Tuesday, February 1, 2011

Tuesday After Market

Markets surged higher on Tuesday fueled by solid economic reports and earnings. UPS started the day off on the right foot, then both China and US manufacturing activity surpassed expectations. Volume on the Nasdaq easily outdid Mondays levels and leading stocks performed admirably. BIDU DE MDR TIBX all broke out of bases in strong trade. Leading stocks are excellent prognosticators for the coming direction of the indexes. After hours CHRW BRCM both disappointed. Tomorrow earnings before the open include CAM KKR MRO SU NDAQ and after the close from AMP BMC WLT YUM.

Stocks near specific buy points include RS 54.84, OXY 99.67, RIG 83.32, JNS 13.78, LEN 20.80, BK 32.60, MS 30.35. All those previously mentioned were cup with handles. Flat bases are DHR 48.06, RIO 73.10, LULU 74.70, FOSL 74.44, BMC 49.21, VRSN 34.64. SIGM 15.12 in a double bottom with handle. Stocks that broke out today were MDR @21.13, TIBX 22.18 from flat bases. DE broke out from a 91.99 3 week tight pattern.

Stocks near their 50 day MAs are TEN here, ADI 38, AVGO 27.85, MXIM 24.60, MT 36, A 40.50, ITW 52.75, ICON 20, NTAP 55, TDC 43, AGCO 50, RAX 31.50, BBBY 48, COST 71, CCL 45, RCL here, TROW 64, ADP 47.25, INFA 44, STT 46.50, REE 12.10. Transport stocks that could be affected by CHRW weakness after the close are CNI 67, CP 65.75, UNP 94, all their 50 day MAs. Stocks that have found strong 50 day support recently are CTSH ROVI PNC EL RCII WFMI CE DD SOA PCLN TEL JOYG TCK OPEN AGU EBAY GSM. Stocks that can be bought as they reclaim their 50 day MAs are INTU thru 48.10, PM thru 58.30, WYN thru 30.20, AKAM thru 50.25, XXIA thru 16.75, PUDA thru 13.25. PX DRI SCCO all retook their 50 day MAs today.

Stocks near their 200 day MAs are ABX 46.30, GFI 15.10, PVH 57, RTN 48.50, ANN 21, MCD here, TGT 54.25, YUM 45.10, BUD 55, BBD 18.50, TEVA 53. AEM @68 has found good recent support at its 200 day MA. PBR had a nice move off the 200 day today after finding recent support their. BAC reclaimed its 200 day MA Tuesday.

Gap ups that continue to display strength are PLL ROK BIDU LULU IBM SWK UPS HP TER GLW.

Energy stocks that were strong Tuesday were XOM up 4% on strong earnings. APC is near all time highs of 81.36 that were achieved back in May 2008. It has traded tightly near these all time highs and anything thru that all time high should be purchased.

Stocks that can be shorted at their 50 day MAs are MSCC 23.50, SLAB 46.50, ANR 56.30, JRCC 23.50, COH 55.15, DECK 79, NKE 86, RL 110, RVBD 36, ARUN 23, AAP 65.50, BID 44, JWN 42.25, SBUX 32.60, MAR 41, HOT 61, OMC 46, PMTC 23, NSC 63. ESV can be shorted under 51.50. ALV BWA were both stopped at their 50 day MA.

Good luck.

The author owns FCX.

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