Tuesday, February 15, 2011

Tuesday Recap

Markets finished lower today as volume increased. Not the healthiest action. Could the indexes be in for a minor correction? Perhaps, but as always let the stocks and indexes price and volume action dictate your moves. Agriculture, chips, energy stocks took a breather today. Gold and silver securities outperformed. GLD closed above its 50 day MA for the first time in a month. DELL was up nicely after hours while ROVI is struggling. Tomorrow earnings reports come from ANF CMCSA DE DVN before the open and AEM CBS CLF NTAP NVDA after the close. We also get housing starts, industrial production and PPI Wednesday.

Stocks near specific buy points include: Double bottoms are SLW 40.10, AEM 77.48, YUM 51.40, PM 60.24, EXPD 55.88, CRM 146.72. Cup with handles are MS 30.97, LEN 21.37, RIG 83.32, CVX 98.33. SU 43.49 in a cup with high handle formation, and BHI 70.09 in a 3 weeks tight pattern. SKS managed to finish above its 12.32 flat base buy point breakout from last week.

Stocks that can be purchased as they reclaim their 50 day MAs are ABX thru 50.25, PAAS thru 37.25, ORLY thru 59.10, EXPD thru 54.25, BBD thru 19.60, GS thru 168.50, IBN thru 47, TTM thru 27.75. Stocks near their 50 day MA are CMI 110, MGA 56, MCHP 36, NVDA 20, MT 37, MTL 31, A 42, ATU 27.50, ITW 54, APC 74.25, HES 79, NBL 85.90, CLR 60.10, WLL 118, BHP 91.25, RIO 71, VALE 34.90, NTAP 56.25, AGU 90, MON 70, NOC 67, BBBY 48.80, COST 72.40, MCD 75.50, PETM 40.15, SBUX 32.70, CE 41.90, SOA 24, CCL 46, CTSH 74, ADP 48, ADSK 40.60, ORCL 31.80, ROVI 62, NSC 63.10, UPS 73, REE 13, FWLT 36, GR 90, CCJ 40.

Stocks near 200 day support are MRVL 18.10, JRCC 19, PUDA 10. PBR showing strength since breaking thru its 200 day MA on 12/29/10. BUD still flirting with its 200 day MA.

Gap ups now holding for 4 days include ATML RL DIS. CXO OXY both of which broke thru par Monday, finished strongly today despite a general weakness in the energy sector.

Stocks that can be shorted at their 50 day MA are SCHN 64, MUR 72, TCK 60, PVH 62.15, AAP 65, ANN 24.75, VMW 90, STT 47, BEAV 38. Stocks that can be shorted as they pierce their 50 day MA to the downside are LLTC under 34.80, RCL under 46, BK under 30.75. FFIV was stopped right at its 50 day MA today and closed meakly. OVTI MIPS both of which were stopped at their 50 day MAs on Monday, continued lower today.

Perhaps was a little lucky selling the FCX yesterday. It has been weak relatively to its peers CLF BHP RIO, all of which are above their 50 day MA, unlike FCX.

Good luck.

The author is flat.

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