Thursday, February 10, 2011

Thursday Thoughts

Markets showed good resilience Thursday battling back from early big losses. The hallmark of a bull market is one which shows late strength especially after early weakness . The indexes did just that the last two days to finish near session highs. Leaders displayed muscle as well and volume increased from Wednesdays levels. Big cap tech is continuing to show its leadership yesterday with EBAY JNPR RIMM flexing today after HPQ AAPL EMC BIDU AMZN did the same yesterday. Friday brings us the Michigan consumer sentiment index and no real big earnings reports on deck. CMG PNRA up huge after hours.

Stocks near specific buy points are. Cup with handles GLW 23.63, ADP 49.83, CCL 48.24, AGCO 56.28, RIG 83.32, OXY 99.85, COP 72.25, BHI 69.81, ITW 56.46. Flat bases SOA 25.10, JBL 21.88 and TROW 69.08 in a 3 weeks tight pattern. RIO held its 73.10 flat base buy point almost to the penny. It rallied $1 dollar from there. CHKP followed through almost 3% today after clearing a 48.88 cup base buy point.

Stocks near their 50 day MAs are JCI 39, ADI 38.25, MXIM 25, TXN 33.50, MT 36.90, CNQ 43.15, COP 68, NBL 85.90, CLR 60, WFT 22.90, BHP 91, ICON 20, NKE 85.75, COST 72, PETM 40, TIF 61.75, ALB 56.50, FWLT 35.25, DKS 36.50, HUM 57. Stocks that can be bought as they reclaim their 50 day MAs are BTU thru 62.50, SQM thru 56, FFIV thru 130.50, ANF thru 54.25, MCD thru 76.25, CRM thru 139.25, VMW thru 90.45, NSC thru 63.50, QLIK thru 25.50. Stocks that reclaimed their 50 day MAs today were WAT PMTC FDX. Stocks that found 50 day support today were AXL CMI GNTX STT MGA SIGM MTL X BP PBR YUM RCL TSM CTSH.

Stocks that are near their 200 day MAs are BAC 13.75, INFY 65, ABV 24.50, TGT 54, DLTR 48, GFI 15.20, ABX 46.50, PUDA 10, JRCC 19. TTM found 200 day support today. BBD can be shorted at its 200 day MA at 18.70. TAP sliced its 200 day MA in enormous volume on earnings. Red flag.

The network dragon CSCO has officially been slayed today. It has been ongoing for awhile now, but today names like JNPR RVBD ARUN are eating John Chambers lunch. UNP CXO both closing in on par. Retail continues to plow ahead. RL UA DECK COH. UA seems to be trading like its going to be taken out.

Stocks that can be shorted at their 50 day MAs are TEN here, BRCM 45, MSCC 23.50, MIPS 15, APA 120, TCK 60, WLT 125, AEM 74, MAR 41, WYN 30, RHT 45.50. AAPL had an outside reversal today and LLTC can be shorted under 34.60, its 50 day MA.

We are now long FCX and bought it slightly higher from here. Our stop is todays low.

Good luck.

The author owns LULU BUD FCX.

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