Thursday, February 24, 2011

Thursday Thoughts

Markets closed in a mixed fashion today as volume fell. Indexes did manage to finish well off the lows however. Economic news was uneven also with jobless claims and durable goods orders impressed, while new home sales depressed. The Nasdaq did find support at its 50 day MA today. With many prognosticators still calling for a correction, who knows? I for one feel like we are headed lower. But again my opinion doesnt matter much. Its the markets price and volume action. Groups that lagged today were refiners and gold miners and winners came from select tech sectors. After the close CRM DECK were up sharply post earnings. Tomorrow JRCC JCP RDC WCRX report.

Stocks near 50 day MAs are BWA 72, ADI 39, ATML 14, MXIM 25.50, NVDA 21.10, TXN 34.05, ATI 62, GSM 19, RS 53.50, DHR 48, WAT 78.10, CAT 97, CBE 61.15, DOV 61, JOYG 90, BP 46.25, HES 80, MDR 21.05, OXY 78.50, SLB 86.30, WLL 60, AEM 49.50, TDC 45, AGU 91, GD 74, BIDU 114, RAX 34, COST 73, FOSL 73, JWN 43, DD 51, EMN 89, PX 94.50, WYNN 116, RAI 32.90, URI 27, ACN 50.80, INTU 49, CSX 69, CNI 68.40, KSU 50.90, JPM 44.50, ARW 37.40, PAY 42, LAZ 42, CVLT 32, CBG 22.50, CBS 20.50, PAG 18, MWV 28, ASML 40.50, AMAT 15, ADS 74, ERJ 32. ETFs SLV 29, GLD 134. Stocks that found 50 day support Thursday were ATML CY FCS LRCX MCHP WFT AAPL LULU WAG PPG AMT HON. Stocks that can be bought as they reclaim their 50 day MA are PUDA thru 12.80, VALE thru 35.10, PVH 51.60, UNP thru 95.25. ETF EWZ thru 75.15.

Stocks near 200 day support are F 14, MIPS 10.10, JRCC 19, PVH 57.90, NTAP 48, MCD 74, MAR 36.80, ABV 25, CHRW 69, EXPD 46.60, FDX 86, BAC 13.60, HXL 18, BEAV 32.40. ORLY INFY found good 200 day support today. TTM lost its 200 day. HPQ found resistance at its 200 day today. LO back below its 200 day, TAP is falling further below it. OVTI can be shorted at 200 day resistance aT 24.75. AEM can be shorted under its 200 day at 68. BUD can be bought thru its 200 day at 55.50.

Gap ups still holding despite this very recent correction are DHR even after it gapped up on 2/7 after announcing to buy BEC. Others that are still showing great price action after gapping up are PLL RL EL TER AET CMCSA WMB MMC.

Even though my bias toward the market is lower I have to be aware of potential buy points that can arise at anytime. Two copper names setting up possible double bottom buy points are FCX 57.74, SCCO 47.73.

Stocks that can be shorted at their 50 day MAs are BBBY 49, PETM 40.40, SBUX 32.70, DOW 36, SOA 24, HOT 62, ADSK 41, WFC 32, ALB 57, ETN 106, GR 90, WBC 60, GNTX 31, TRW 57.60, LLTC 35, MSCC 23, TKR 50, A 42.40, AVT 34.70, JBL 21, TEL 36.30, ITW 34.40, PH 88.50, ACI 34, COH 55, MON 72, SINA 81, AMZN 182. Stocks that can be shorted under their 50 day MAs are APC under 76, NBL under 86, SUN under 41, ANF under 54, WSM under 35, FISV under 61, TROW under 65.25, GRA under 35.75. CNQ had an outside day today, as many oil names reversed hard from their intraday highs.

Good luck.

The author is flat.

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