance. LO reclaimed its 200 day Thursday, but it is looking ominously like a bearish head and shoulders base. SWN TGT both finished below their 200 day MAs in big volume Thursday.

JOYG CLF both near par. AEM down on earnings, ABX up on earnings exhibiting bifurcation in the gold miners group Thursday. NTAP had a big down day slicing its 50 day MA on earnings, but finishing on its highs for the day.

Stocks which have found 50 day resistance this week, which used to have support their indicating a possible trend change are ALV MIPS FFIV AAP VMW. Stocks that can be shorted as they near their 50 day MAs are STT 47, BEAV 38. AAPL, the tech general was down $5 in higher volume Thursday.

Portfolio changes Thursday were buying APC EMN as they broke out of flat bases mentioned above.

Good luck.

The author owns APC EMN.