Markets digested Monday and Tuesday gains very nicely today. Volume declined. Just the type of action you would like to see after a nice run up. Semis were once again strong. Leading stocks behaved well. Private job growth exceeded forecasts and now the market awaits the big labor number Friday. Perhaps tomorrow will be a quiet day. Todays laggard sectors included retail and transportation. Not a whole lot on the economic reports tomorrow but earnings before the open come from BX DO DOW EL. After the close JDSU SUN CPX.
Stocks near specific buy points include HPQ 47.93 in a double bottom with handle base. Flat bases are BHP 94.03, CTSH 76.55, VRSN 34.64. Cup with handles are OXY 99.67, BK 32.60. RDC broke out of a 35.10 buy point in a flat base today. RIO also broke out of a 73.10 flat base buy point today.
Stocks near 50 day MAs include AXL 13.50, MGA 54, TRW 55, ADI 38, AVGO 28, CAVM 40, LLTC 34.50, MXIM 24.75, MCHP 35.50, MT 36, A 40.50, JBL 19, ATU 26.80, ACI 33, BP 45, BTU 62, TC 13.90, JNPR 36.25, NTAP 55, TDC 43, AGCO 50, FOSL 71, PETM 39.50, WFMI 50, PPG 82, PX 93.50, SOA 23.50, CCL 45, LVS 47, TROW 64.25, DHI 12, UNP 93.75, ALB 56, SCCO 46.30. Stocks that can be bought as they attempt to reclaim their 50 day MAs are PUDA thru 13.30, ARUN thru 23.40, CMG thru 231, WYN thru 30.25, BUD thru 57.25, PM thru 58.40, INTU thru 48.30, VMW thru 89.85, YUM thru 49. YUM had good earnings after the close Wednesday. REE was up 14% today after finding solid 50 day support recently.
Stocks near their 200 day MA are PCAR 48, OVTI 24, AEM 68, ABX 46.30, PVH 57, RTN 48.50, AKAM 46, AAP 58, DLTR 47.80, LTD 27.50, MCD here, JWN 38, WSM 30.50, INFY 65, NSC 59, BBD 18.50, BAC 13.80, NTRS 50.60. TGT lost its 200 day today in big volume. Red flag there.
Stocks which can be shorted as they move toward their 50 day MA are JCI 39, BRCM 45, MSCC 23.50, TKR 48.25, WAT 78, COH 55.10, DECK 79.50, NKE 86, RL 110, KMX 33, BBBY 48, BID 44, SBUX 32.50, MAR 41, CIS 23.50, CRM 138. Stocks that can be shorted as they pierce their 50 day MA to the downside are ITW under 52.50, VALE under 34.50, EL under 79.50, ROST under 64, FOE under 15, JBHT under 40.25. Stocks that met resistance today at their 50 day MA today are JRCC XXIA RVBD SQM CMI RCL. ANN had a negative outside reversal today on earnings. COST LOW TEN all lost their 50 day MAs today on big volume. ALV missed earnings yesterday and was stopped at its 50 day. Today another 3.5% decline followed.
Good luck.
The author owns FCX.
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