Thursday Thoughts

Markets acted in a boring fashion Thursday with lower volume. The last day of the quarter run up happened during this week. Perhaps institutions are taking a breather before the much anticipated jobs report tomorrow morning. Ags, miners and transportation stocks dominated the positive feel today, while steel lagged. The markets complexion has changed a bit in recent days with the correction taking a back seat and giving the green light to buy leading stocks breaking out of bases or finding support at their important moving averages. Tech needs AAPL to regain its 800 pound gorilla role and the SMH needs to break through its 50 day MA at 35.20 and close above that line. Energy and commodities have been taking a leading role. If tech can join and provide a more diverse leadership position it would give that much more credence to the recent rally. No earnings reports to speak of Friday.

Stocks near specific buy points include. Double bottoms are CAVM 46.08, FCX 57.74, ETN 56.31, BLL 36.54, AGU 97.98, MON 74.53, POT 62.45, ORLY 59.45, BMC 50.78, PMTC 24.53, BBD 20.89, RJF 39.34. Cup bases are BWA 81.17, JOYG 100.68, WLT 140.06, CPX 32.82, MCP 62.90, FWLT 39.85, CMG 275.10, SOA 25.84, CHKP 51.71, UNP 99.60. Flat bases are DHR 52.31, GD 78.37, ANF 59.98, URI 33.73, CTXS 74.09, AON 53.15. Cup with handles are ARW 43.00, ATI 69.85. HS 38.85 in a 4 week tight pattern. AAPL chart here looks a little wobbly here but is receiving 50 day support. A handle could be developing here in a double bottom formation. Remember for any breakout to be considered valid it must accompany a volume surge of at least 40% greater than the average daily volume.

Stocks near 50 day support are PAG 19.20, ALTR 41, MCHP 37, GSM 21.10, A 43.30, VSH 17.25, DOV 64, CXO 102, APC 79, BHI 69, CNQ 47, CHK 32, DVN 88.75, XOM 83, NOV 77.20, PBR 38.75, PXD 97.75, SLB 89.75, SU 43.50, WMB 29, RIO 70, PAAS 36, RL 120, UA 65, DKS 38, EMC 26.30, TDC 48, TEX 35.40, AAP 64, JWN 43.90, SBUX 34, YUM 50.15, DIS 42, EMN 94, BX 17.20, ADP 49.75, OMC 48.20, SWK 74, WY 24, ORCL 32.50, VRSN 35.40, JPM 45.90, WDR 39, TER 17.50, TTWO 15, MMC 29.45, APKT 67.45, VSEA 46, CCK 37.15, AET 36.20, CBG 25, CMCSA 24.40. Stocks which found 50 day support today were KLAC MTL AAPL BBBY KKR CRM AZC. Stocks which can be purchased as they reclaim their 50 day MAs and their buy stop spots are ALV 75.50, NVLS 38.20, AVT 35.15, WFT 23.15, VALE 34.15, SWC 23.50, LDK 12.85, EMR 59.45, BLL 36.15, PMTC 23.15, EXPD 50.40, QCOM 55.75, BEAV 34.25. Stocks that did reclaim their 50 day MAs today were ARMH AGU MON POT COST CHRW.

Stocks near 200 day support are F 14.50, MGA 46.30, LLTC 32.50, NVDA 15, BP 41.90, JKS 24.30, TCK 47.50, SCCO 39.05, LOGI 17.80, LVS 39, BUD 56.50, LEN 16.75, ROVI 52, GS 167, MS 26.75, GLW 19, SNDK 44. VMW BAC met 200 day resistance today. RIMM found 200 day support. NOC did as well after plunging 9%. BRCM MIPS both lost their 200 day MAs today. Concerning BRCM MIPS they have been the semiconductor laggards and its no coincidence that they lost their 200 day MAs today. The weak get weaker.

Stocks that can be shorted at 50 day resistance are ATML 14, MXIM 26.20, SWKS 33.50, TXN 35, TEL 36, RIG 80.40, RVBD 39, AMP 62, AMTD 21, JDSU 22, ADTN 44, CRUS 22.10. Stocks that can be shorted if they lose their 50 day MAs and the sell stop spots are FCS 17.60, CBE 63, LYB 37.75. Stocks that found 50 day resistance today were ADI AVGO TXN NUE RVBD EBAY AMP STT XLNX AMT IVZ. Stocks that lost their 50 day MAs today JBL WCRX WU. Relative weakness was seen today by BRCM MIPS SPRD X MOS. MOS had disappointing earnings reaction.

Good luck.

The author owns FCX TTM RAX.

Wednesday After Market

Markets displayed solidarity once again Wednesday. This time volume kicked in to boot. Though on average it was not the robust type of trade you would like to see. But the environment has changed in recent days making equity purchases a less hazardous proposition. Both the Nasdaq and S&P 500 are back above their 50 day MAs and leading stocks are breaking out more each day. Some leaders are hitting all time highs today such as PH TBL CVX CTSH WLL. CLR WAT CMI are extremely close to hitting their all time highs. Keep in mind tomorrow is the end of the quarter and possible window dressing could be in full effect. Powerful moves are traditional during these times. Perhaps we have already seen the move since it is so widely anticipated. Wednesday truck parts were among the strongest groups, with transports among the weaker. Semis can not seem to reclaim their luster as they hit a headwind at their 50 day MA for the fourth consecutive day. MOS was down slightly after the bell on earnings. KMX reports before the open and economic reports include factory data orders and Chicago purchasers index.

Stocks near specific buy points include: Cup bases are BWA 81.17, RS 60.05, CMG 275.10, CE 45.52, CHKP 51.71, UNP 99.60, TEN 46.91, WLT 140.06, CPX 32.82, MCP 62.90, SOA 25.84. Double bottoms are CMI 114.40, TRW 60.40, CAVM 46.08, MON 72.70, AMZN 191.50, ORLY 59.45, TIF 65.68, PMTC 24.53, BBD 20.89, IBN 51.61, QLIK 27.30. Flat bases are CTXS 74.09, DD 56.29, ANF 59.95, UA 70.79, DHR 52.31, URI 33.73. ATI 69.85 in a cup with handle pattern. RES has gained almost 20% since its cup with handle breakout at 21.67 recently. Interesting tidbit PCLN is near 11 year highs but stock still has to double to reach its almost $1000 price tag it hit during the dot com boom a little more than a decade ago.

Stocks that can be bought if they reclaim their 50 day MAs and their buy stop spots are ARMH 28, LLTC 34.50, NVLS 38.20, SWKS 33.50, JKS 27.75, WFT 23.15, LDK 12.95, BLL 36.05, AGU 92, MON 72, MOS 81.25 (reported after close), POT 58.60, COST 73.30, EBAY 32.25, LVS 44.30, AMP 62.25, PMTC 23.15, CHRW 74.25, EXPD 50.40, STT 45.75, QCOM 55.50, BEAV 36.25, GR 88.25, AMT 52.30. Stocks that reclaimed their 50 day MAs Wednesday were ADI AVGO MT RIO FWLT TROW OMC CRM WCRX SHLD JNPR NOC AMZN BBBY TIF ABV. Stocks near 50 day support are ALTR 41, KLAC 46.50, GSM 21, DOV 64, JOYG 92.75, PLL 54.30, APC 78.75, CHK 32, DVN 88.50, HES 82.10, SU 43.25, EXXI 31.75, OIS 71, ABX 50, PAAS 35.90, DKS 38, EMC 26.20, DE 91.95, TEX 35.10, MCD 75.10, JWN 43.85, YUM 50.10, DIS 42, LYB 38, BX 17.20, KKR 16.50, WY 24, BMC 49, ORCL 32.40, CNI 71.50, FDX 91.75, KSU 52.20, UPS 73.50, WDR 39, ARW 39.95, MMC 29.40, CCK 37.10, MWV 29, ROC 45, IL 25.50. Stocks that found 50 day support Wednesday were RJF FCS MTL CAM.

Stocks near 200 day support are SNDK 44, MS 26.75, GS 157, F 14.45, MGA 46.25, BRCM 39.50, MSCC 19.60, MIPS 10.95, VALE 31.50, SCCO 39.05, LOGI 17.75, RTN 47.90, BUD 56.40, LEN 16.75, ROVI 52, RIMM 56.20. BAC found 200 day support today and VMW TAP both reclaimed their 200 day MAs Wednesday.

Stocks displaying good relative strength today were SPN WFMI BBD AMT HUM CBS.

Stocks that can be shorted at their 50 day MAs are ADTN 44, ALV 75, ATML 14, CY 21, MXIM 26.30, SPRD 21, AVT 34.90, TEL 36, TCK 56.25, SWC 23, RVBD 39, AMTD 21, LAZ 43, CRUS 22.10. Stocks that met 50 day resistance Wednesday were ATML SWKS NUE RIG BLL RVBD ERJ POT RTN AMP AMTD CHRW STT XLNX LAZ. Stocks showing relative weakness Wednesday were ATML NVDA TXN X NOV RIG AAPL KKR LEN CSX GLW TTWO. LMT lost its 50 day MA today.

We purchased RAX today as it broke out from a 40.72 cup without handle pattern. We paid a little more than we would have liked ($41.80) but are still profitable and happy. At least for now.

Good luck.

The author owns FCX TTM RAX.

Tuesday Recap

Markets rose Tuesday, and did so despite some shaky economic reports. Just the opposite of what it did yesterday, when indexes reacted poorly to good news, and staged a negative reversal closing upon the lows. Today with consumer confidence and depressed home prices, the markets started lower and staged a positive reversal to the upside. Volume was mixed, but leading stocks again performed admirably. HAL and SOHU broke out today. Stocks hitting all time highs today were CAT CMI FOSL LULU PAY TSCO ROK. Many leading stocks are setting up new potential buy points which adds encouragement. TIBX did fall after hours after reporting earnings. Tomorrow we have FDO report before the bell and MOS after the close. Economic news comes out concerning jobs and job cuts.

Stocks near specific buy points are: Cup bases BWA 81.17, APA 127.83, WLT 140.06, CPX 32.82, MCP 62.90, RAX 40.72, SOA 25.84, CHKP 51.71, UNP 99.60. Flat bases are DHR 52.31, CBE 66.05, URI 33.73, AON 53.15. Cup with handles are KLAC 51.93, ATI 69.85. Double bottoms are TRW 60.40, IBN 51.61.

Stocks near 50 day support are PAG 19.05, ALTR 40.75, MCHP 37, GSM 21, A 43.15, JOYG 92.50, PLL 54.25, CXO 101.50, APC 78.50, CHK 32, COP 75, DVN 88.25, MDR 23, PBR 38.50, SU 43, SPN 37, ATW 43, DNR 22.15, WMB 29, ABX 49.95, DKS 38, DIS 42, YUM 50, DD 53, KKR 16.50, ADP 49.50, WY 24, INTU 50, TIBX 24, FDX 91.75, WDR 38.90, TER 17.40, MMC 29.25, AET 36.05. Stocks that found 50 day support today were TEN TKR VSH DOV CAM XOM HES FCX PAAS ETN DECK RL UA AAPL DE GD MCD ORLY ROST WYN IBM ORCL CTXS TTMI CMCSA WU. Stocks that can be bought if they can reclaim their 50 day MAs and the buy stop spots are AVGO 31.60, TXN 35.20, MT 36.70, MTL 31.80, X 57.50, RIG 81.10, WFT 23.10, RIO 70.30, VALE 34.20, FWLT 36.95, BLL 36, JNPR 41.50, POT 58.50, AMZN 176, BBBY 48.20, LVS 44.50, AMP 62.20, CHRW 74.30, WCRX 23.80. Stocks that reclaimed their 50 day today were CMI CAVM BHP JWN TAP FISV OMC BMC.

Stocks near 200 day support are F 14.45, MGA 46.20, BRCM 39.50, LLTC 32.45, MIPS 10.90, SCCO 39, LOGI 17.75, ROVI 52, EXPD 47.90, MS 26.75, BEAV 33.25, SNDK 44. MSCC BUD BBD GS RIMM all found 200 day support today. AMT reclaimed its 200 day MA today. TAP can be bought through 48, as it reclaims its 200 day.

Stocks that showed strong relative strength today were SLB WFT PVH UA LULU QCOM NXPI. PX broke through par today. Just a quick tale of two companies, one that ate the others for lunch. TPX which hovers near all time highs, and which has a chart of beauty, against ZZ, a company not far from its all time lows. Moral here. Buy strength.

Stocks which can be shorted at 50 day resistance are ATML 14, MXIM 26.20, NVLS 37.90, AVT 34.95, TEL 36, SWC 23, RVBD 39, COST 73, AMTD 21, QCOM 55.25, CRUS 22, ADTN 44. CCK can be shorted at 36.75, if and when it loses its 50 day MA. Stocks which met 50 day resistance today were JKS FWLT JNPR AMZN TIF ABV AMTD LAZ. Stocks showing relative weakness on a benign tape include SPRD BP AEM HPQ AGU TGT CCL LEN ROVI LAZ WU.

Good luck.

The author owns FCX TTM.

Monday Monday

Markets lately have been climbing the proverbial wall of worry. Today they reversed and gave back early gains on good stock and economic news. EBAY purchasing GSIC, and home sales rose smartly. Add on to that the non existent normal strength usually seen on Mondays. Volume was soft lessening the blow, but the action on the indexes was not constructive at all. Leading stocks were left alone Monday however and some prospered. LULU broke out today for instance. OPEN added to its recent breakout today as did RES. EL took out a 95.65 flat base buy point although volume was suspect. Strong sectors included solar and oil and gas drillers. Weak sectors were agriculture, hotels, gold and silver miners. SMH for the second consecutive day ran into 50 day MA resistance. Tomorrow we receive earnings reports from LEN before the open and TIBX after the close. Economic reports Tuesday include Case Schiller Home Price Index and consumer confidence.

Stocks near specific buy points include HAL 48.94 MMC 31.18 both cup with handle patterns. Flat bases are AN 35.14, AON 53.15. SOA 25.84 in a cup base and LAZ 45.10 in a double bottom formation.

Stocks near 50 day support are PAG 19, GSM 21, DHR 49.75, VSH 17.20, PLL 54.24, CAM 57.25, CHK 31.75, DVN 88.25, XOM 82.50, HES 82, MDR 23, OXY 100, PBR 38.50, RDC 39, SU 43, SPN 36.90, AA 16.65, DKS 38, EMC 26.10, PLCM 46.90, DE 91.50, RAX 36, YUM 50, DD 52.95, BUD 56, ADP 49, KBR 34, SWK 73.25, INTU 50, TIBX 24, CNI 71.25, KSU 52.25, COF 50, WDR 38.75, VSEA 45.65, IL 25, AET 36, CMCSA 24.25. Stocks that found 50 day support Monday were KLAC MCD IBM WY ORCL RJF APKT NXPI. Stocks that can be purchased as they reclaim their 50 day MAs and the buy spot stops are CMI 106.25, ARMH 27.70, CAVM 42, SWKS 33.45, MT 36.70, X 57.20, JKS 27.70, BHP 92, RIO 70.25, POT 58.50, OMC 48.50, CHRW 74.25. Stocks that reclaimed their 50 day MAs Monday were SLB FDX UPS QLIK.

Stocks near 200 day support are PAYX 29, RCL 37.55, F 14.40, MGA 46, BRCM 39.50, LLTC 32.45, MSCC 19.55, VALE 31.10, SCCO 39, EMR 54, COH 47.85, LOGI 17.70, PMTC 20.50, EXPD 47.85, BBD 19.10, GS here, MS 26.65, STT 42, BEAV 33.40. Stocks that lost their 200 day MA Monday were MAR RIMM FNSR. HPQ NTAP CCL VMW continue to find 200 day resistance. MIPS HOT both found 200 day support.

Stocks looking weak and which can be shorted at their 50 day MAs are ALV 75, ATML 13.95, MXIM 26.25, NVLS 37.90, SPRD 21, TEL 36, RIG 80.50, FWLT 36.50, JNPR 41, BBBY 48, COST 73, AMP 62, ADTN 44. Stocks that can be shorted under their 50 day MAs and the sell stop spots are AVGO 30.50, DOV 63.70, DECK 82, RL 118, UA 63.50, CHKP 48, VRSN 35, CTXS 68, XLNX 32.50. Stocks that found 50 day resistance Monday were ARMH ADI CAVM TXN MT OMC CRUS WCRX NUE X BHP BLL ADM POT RTN TIF ABV FISV AMTD. Relative weakness was seen in BTU TCK CCJ AEM SWC SCCO RVBD ORLY HOT MAR WYN JDSU. Stocks that lost their 50 day MAs Monday were JNPR LEN JWN EBAY.

Good luck.

The author owns FCX TTM.

Weekend Stock Reflections

Markets for the week were positive for a change. For the first time in 3 weeks the Nasdaq climbed. It advanced 100 points, or 3.6%, to close just above its 50 day MA. The S&P 500 rose 2.7% for the week and also closed above its key 50 day MA. The week offered both news for the bulls and the bears alike. The bulls will say the indexes closed above the 50 day MAs, and that many leading stocks broke out of bases this past week including RES OPEN INFA. The bears can point out that volume did not accompany the move higher for the broad averages. Some leading sectors such as the ags and semis tested their 50 day MAs and failed. SMH was repelled at its 50 day MA to the dime. Negative news seems endless in the housing sector, but XHB has slowly climbed above its 50 day MA, and LEN is carving out its own base. As always pay close attention to the price and volume action of the moving averages, and leading stocks. Many are setting up valid buy points, although that remains risky in this corrective environment. PVH reports earnings after the close Monday. New data for pending home sales is reported Monday as well.

Stocks near specific buy points are: Cup bases BWA 81.17, MTL 34.73, SWN 45.35, CPX 32.82, RAX 40.72, SOA 25.84, FLR 75.86. Flat bases are DHR 52.31, DOV 68.17, PXD 103.76, RDC 43.42, SM 74.94, EMC 27.75, PLCM 50.97, EL 95.65, PPG 90.44, WYN 32.46, SWK 77.48, COF 53.08, AON 53.15. Cup with handles are HAL 48.94, COP 81.10, XOM 88.33, NOV 82.46, HP 66.00, MRO 52.89, URI 33.73, VRSN 37.67. ARW 43.00. Double bottoms are JCI 42.32, ORLY 59.45. CAM 63.26 in a 3 weeks tight pattern. Encouraging was the action in stocks RES which broke out on Monday from a 21.67 cup with handle, OPEN from a 96.07 flat base buy point Thursday and INFA also on Thursday which broke out from a 49.86 flat base buy point as well. All 3 stocks continued to advance through the week.

Stocks near 50 day support are DKS 37.95, PAG 19, KLAC 46.20, LRCX 53.25, MCHP 37, GSM 21, A 43.25, JBL 20.90, CBE 63, PLL 54, CXO 101, APC 78.50, BHI 67.50, BEXP 32, CNQ 46.25, CHK 31.80, DVN 88, HES 82, MDR 22.50, OXY 99.50, PTEN 25.50, SU 42.90, SPN 36.50, WMB 28.85, OIS 70.50, AA 16.60, CLF 90.50, PAAS 35.95, TDC 47.50, DE 91.50, LYB 37.80, ADP 49, WY 23.90, CHKP 48.10, INTU 50, NCR 18.25, MMC 29.10, CMCSA 24.25, WU 21, TJX 48. XOM OXY CRZO JPM RJF SYK all found 50 day support Friday. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CMI 106.50, ARMH 28, X 57.25, AVT 35.25, BP 47.30, BHP 92, RIO 70.25, FWLT 37, BLL 36, JNPR 41.70, RVBD 39.75, AGU 92, MOS 81.50, POT 58.50, NOC 68.80, AMP 62.50, OMC 48.60, LEN 20.50, CHRW 74.30, CRUS 22.25, WCRX 23.85. Stocks that reclaimed their 50 day MAs Friday were MTL HES WLT ETN AAPL SQM MCD SOA IBM UNP LAZ TTMI PVH (PVH earnings after Mondays close).

Stocks near 200 day support are LOGI 17.70, SCCO 39, VALE 31.20, ALV 68, F 14.25, MGA 46, BRCM 39.50, LLTC 32.25, MSCC 19.55, MT 34, TEL 31.25, JKS 24, WFT 19, LDK 10, BBBY 44, BUD 56, ABV 25.85, PAYX 29, CRM 120, EXPD 47.60, BBD 19.20, GS 156.50, MS 26.80, STT 42, QCOM 46, SNDK 44, BEAV 33.45. AEM HPQ NTAP VMW AMT WHR all found 200 day resistance Friday. MAR EXPD BBD all found 200 day support Friday. BAC lost its 200 day Friday. Stocks that can be shorted at their 200 day resistance are CCL 39.70, TAP 46.80.

Stocks looking weak and that can be shorted at their 50 day MAs are ADI 39.25, ATML 14, AVGO 31, CAVM 41.50, FCS 21, MXIM 26.25, NVLS 38, SPRD 21, TXN 35, AEM 69.50, AMZN 175, BBBY 48, COST 73, HOT 61, AMTD 21, TROW 66.25, FDX 91.80, ADTN 44. Stocks that can be shorted under their 50 day MAs and the sell stop spots are RL 119, LULU 76, HON 56. ADM lost its 50 day Friday. Stocks that displayed relative weakness Friday were TCK RIG SLB AEM GOOG TGT QCOM. 50 day resistance was met for CMI ADI SMH ATML AVGO CAVM SWKS TXN MT NUE SWC BHP FWLT BLL SHLD AGU MON MOS POT BBBY TIF AMTD Friday.

Good luck.

The author owns FCX TTM.

Thursday Thoughts

Markets rallied for the fifth time in six days Thursday. Volume was mixed. The Nasdaq which outperformed the S&P 500 again today, still lives below its crucial 50 day MA. The S&P 500 reclaimed that line Thursday. Again you would like to see stronger volume on the move through the 50, but some encouraging signs are developing. Rallies are holding up and closing near highs on the day. A broad, diverse mix of stocks are hitting not just 52 week highs, but all time highs. They include APC ARUN BIDU CAT CSX FOSL SMG TPX EMN PM. Leading stocks which were hibernating are beginning to break out once again. Today OPEN TIBX INFA all broke out of bases. The SMH, a semi ETF and a previous top performing sector, is approaching its 50 day MA rapidly. Will it reclaim it? Among commodity ETFs, SLV reversed lower from an all time high. KOL is forming a cup base pattern with a 49.80 cup base buy point. After hours, three techs reported and as Meatloaf would have said, "2 out of 3 aint bad". ORCL ACN exceeded estimates while RIMM faltered. Tomorrow no earnings to report of and Q4 GDP final estimates and consumer sentiment are revealed.

Stocks near specific buy points are: Flat bases DHR 52.31, TJX 51.21, WYN 32.46, EMC 27.57, AON 53.15. Cup with handles are HON 58.29, ARW 43.00, NOV 82.46, HP 66.00. Cup bases are MCP 62.90, RAX 40.72, AAP 69.61. Double bottoms are MON 74.53, ORLY 59.45.

Stocks that can be purchased as they reclaim their 50 day MAs and their buy stop spots are IBM 161.50, LEN 20.25, CHRW 74.50, FDX 92.25, LAZ 43.50, TTMI 17.45, SOA 23.95, ALV 76, CMI 106.50, ADI 39.50, AVGO 31.50, FCS 18.35, NVLS 38.20, SPRD 21.25, TXN 35.25, MT 36.60, MTL 31.50, BP 47.25, RIG 81.25, WLT 124.25, BHP 92, RIO 70.25, ETN 53.90, SCCO 43.40, BLL 36, AAPL 349, LOGI 19.20, BBBY 48.35, EBAY 32, MCD 75.30, JWN 43.90, FISV 61.95. Stocks that reclaimed their 50 day MAs Thursday were LRCX TKR VSH DECK AGCO DE RTN ROST CE ACN INFY ADSK BMC CTXS KSU RJF WBC AET. Stocks near 50 day support are CHKP 48.10, INTU 49.80, VRSN 35, CNI 71, ASML 42.50, NCR 18.25, MMC 29.05, PAG 19, BWA 73.80, ALTR 40.50, ATI 64, WAT 80.75, CBE 63, PLL 54, APA 121, APC 78.40, BHI 67.75, BEXP 31.90, CAM 57, CHK 31.50, DVN 88, HAL 44.50, MDR 22.85, RDC 38.75, SU 43, VLO 27.10, ATW 42.60, WNR 14.90, OIS 70.25, SM 66, UA 64, ADM 35.50, RAX 36, YUM 50, DD 52.75, PX 96, URI 30, SWK 73, WY 23.80. Stocks that found 50 day support today were KLAC A XOM PXD FLR COF SYK FCX SWC RL GD CMG ABV ADP.

Stocks near 200 day support are MGA 46, MSCC 19.50, WFT 19, VALE 31.25, LDK 10, PAYX 29, GS 156.25, BEAV 33.25. MIPS MAR EXPD BAC all found 200 day support today. CCJ HPQ NTAP CCL VMW all found 200 day resistance today. PVH SNDK both reclaimed their 200 day MA today. Stocks that have had nice moves recently off 200 day support include F LVS IBN GR RHT CRM. AEM had a reversal to the downside after reclaiming both its 50/200 day MAs today.

Stocks which can be shorted at their 50 day MAs are ATML 14, CAVM 42, LLTC 34.50, MCHP 26.35, SWKS 33.25, AVT 34.95, TEL 36, FWLT 36.60, COST 73, AMP 62, TROW 66.25. OXY can be shorted under its 50 day MA at 99. HES SLB WLT AAPL AMTD UNP all found 50 day resistance today.

Good luck.

The author owns FCX TTM.

Wednesday After Market

Markets Wednesday performed admirably. Volume rose on a day where the indexes staged an upside reversal. They not only shrugged off early weakness, but closed upon their highs for the day. Very bullish action indeed. Some leading stocks broke out as well. BIDU took out a a 131.73 flat base buy point. FCX screamed ahead 4% and reclaimed its 50 day MA. The Nasdaq also outperformed the S&P 500, a rarity these days ,despite miserable days from CREE ADBE. Tech and miners were strong, while banks lagged. Tomorrow brings durable goods data, and BBY reports earnings before the bell and ORCL RIMM ACN after the close.

Stocks near specific buy points include: Double bottoms CMI 114.40, AEM 76.59, FCX 57.74, ORLY 59.45. Cup with handles are ATI 69.85, NOV 82.46, VLO 30.52, HP 66.00, ADM 38.12. Flat bases are DHR 52.31, BHI 72.00, TIBX 26.04.

Stocks near 50 day support are LMT 80, GSM 20.90, PLL 54, CXO 100, BEXP 31.80, CAM 57, CHK 31.20, DVN 88, HAL 44.50, MDR 22.60, PXD 96.25, RDC 38.55, SU 42.80, WMB 28.50, NBR 26, OIS 70, DKS 37.50, EMC 26, PLCM 36.25, TSCO 52, YUM 50, DD 52.50, PPG 86.25, KKR 16.30, URI 30, SWK 72.50, WY 23.70, CNI 71, AON 49.50, WLP 65.40. Stocks that found 50 day support today were PAG A CBE DOV JOYG XOM OXY CLF RL UA GD RAX LULU ANF CMG LTD CTSH ADP CHKP INTU VRSN TER NCR MMC VSEA HON ERJ TJX SYK. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CMI 107, AVGO 31.50, KLAC 46.60, LRCX 56.65, MCHP 37.15, TXN 35.15, MTL 31.20, BP 47.25, WLT 124.75, AEM 70.25, BHP 92.25, SWC 23.20, BLL 36, JNPR 41, DE 92, SQM 54.25, BBBY 48.30, MCD 75.25, BMC 49.40, LAZ 43.80, XLNX 33, IVZ 25.80. Stocks that reclaimed their 50 day MAs today were RS JBL AA FCX PAAS ORLY DIS BUD ABV ASML MWV.

Stocks near 200 day support are MGA 46, LLTC 32.30, MSCC 19.60, LDK 10, SCCO 39, EMR 54, LOGI 17.75, HOT 54.75, PMTC 20.50, ROVI 51.80, CHRW 70.25, UPS 68.80, GS 156.25, BEAV 33.10, GR 80, WCRX 21.25. F BRCM LVS RHT CRM FDX BAC. CCJ PVH MCD MAR INFY EXPD AMT all met 200 day resistance Wednesday. Stocks that can be shorted at their 200 day MAs are HPQ 43.40, FNSR 23, NTAP 49.65, SNDK 44, CCL 39.70.

PX EMN NBL the next to hit par? NFLX CVLT exhibited relative strength today.

Stocks looking weak today were AAPL COST UNP FTNT. Stocks that met 50 day resistance today were HES RIG SLB PETM IBM CTXS RJF WDR. Stocks that can be shorted at their 50 day MAs are ADI 39.20, CAVM 42, FCS 18.10, SPRD 21, SLB here, FWLT 36.70, ETN 53.50, APH 56.05, DECK 82.50, RVBD 39.25, CE 42, SOA 23.75, AMP 62, AMTD 21, TTMI 17.10, CRUS 22, ADTN 43.90. FTNT can be shorted under 39.75, its 50 day MA.

Good luck.

We purchased both FCX TTM as they both reclaimed their 50 day MAs today. Of course we regret selling FCX at the open yesterday, but we also had the courage to buy it at its 200 day MA 10 days ago when it seemed no one wanted it.

The author owns FCX TTM.

Tuesday Recap

Markets did very little on Tuesday. Indexes barely budged on light volume. The S&P 500 found resistance at its 50 day MA. Markets and stocks themselves generally like to move to big numbers, then reevaluate. The S&P 500 made its way back to 1300. The Nasdaq 2700. Both have found resistance at those levels. Indexes here seem to be biding time as volume recedes and trying to find which direction it wants to go in. Many are calling for a correction and the technicals seem weak, (SDS VXX both found 50 day support Tuesday) but that tone can change on a moments notice. Tuesdays winning groups included energy and miners. Autos and fiber optics retreated. Wednesday brings Februarys new home sales and GIS reports earnings before the open and RHT PAYX after the close.

Stocks near specific buy points include SWN 45.35, INFA 49.86 in cup bases. TIBX 26.04, AON 53.15 both flat bases. CLR 71.48 in a cup with handle formation.

Stocks near 50 day support are URI 30, DD 52.50, YUM 49.95, SBUX 33.50, UA 63.50, ALTR 40.15, DHR 49.50, DOV 63.25, JOYG 92, PLL 54, APC 78.25, BHI 67, CAM 57, CHK 31.10, COP 74, HAL 44.25, NOV 76, PXD 96.20, VLO 27, HP 59, EXXI 31, WMB 28.50, NBR 25.90, CLF 90, DKS 31.50, EMC 26, TSCO 51.75, GD 73.50, PX 96, SWK 72.50, WY 23.60, CHKP 48, INTU 49.50, CNI 71, KSU 52, COF 49.85, ARW 44, TER 17, NCR 18.05. Stocks that found 50 day support Tuesday were PAG OXY CTSH RJF WDR. Stocks that can be bought as they reclaim their 50 day MAs and the buy stop spot are ABV 27.20, RS 54.80, HES 82.80, FCX 54.25, PAAS 36.30, SWC 23.30, TTM 26. ATI reclaimed its 50 day Tuesday.

Stocks near 200 day support are MGA 46, ALV 68, LLTC 32.25, MT 33.80, X 49.90, AVT 30, WFT 19, ABX 47.80, VALE 31.10, LDK 10, SCCO 39, EMR 54, SHLD 72.50, LOGI 17.60, AMZN 156.50, EBAY 27, HOT 54.50, PMTC 20.50, ROVI 51.75, CRM 119, CHRW 70.25, FDX 87, BAC 13.50, STT 42, BEAV 33, CRUS 18. F BRCM MSCC RHT all found 200 day support Tuesday. SNDK encountered 200 day resistance. JKS can be shorted under 24, its 200 day MA. CCL MAR lost their 200 day MAs Tuesday. PVH NTAP FFIV INFY fell further below their 200 day MAs. Stocks that can be shorted at their 200 day MAs are MCD 74.75, FNSR 23, AMT 50.

Stocks that can be shorted at their 50 day MAs are LRCX 53, APKT 66, TEN 41.75, FCS 17.80, KLAC 46, TXN 34.85, AEM 70, FWLT 36.80, DECK 82, AAPL 348, RTN 51, COST 73, CE 41.75, FISV 61.70, IBM 160, CTXS 68, UPS 73.50, RIMM 64, TTMI 17.10, QLIK 24.75. Stocks that lost their 50 day MAs Tuesday were ROST WYNN OMC UNP APKT ADTN. Stocks that can be shorted under their 50 day MAs and the sell stop spots are BWA 72.40, JCI 39.60, CBE 62.50, XOM 81.75, SLB 88, RL 116.50, RAX 35.75, LULU 74.75, CMG 241, VRSN 34.70, MMC 28.50, FTNT 39.50, NXPI 26.10, HON 55.75. Stocks that found 50 day resistance Tuesday were TEN AVGO FCS KLAC RIG AA ETN APH DECK RVBD AGCO SQM JWN ASML WBC TIF CE SOA AMP AMTD CTXS IBN XLNX. RCL TCK forming bearish head and shoulder formations.

Good luck.

We sold FCX at the open yesterday only to have it close where we sold it. Trading slightly higher this am and will reenter above 54.25, its 50 day MA.

The author is flat.

Monday Monday

Markets forged ahead Monday, but the lack of volume did not reassure that the big money players were convinced of any rally attempt. In fact the Nasdaq volume was one of the softest of the year. The index itself remains well below its 50 day MA, while the S&P 500 closed just below it. Many individual names reclaimed their 50 day MAs, but a big boost would take place if one of the major indexes can reclaim that MA, on healthy volume. Energy was strong today as airstrikes on Libya will crimp oil supplies. Markets also received some strength on the back of AT&Ts takeover of T-Mobile. CAT CSX hit all time highs on Monday. TIF jumped over 5% on good earnings. Indexes did manage to close on their highs after a nice pop on the open. Lets see if it can follow through tomorrow. A move and close above 1310 on the S&P would be welcoming indeed. Not much on the economic front tomorrow and WAG CCL report before the open ans JBL ADBE report after the close.

With the market still in correction, it is prudent to build a watch list with potential buy spots. The market can follow through at anytime. A move above 1310 as we mentioned previously on the S&P would make these buy spots less risky and more likely to succeed. Flat bases are DHR 52.31, ROK 91.36, BHI 72.00, PLCM 50.97, PPG 90.44, INFA 49.86. Cup with handles are MRO 52.89, URI 33.73, WY 25.43, ARW 43.00, CBS 24.85. Cup base is CPX 32.82 and TPX in a 3 week tight pattern at 49.97. RES broke out today of a 21.67 cup with handle buy point.

Stocks near 50 day support are MMC 29, NCR 18.10, ARBA 28.90, TER 17, KKR 16.25, BWA 73.25, ALTR 40.10, GSM 20.50, DHR 49.25, DOV 63.25, JOYG 92, CAM 56.50, CHK 31.10, COP 73.25, HAL 44.10, MDR 22.50, NOV 78.10, PBR 38.10, PXD 96, CLR 64, VLO 27, EXXI 30.95, DKS 37.30, EMC 25.90, RAX 36, YUM 49.95, EMN 93, LYB 37.25, INTU 49.50, TIBX 23.55, WLP 65.10. Stocks that found 50 day support Monday were PAG KLAC SPN OIS RL NFLX PCLN APKT VSEA TJX. Stocks that can be purchased if they can reclaim their 50 day MAs and their buy stop spots are SOA 24, BLL 36, LRCX 53.50, ATI 64.25, MT 36.50, RS 54.50, HES 82.75, RIG 80.80, AA 16.80, FWLT 37, ETN 53.60, LOGI 19.20, SQM 54.40, JWN 43.60, WYNN 123, ABV 27.60, LEN 20.30, ADSK 41.60, BMC 49.50, CHRW 75.50, TTMI 17.25, ASML 42.30, WBC 60, TTM 26.

Stocks near 200 day support are MSCC 19.40, BRCM 39.20, F 14.30, LLTC 32.25, WFT 19, VALE 31.10, LDK 10, SCCO 39, CCL 39.60, ROVI 51.50, EXPD 47.50. BEAV 33.15. 200 day support was provided for RHT CRM Monday. CCJ NTAP SNDK all found 200 day resistance today. Stocks that can be shorted at their 200 day MA are MIPS 10.70, PVH 58, MCD 74.60, INFY 66.20, FNSR 23. LVS can be bought thru its 200 day MA at 39.25.

Stocks looking weak Monday and demonstrating relative weakness Monday on a good tape were TCK LDK NKE NTAP ADTN. Stocks that found 50 day resistance Monday were RVBD JNPR RTN PETM AMP AMTD IBM ADSK UPS XLNX ASML. Stocks that can be shorted at their 50 day MAs are ALV 76, TRW 58, ADI 39.25, ATML 14, CAVM 42, CY 21.05, MCHP 36.95, SWKS 33.20, SPRD 21, TXN 34.90, MTL 31, JBL 20.95, ATU 28.10, BHP 92, FCX 54, SWC 23, EMR 59.25, DECK 82, AAPL 347, AGCO 53, COST 73, EBAY 31.75, CE 42, PMTC 23, FDX 92, LAZ 43.10, RIMM 64, QCOM 55, CRUS 22. Stocks that can be shorted under their 50 day MAs and the sell stop spots are A 43, JCI 40, ROST 68, VRSN 34.75, ADTN 43.50.

UA NKE a good example of opportunities that arise when certain stocks are affected by another bad news. UA found good 50 day support Friday after NKE bad earnings. UA rallied 3.5% further today while NKE fell again on a good tape.

Good luck.

The author owns FCX. If FCX can not take out 54 and finds resistance their at its 50 day MA we will exit the position.

Weekend Warrior

Markets rallied Thursday and Friday this week but a deeper look under the action tells us the move upward was weak and not sponsored by and leading stocks. In fact this week many leaders acted wobbly. AAPL, the 800 pound tech gorilla, has the feel of a trend change. It torpedoed below its 50 day MA on Wednesday and really has not looked back. Sure it was courtesy of a downgrade, but a few firms reiterated their price targets higher, and true leaders can shrug off a downgrade. Sure the market is in correction mode, but living below the key 50 day line is unfamiliar territory for AAPL. DECK lost its 50 day this week. FFIV plunged below its 200 day MA. Of course I am not going to ignore all the circumstances occurring around the world. Now we have coordinated airstrikes on Tripoli, a large explosion in Nigeria (an important US supplier of light sweet crude), Israel and Hamas skirmishes. And it is tragic and terrible, but in the trading world all that is just noise. Pay attention to the market leaders, and the indexes price and volume action. For the second week in a row the Nasdaq has lost ground. And it was accompanied by higher volume. It lost 2.64%, almost identical to the prior weeks loss. The S&P 500 also lost ground for consecutive weeks. It lost 1.92%, better than the Nasdaq. Perhaps a dead cat bounce to the 1300 level, then a resumption downward again? We will reassess that bridge if and when we have to. SDS found 50 day support Friday, as the S&P 500 finished off its highs for the day. A hallmark for a bear market when indexes start higher and weaken into the close. Both major indexes once again remain below their 50 day MAs. Gold miners were among the winners Friday, while solar, retail and fiber optics were the losers. TIF reports Monday morning and we get reports on existing home sales.

Although the market is in correction mode and buys remain risky, keeping a watch list is imperative. Stocks forming bases are DVN, flat base buy point of 92.20. 3 week tight patterns are TPX 49.97, HUM 66.92. Cup with handles are RES 21.67, ARW 43.00, NCR 20.72, WLP 69.66.

Stocks near 50 day support are GSM 20.50, DHR 49.20, CAT 100, PLL 53.50, BHI 66.50, CAM 56.50, CHK 31, COP 73, HOC 52, MDR 22.10, BTU 64, PBR 38, CLR 63.75, RRC 49, RDC 38, SU 42, TSO 22, WLL 62, ATW 42, MRO 47, UPL 46, WNR 14.10, WMB 28, NBR 25.60, DKS 37.25, PLCM 46, TSCO 51.25, TDC 47, ARUN 27, RAX 35.75, ANN 24, SBUX 33.25, WFMI 56, YUM 49.90, DD 52, PM 60, SWK 72.05, WY 23.50, TIBX 23.50, CSX 72, NSC 64, PAY 45.15, TTWO 14.50, ARBA 28.25, FTNT 40, AON 49, CBG 24, DTV 44, CBS 21.90. Stocks which received 50 day support Friday were PAG BWA ALTR A JOYG HAL UPL RL UA SINA AAP EL ROST NFLX WYN RAI KKR CHKP INFA TER NCR MMC ADTN (SDS). Stocks that can be purchased if they reclaim their 50 day MAs and the buy stop spots are APA 121.50, APC 79, ABX 50, PAAS 36, DE 92, GD 75.60, LLL 79.25, NOC 68.25, LTD 31.25, ORLY 56.50, AMP 62.30, UNP 96.40, RJF 46.30, TTM 26.25. Stocks that reclaimed their 50 day MAs Friday were CBE CRZO JPM MWV.

Stocks near 200 day support are ALV 67.50, CMI 92.50, F 14.25, MGA 45.50, TRW 45.50, ATML 9.50, LRCX 46, MT 33.60, MTL 26, X 49.50, JBL 16.15, TEL 31.05, WFT 19, RIO 61.50, VALE 31.05, SWC 18, LDK 10, SCCO 38.80, COH 47.50, LOGI 17.60, SQM 48, RTN 48, GOOG 552, AMZN 156, BBBY 43.95, JWN 38.80, MAR 37, ABV 25.60, ORCL 28, PMTC 20.50, ROVI 51, CTXS 62, CHRW 70, FDX 86.50, UPS 68.25, BAC 13.50, MS 26.70, CRUS 17.90, MOLX 22, AMT 49.90. Stocks which found 200 day support Friday were BRCM LLTC JKS CCL CRM EXPD GS BEAV TTM. Stocks which found 200 day resistance Friday were LVS BUD FNSR SNDK. Stocks that lost their 200 day Friday which is almost always a red flag were MIPS NKE PVH RHT. Stocks that can be shorted under their 200 day MA and the sell stop spots are BRCM 38.75, MSCC 19.35, CRM 116. Stocks that can be shorted at 200 day resistance are AEM 69.25, NKE 80, PVH 58, NTAP 49.25, INFY 66.30, BBD 19.10, IBN 46.

Stocks which can be shorted at 50 day resistance are KSU 52, LAZ 43.50, RIMM 64, ASML 42, WBC 59.75, BHP 92, CLF 90, ETN 53.50, APH 56, EMR 59.30, DECK 81, AGCO 53, AGU 92.50, COST 73, CE 42, SOA 23.90, WYNN 121.50, AMTD 21, IBM 160, ADSK 41.50, JCI 40, ADI 39, AVGO 31, FCS 18, KLAC 46, MCHP 37, SWKS 33.40, TXN 35, RS 54, TKR 49.50, ATU 28, XOM 82, HES 81.50, TCK 57.50. Stocks that can be shorted under their 50 day MAs and the sell stop spots are LYB 37, PCLN 445, URI 28.50, VRSN 34.60, APKT 65, NXPI 26, CCK 36, SUN 41.70, DOV 62.50, CXO 99, NOV 74.75, PXD 95, VLO 26.50, EXXI 29.75, OIS 68, RL 116, OPEN 84, BIDU 116, LULU 74, CMG 240, FOSL 75, PETM 40. Stocks that lost their 50 day MAs Friday were JCI KLAC JNPR RVBD ANF PETM CTXS. Stocks that met 50 day resistance Friday were RS TKR XOM HES OXY SLB SPN RIG WLT CLF FCX APH EMC DE LTD DIS DOW BX CTSH ADP FLR KSU WDR ASML HON AET AMT. Stocks that showed relative weakness Friday were ARMH X COP DECK MOS POT FFIV NFLX WYNN VMW JDSU. HP had an outside reversal day. CHRW RHT both looking like head and shoulders bearish patterns. RHT losing its 200 day in the process. Not good.

Good luck.

The author owns FCX.

Thursday Night Charting

Markets bounced back after getting bruised for most of the week. The move came in weaker volume. The S&P 500s gain Thursday was twice as big as the Nasdaqs. Not surprising given the semis, software and fiber optics sectors recent ills. The SOX which was up at one point 15% this year yesterday went into the negative. Fiber optics once a top ranked group has come crashing down. The S&P 500s energy weighting has been holding the index up. Today a slew of commodities rose. Coal, oil, natural gas and copper all rose on the belief that these products will be needed for Japans rebuilding process. JJC, a copper ETF rose 4.5%. The normal strength we have become accustomed to on Fridays, in anticipation of Monday rallies, has been nullified the last few weeks. FDX rose 3% after reporting this morning, although it did close near the lows for the session. It did retake its 200 day MA today. LULU missed before the bell but did manage to garner 50 day support. A move below the line tomorrow can be shorted. NKE declined sharply after the close. It met resistance at its 50 day MA Thursday. Tomorrow is triple witching, so expect volatility and high volume. TIF reports Monday morning if anyone is pondering an overnight position. Economic reports came in mixed, with jobless claims and Philly Fed coming in ahead of estimates while CPI came in worse than forecast.

Stocks near 50 day MAs are PAG 18.50, DHR 49.10, WAT 80, BHI 66, CAM 56, HOC 52, MDR 22.20, PBR 38, CLR 63.90, SUN 42, VLO 26.95, WMB 28, NBR 25.50, UA 63, TPX 45.50, DKS 37.10, JNPR 40.60, PLCM 46, TDC 47, RAX 35.75, YUM 49.85, LYB 37, PM 60, URI 29, SWK 72, WY 23.50, TIBX 23.40, NSC 64, CSX 72, COF 49.40, ARBA 28.50, MMC 28.95, FTNT 39.95, APKT 66.50, IT 36.80, CBG 24, CBS 21.75, DTV 43.95, AZC 4.75, ETF SDS 22. Stocks that found 50 day support today were ALTR KLAC DOV DVN HAL NOV UPL OIS LULU LMT EL DD ROST PX KKR KBR CTXS TER NCR ADTN NXPI WU ETFs OIH DBC KOL. TTM can be bought if it can reclaim its 50 day MA thru 26.30.

Stocks near 200 day support are MGA 46, MSCC 19.50, SPRD 15, AVT 29.90, TEL 31.10, WFT 19, ABX 47.50, RIO 62, SCCO 38.90, BLL 31.90, PVH 58, LOGI 17.60, SQM 48, RTN 48, MS 26.60, RIMM 56.10, CRUS 17.95, MOLX 22, GR 80, WCRX 21.20, AMT 49.70, GOOG 551, AMZN 156, EBAY 27, JWN 39, ORLY 54, TIF 52, HOT 54.50, ABV 25.55, PMTC 20.40, ROVI 51.50, CRM 119.50, CHRW 70, FDX 86.75, BAC 13.50. Stocks that found 200 day support Thursday were F BRCM LLTC MIPS MT VALE MAR RHT BEAV ETFs EWA EZA GDX TBT. FFIV FNSR both lost their 200 day MAs today. LVS GS SNDK met 200 day resistance today.

Stocks that can be shorted at their 50 day MAs are ARMH 27.50, ADI 39, FCS 18, NVLS 37.50, MTL 31, HON 56.10, IVZ 25.50, NUE 46.60, X 57, CBE 62.75, PH 89, APC 78, XOM 82, HES 82, OXY 99.50, SLB 88.30, SPN here, TCK 58, RIG 80, CLF 90, FCX 54, SWC 23, FWLT 36.70, EMR 59.15, DECK 81, AGCO 53, DE 90.50, COST 73, DIS 41.50, SOA 23.90, AMP 62, AMTD 21, CTSH 75.50, ADP 49.20, BMC 48.95, UNP 95.75, JPM 45.50, GLW 21.60, ASML 42, MWV 28.80. Stocks that can be shorted under their 50 day MAs and the sell stop spots are ANF 52.75, CHKP 57, INFA 46, VRSN 34.50, WLP 64.75, SYK 59.75. Stocks that met 50 day resistance today were LRCX ATI RS A CBE JOYG CRZO INTU APH KSU RJF EMC WDR GD XLNX LTD BID VSEA ERJ DOW WYN BX OMC CMCSA. Stocks that lost their 50 day MAs today were SHLD RVBD JDSU. Stocks that showed relative weakness today were ATML AVGO MSCC SWKS JBL ATU CCJ DECK JNPR RVBD ARUN FFIV SINA AMZN CMG ABV INFA CRM VMW.

Good luck.

The author owns FCX.

Wednesday Recap

Obama better get off the golf course and wake up his plunge protection team. His reelection hopes are melting faster than the bids getting hit on the Nasdaq. Speaking of tech, today we had two generals AAPL IBM slaughtered. Both dove below their 50 day MAs in big volume, courtesy of downgrades. But the writing has been on the wall surrounding tech. The Nasdaq and S&P 500 lost nearly 2% today. They are now both in the red for the year. Volume was heavy. FDX which releases earnings tomorrow lost its critical 200 day MA. ETFs SDS VXX which we have been keeping a hawk eye on lately have broken free from long downtrends. Home starts plummeting, Japan fears, Gaddafi rolling, Bahrain heating up. It seems like the perfect storm of horrible events. There seems like there is a lot of air between MAs on the major indexes. Could they be headed for 200 day support? Who knows but it certainly looks like it. This is certainly a traders market right now, and breakouts are non existent. Play the MAs. If they hold start a small position. If not you can short. Can we get a dead cat bounce? Of course. But the trend is solidly lower now. Tomorrow NKE LULU FDX report, and we learn of initial jobless claims, industrial production and CPI.

Stocks near 50 day MAs are ALTR 40, DHR 49, CAT 99, PLL 53, ROK 82.25, CXO 98, BHI 66, BEXP 31, CAM 56, CVX 97.50, COP 73.20, HOC 51.40, MDR 22.10, PTEN 24.30, PBR 38, CLR 63.50, RDC 37.90, VLO 26.85, WLL 62, HP 58, ATW 41.60, DNR 21.20, WMB 28, NBR 25.50, SLW 36.20, RL 117, JNPR 40.50, OPEN 85, TDC 46.85, RAX 35.75, SBUX 33.10, YUM 49.60, LYB 37, PM 59.90, TIBX 23.10, CSX 72, TTWO 14.50, ARBA 28.10, GGC 29, CBG 24, CBS 21.65, DTV 43.85. Stocks that found 50 day support today were PAG GSM DHR WAT CAT COP NOV NBL SU SUN TJX RVBD TEX ROST CNI ADTN CCK. ALTR reclaimed its 50 day today on a horrendous tape.

Stocks near 200 day support are BAC 13.50, ALV 67.25, MGA 46, ATML 9.40, MXIM 21.20, MIPS 10.60, MSCC 19.40, MTL 25.85, AVT 29.75, TEL 31.10, BP 41, WFT 18.95, BHP 81, ABX 47.50, GFI 15.60, WCRX 21.20, GR 80, AMAT 13, LAZ 36.40, JPM 41, PAAS 31.50, SCCO 38.75, BLL 31.80, EMR 53.75, COH 47.20, PVH 58, NWL 17.45, MON 61, SQM 48, NOC 62.20, BBBY 43.80, EBAY 26.90, JWN 39, ORLY 54, TIF 52, CE 35, IVZ 22, TTM 25, MOLX 22, RIMM 56.15, STT 41.75, RCL 26.50, HOT 54.40, ABV 25.50, FISV 55, TROW 56.10, ADSK 54.50, INTU 45, ORCL 27.90, PMTC 20.50, ROVI 51, CRM 119, CTXS 62, CHRW 70, UNP 85.50, UPS 68.50. Stocks that found 200 day support today were F BRCM UPL RIO VALE LOGI FFIV GOOG MAR MS BEAV FNSR AMT. Stocks that lost their 200 day MA today were LLTC MT MCD LVS INFY EXPD FDX GS and ETFs EZA EWZ FXI EWA. CCL can be shorted at 200 day resistance at 39.50. Stocks falling further below their 200 day, a very bearish signal, are AEM HPQ BUD TAP VMW SNDK.

Stocks showing relative strength today among the carnage were PAY (another all time high), CAT BTU RRC CHK SWN ADS (another all time high), WFMI and ETFs KOL USO. WFMI has a 60.70 flat base buy point. A very rare buy point in this environment. ANN has now been up 4 days in a row amongst a terrible tape. Speaking of CAT, I recommend a pairs trade in the machinery sector. CAT which found 50 day support today and finish up, can be paired up against JOYG. JOYG hit 50 day resistance after posting poor earnings recently.

Stocks that look weak and lost their 50 day MAs today were WYNN DD RAI DIS BX KKR RJF CMCSA WDR CRUS ERJ AET DIS SPN OIS APH EMC GD LLL RTN EL WYN AVGO KLAC ATI NUE A DVN XOM HAL and ETFs OIH EWC. Stocks that met 50 day resistance today were CRZO DECK NKE LTD OMC KSU IR FCS LRCX RS JOYG APC OXY. Stocks which were previously in beautiful long term uptrends and now looked to have completely reversed those trends are TXN XOM RIG EMR AAPL COST ADP AMP HON AMTD. EXXI had a negative outside reversal day today. Stocks that can be shorted at their 50 day MAs are JCI 40, SOA 23.90, TEN 42, FCS 18, SWKS 33.50, TKR 49.80, JBL 21, ATU 28, PH 89, HES 82, SPN 36.15, OIS 69, SWC 22, AGCO 53, GD 75, DE 90.75. Stocks that can be shorted under their 50 day MAs and their sell stop spots are ANF 53, URI 28.50, SWK 71.75, WY 23.05, CHKP 47, VRSN 34.50, NSC 63.75, MMC 28.60, SYK 59.75.

Good luck.

The author owns FCX.

Tuesday Recap

I am beginning to think the sun could melt tomorrow and stocks would plunge at the open and catch a bid mid afternoon, to still finish in the red, yet well off the lows. Markets did just that today after an early 3% implosion, to slowly gather steam the rest of the day, especially after the Fed spoke in the afternoon. They left the interest rate unchanged and will until June keep QE2 alive. The Nasdaq lost 1.3% while the S&P 500 lost 1.1%. Volume was once again heavy. The days best groups once again were solars. Homebuilders enjoyed strength today after RYL WDC were upgraded today and PHM spoke of an improving housing market. Miners, energy and insurance were among the casualties. Markets somewhat ignoring the Japan catastrophe (the Nikkei plunged 14% intraday today), Mideast strife and higher energy costs is nothing to sneeze at. Buying breakouts is almost unheard of right now but many stocks did find support at either their 50 or 200 day MAs. Yes, technical analysis works. However markets are still in correction mode and buying does not seem to be prudent at the present time. Tomorrow brings housing starts and PPI.

Stocks near 50 day MAs are PAG 18.50, DHR 49, WAT 80, CAM 56, MDR 22.10, PTEN 24.20, SUN 42, VLO 25.75, DNR 21.20, WMB 28, NBR 25.40, SLW 36.25, JNPR 40.25, YUM 49.75, KKR 16.10, CNI 70.0, MMC 28.95, APKT 66, CCK 36, WLP 64.80, CBS 21.50. Stocks that found 50 day support today were plenty even on a horrendous open. Sometimes you just have to hold your nose and buy, of course with tight stops no matter what. GSM A DHR CAT ROK CXO BEXP CVX COP HAL NBL BTU PBR PXD RRC EXXI OIS OPEN RVBD TDC TSCO LULU AAP EL WSM LYB PX URI SWK CHKP TIBX VRSN CTXS CSX NSC COF CVLT CBI CMCSA TJX AZC SYK all found 50 day support today. Stocks that can be bought if they reclaim their 50 day MA are ALTR 40.10, RS 54.25, APC 78.25, ABV 28. AVGO NFLX both reclaimed their 50 day MAs today.

Many stocks received 200 day support today also giving further credence to technical analysis. They were TTM AMT BRCM MCD LLTC INFY MT CRM VALE CHRW LOGI FDX FFIV GS GOOG BEAV. Exceptional 200 day support was witnessed today by CMI F FCX MIPS SWN RIO SCCO GR and ETFs EZA EWA GDX. Stocks near 200 day support are MGA 46, MSCC 19.30, AVT 29.75, WFT 18.90, CRZO 26, ABX 47.50, PAAS 31.50, PVH 58, SQM 48, AMZN 155, LTD 28.50, ORLY 54, HOT 54.30, PMTC 20.40, ROVI 51, UPS 68.40, BAC 13.50, MS 26.60, STT 41.60, RIMM 54.25, WCRX 21.25, ETF TBT 36.

Relative strength to pay attention today were PAY TPX. Both had upside reversals to record all time highs. BBBY also had an upside reversal today. Energy related names which did the same today were FCX SCCO TCK POT. The ETF TLT looks like it has changed its trend. It recently reclaimed its 50 day MA in heavy volume and continues to proceed higher.

Stocks that can be shorted at their 50 day MA are FCS 18, SWKS 33.50, TXN 35, JBL 21, JOYG 92, PH 89, HES 82, OXY 99.80, SLB 88.10, RIG 80, CLF 90, SWC 22, AGCO 53, COST 73, SOA 24, DOW 36.50, HON 56.10. ADP can be shorted under its 50 day MA at 48.75. Stocks that found 50 day resistance today were DECK AAPL GD WYNN IBM OMC IBN. Stocks that lost their 50 day MA today were BID NDAQ WAG AMTD CTSH ACN BMC PAYX INTU KSU IVZ. This solar stock run up in my opinion is quite unwarranted. It requires subsidies from governments that have very limited amounts of capital. JKS LDK STP all are right up against 50 day resistance now. However FSLR has found 200 day support twice this year already almost to the penny.

Good luck.

The author owns FCX.

Monday Monday

Markets once again closed lower but managed to finish near highs for the session. Both the Nasdaq and S&P 500 are now below their 50 day MAs. Volume trends remain negative with distribution days coming in heavy volume, while markets closing higher do so in weak volume. Energy related groups, especially solar were the winners of the day. Solar being led higher under the assumption that nations will now look for different alternative energy sources. The loud, imminent correction calls are growing more deafening by the day, but the market seems to be unwilling to cooperate. With both indexes now under their key 50 day MAs maybe investors will get what they are looking for. However markets never seem to do that. As always respect the market, and leading stocks price action and volume. Today COH was another leader that bit the dust. I still think we are headed lower but have been around long enough to know the market rarely does what you want it to do. And you trade the market you have, not the one you want. Earnings reports are slim this week until Thursday when NKE LULU ROST FDX report.

Some stocks are setting up valid buy points but with markets in correction mode be careful. Flat bases are ROK 91.36, BHI 72.00, RL 128.66, WFMI 60.70, CCK 40.05. 4 week tight pattern is HS 38.85, and DTV has a 37.00 3 weeks tight formation.

Stocks near 50 day support are PAG 18.55, BWA 73, ALT 39.75, AVGO 30.75, KLAC 45, GSM 20.15, A 43, DHR 49, CAT 99, DVN 86, XOM 81.50, HAL 43.90, MDR 22, NOV 74.50, NBL 88, PBR 38, SU 41.90, WLL 61.90, OIS 69, PVH 60, EMC 25.60, OPEN 84, RVBD 39, TDC 46.50, RTN 51, RAX 35.50, EL 88, MCD 75, PETM 40.60, DD 52, EMN 92, PPG 86, WYNN 121, RAI 33.05, AMTD 21, URI 29, ADP 49.10, IBM 159, SWK 72, CHKP 48, TIBX 23, CTXS 68.25, CSX 71.50, WDR 38.15, JDSU 21, ARBA 28, NCR 18, ADTN 43, BGC 40, CMCSA 24, WU 20.50. Stocks that found 50 day support Monday were BWA ALTR AVGO KLAC CXO CNQ XOM HAL NOV WLL EXXI APH NKE GD TEX ANF PETM DIS WYNN BUD BX CHKP TER ADTN CBI ERJ AET. Stocks that can be bought as they reclaim their 50 day MAs and the buy stop prices are TXN 5.10, JOYG 92.25, APC 78.25, OXY 99.75, CRZO 34.60, ABV 28.25, ASML 42.15, TTM 26.35. Stocks that reclaimed their 50 day MAs today were BTU PXD RRC CRUS.

Stocks near 200 day support are ALV 67, CMI 92, F 14.25, LLTC 32.10, MSCC 19.25, MIPS 10.55, MT 33.60, JKS 23.75, PUDA 10.20, TCK 46, WFT 18.90, HXL 18, RIO 61.80, VALE 31, SCCO 38.50, FFIV 106, GOOG 550, BBBY 43.85, ORLY 54, SOA 19, MAR 37, INFY 66, RHT 39.20, CHRW 70, EXPD 47, FDX 86.25, GS 155.90, STT 41.60, BEAV 33, GR 79.75, WCRX 21.10. Stocks that found 200 day support today were HMC CCL LVS EXPD FNSR AMT. VMW lost its 200 day MA today. NTAP HPQ TAP are all falling further below its 200 day MA.

Stocks looking weak are JWN TIF COH SU JPM NXPI all of which lost their 50 day MA today. NVLS TXN CLR CRZO PAAS NFLX XLNX VSEA MWV IR all found 50 day resistance today. Stocks that can be shorted at 50 day MAs are TRW 58.25, ADI 39.20, MXIM 26.30, SWKS 33.25, RS 54.05, TKR 49.85, JBL 21, CBE 62.45, PH 89, HES 82, SLB 88, CLF 90, SWC 22, AGCO 53, DE 90.50, COST 73, CE 42, FISV 61.75, FLR 70, ORCL 32.40, UNP 95.50, LAZ 43.15, RIMM 64, XLNX 32.55, WBC 60, IR 46.50. Stocks that can be shorted under their 50 day MAs and their sell stop spots are ATU 27.50, DOV 62, RIG 78.50, DECK 81.50, ANF 53.80, LTD 30.50, BID 44.50, WSM 34.50, DOW 35.90, CTSH 74.50, OMC 47.50, BMC 48.15, INFA 46, VRSN 34.50, NSC 63.80, RJF 36, ARW 38.25, HON 55, IVZ 25.10. SWKS had a long term uptrend line seemingly looking broken. Today SPRD did the same. Could be a trend changer. ALV head and shoulders pattern proving to be to much. Looks headed for its 200 day MA. Semis and auto related groups which very recently leading groups seem to be under rotational assault. Look to sell strength in these groups.

Good luck.

The author is long FCX.

Weekend Warrior

Stocks rebounded in a moribund fashion Friday in weak volume. The S&P 500 managed to reclaim its 50 day MA, but the Nasdaqs efforts were not rewarded the same way. The light trade did put a damper on the mild comeback. For the week the Nasdaq lost 2.5%. On its weekly chart it looks like it could be forming a long cup with handle that commenced on 11/2/07 at 2861.51, with the handle starting on 2/18/11 at 2840.51. The handle has some flaws as it is materializes. High volume and cutting under its 50 day MA. A move above that 50 day line way provide some comfort, but that is a big if right now. The S&P 500 lost half of what the Nasdaq did this week, and its handle seems to be forming a little healthier. It began developing also on 2/8/11 at 1344.07 and has come in lighter volume and is above its key 50 day MA. The relative underperformance of the Nasdaq compared to the S&P 500 is the chip element versus the energy element in the S&P. The weekly chart that looks the worst this week is easily the SMH. It lost nearly 7% this week and cratered below its 50 day MA Wednesday and even more Thursday. When a leading sector gets hit like that cash is king. AAPL is the last of the big tech stalwarts that is clinging on to 50 day support. NFLX AMZN GOOG all have fallen below that key line. Energy, miners and steel equities rallied in a perverse way Friday in reaction to the horrible news from Japan, that seems to get worse over the weekend. Lets give the market some credit for rallying amongst some pretty awful events, but to me its been looking tired and fragile for a couple weeks now. Can the market continue it "wall of worry climb"? Of course it can. But to me a dead cat bounce in an evolving correction looks more likely. Or by the time Monday morning comes and the nuclear news from Japan worsens who knows what can happen. Keep your 22.30 SDS buy stop in place. Be smaller, cut losses quickly and respect the indicies moves. Economic news Friday included Chinas troubling inflation picture which could require more tightening. Retail sales were mixed, sentiment weak and business inventories data benign. Not much to speak of on the earnings front Monday morning but later in the week some heavy hitters such as LULU FDX NKE report.

As cautious as I am their are some buy points to bring to the table. Flat bases are DHR 52.31, EMC 27.57. Cup with handles are MRO 52.89, GFI 18.43. ABX 54.36 in a double bottom with handle buy point. DTV 47.00 in a 3 weeks tight pattern. PLL broke out from a short consolidation on excellent earnings reported Thursday after the close.

Stocks near 50 day support are PAG 18.50, BWA 73, ALTR 39.70, AVGO 30.50, KLAC 45, TEL 36.50, CAT 98, DOV 62.50, CAM 55, MDR 22, PTEN 24, RDC 37.75, DNR 21, WMB 27.90, NBR 25.10, RES 18, NWL 19, JNPR 40, PLCM 45, LLL 78, RAX 35.35, CMG 240, LTD 30.90, JWN 43.50, PETM 40.75, LYB 37, RAI 33, KKR 16, NDAQ 26.10, AMTD 20.95, URI 28.50, ADP 48.05, IBM 159, SWK 72, TIBX 23, VRSN 34.50, RJF 36.25, WDR 38.15, TER 16.50, ARBA 28, ADS 76, APKT 65.50, MTW 17, BGC 40, AET 35.40, CMCSA 24, WU 20.50, TJX 48.20. Stocks that found 50 day support Friday were GSM CAT BEXP CNQ CHK CVX SU SUN ATW EMR DECK NKE PVH AAPL RVBD GD LMT LULU CBI ERJ IVZ TIF DD EMN PPG WYNN BUD AMP BX CTSH ACN KBR WY BMC CHKP INFA KSU JPM COF JDSU ARW NCR ADTN NXPI. Energy stocks that found 50 day support on Thursdays carnage and still above that line are CXO BHI PXD RIG DVN VLO XOM WLL HAL EXXI OIS HOC NOV NBL. Stocks that can be purchased and the buy stops as they reclaim their 50 day MAs are TRW 59, MXIM 26.40, TXN 35.10, APC 78.25, OXY 100.45, BTU 64.25, PXD 96.50, NXL 19.25, CRZO 34.75, ABV 28.25, ORCL 32.60, FDX 93.25, UNP 96, IBN 46.25, LAZ 43.60, ASML 42, TTM 26.75. Stocks that reclaimed their 50 day MAs Friday were UPS ATI.

Stocks near 200 day support are MGA 45, LLTC 32, MSCC 19.25, MIPS 10.50, MT 33.50, MTL 25.75, JRCC 19.25, WFT 18.95, RIO 61, VALE 31, LDK 9.90, FFIV 105, BBBY 43.90, MAR 37, HOT 54.25, INFY 66, RHT 39.25, ROVI 51, VMW 81, CHRW 70, EXPD 47, STT 41.80, BEAV 33, FNSR 23, GR 79.50, AMT 49.50. Stocks that found 200 day support Friday were F BRCM SCCO CCL LVS VMW FNSR SNDK. NTAP found 200 day resistance Friday on a decent tape, looking eerily similar to HPQs recent action below the 200 day. UPL can be bought through 45, its 200 day MA. Stocks that can be shorted at 200 day resistance are AEM 68.75, BBD 19.

Bullish gap ups still trading very tightly which must construed positively in a feeble market are RL TBL DHR ARUN EL ROST WFMI CMCSA DIS IBM MMC CCK HS. OKE has been trading very tightly at all time highs despite recent market weakness.

Stocks which can be shorted at 50 day resistance are TEN 42, ARMH 23.75, ADI 39.35, CY 21, SWKS 33.40, RS 54, TKR 49.75, AVT 35, JOYG 92, PH 88.50, HES 81, SLB 88, CLF 90, SWC 22.90, AGCO 53.25, DE 90.25, NOC 68, CE 42, NFLX here, FISV 61.75, TROW 67. SMH 34.90 (semi ETF). Sell stops can be placed on the following as they pierce their 50 day MAs to the downside. JCI 40, COST 72.25, WAG 41, WSM 34.75, PAYX 32.50, INTU 48.75, HON 55. Stocks displaying relative weakness Friday were MCP NOC GOOG SOA WCRX. RCL RHT look to be forming head and shoulder patterns.

Good luck.

The author owns FCX.

Thursday Thoughts

Markets careened lower today in big volume. More importantly the indexes all closed below their 50 day MAs. Almost always a sell signal. Indexes have found support their, in some cases intraday, after falling below that line of support only to close above it by 4pm. Economic reports today were poor. Jobless claims were received negatively, Moodys downgrade of Spain, and news that China exports cooled. A trifecta that was a recipe for disaster. News of violent responses to protests in Saudi Arabia did not help the situation either. Leading stocks, the true barometer of market health, are crumbling. Many sank below their 50 day MAs today. The list grows longer each and everyday. Oil stocks were among the worst of the days sectors, although many found 50 day support today. Is it the realization that QE2 is ending and the recently elected Congressman will thwart and talk of QE3? Is it just rotation out of a top performing sector like the semiconductors too? Will it be temporary? Markets in recent months used to garner strength into Friday in anticipation of Monday strength. That ended 2 weeks ago. How long will this correction last? No one knows. The VXX closed up big on heavy volume reclaiming its 50 day MA today. SDS is right smack up on its 50 day. Put in a 22.30 buy stop. Tomorrow should be riveting. Perhaps this will turn out to be a wonderful buying opportunity but it certainly seems like a good time to have plenty of cash on hand. Not much in the way of earnings Friday. ANN reports early and retail sales, business inventories and Michigan sentiment index all come out tomorrow.

Stocks are not breaking out in this environment. Instead look for support at moving averages. Stocks near 50 day support are KLAC 45, GSM 20.10, AZC 4.60, A 43, DHR 49, PLL 52.80, ROK 82, BEXP 30.50, CAM 53.25, CNQ 45.10, CVX 96.50, COP 72, HOC 50, MDR 22, PTEN 24, PBR 38, RDC 37.10, SU 41.70, TSO 21, WLL 61.75, HP 57, ATW 41, WNR 13.70, DNR 21, WMB 27.60, NBR 25.10, OIS 68.50, ABX 49.60, APH 55.50, PVH 60.25, TPX 45, EMC 25.50, JNPR 40, TDC 46, LLL 78, PETM 40.60, BID 45, DIS 41.15, DOW 36.50, EMN 92, PPG 85.75, WYNN 120.50, BUD 56.50, RAI 33, NDAQ 26.10, URI 28.50, CTSH 75.50, ADP 48, IBM 159, INTU 49, TIBX 23, VRSN 34.45, CTXS 68, CSX 71, RJF 36.25, WDR 38, TER 16.50, CVLT 33, ARBA 28, NCR 17.90, ADS 75.80, MMC 28.70, FTNT 39, APKT 65.20, MTW 16.90, AON 48, BGC 40, IT 36.25, AET 3.25, CMCSA 23.95, WU 20.50, IVZ 23.20, TJX 48. As always if this moving average is pierced to the downside get out immediately and even consider shorting. Stocks that found 50 day support today were ATU CAT DOV DVN XOM HAL NOV NBL PXD RIG VLO GFI LOGI COST LTD WAG ACN WY BMC KSU GLW ADTN MOLX ERJ LULU DD CHKP INFA NSC JPM ARW NXPI CXO EXXI RVBD RAX BHI. Stocks that found 50 day support and closed positively on a weak tape and to be commended were CRUS JDSU COH ALTR AVGO JWN MCD.

Stocks that displayed solid relative strength today and closed up today were DKS OPEN BIDU SINA CMG FFIV SBUX YUM NFLX.

Stocks near 200 day support are BRCM 39.10, CAVM 33, LLTC 32.10, MSC 19.25, MIPS 10.50, MT 33.50, X 49, JRCC 19.25, PUDA 10.15, TCK 46, WFT 18.75, HXL here, RIO 61.50, VALE 31, LDK 9.90, SCCO here, SQM 48, BBBY 43.85, ORLY 54, CCL 39.50, MAR 37, INFY 66, RHT 39.10, ROVI 50.80, CHRW 70, EXPD 47, STT 41.55, BEAV 33, SNDK 44, GR 79.50, TTM 25, AMT 49.50, LVS 38. JKS SWN BBD all lost their 200 day MAs. VMW FFIV found 200 day support today. NTAP plunged below its 200 day and rallied decently to close just below it.

ETFs near buy spots are EWC 32, RSX here, FXI 43 all their 50 day MAs. TLT burst through its 50 day today.

Stocks that lost their 50 day MAs today were plenty. They include OXY BTU CLR RRC CRZO BHP LRCX NVLS SPRD NUE CBE APC ACI BP SWC BLL AGCO DE TROW FLR ORCL PMTC RIMM QCOM TTMI MWV XLNX ASML VSEA. Sell stops can be placed on stocks that cut under their 50 days are VSH 16.60, SPN 35.50, DECK 81, AAPL 343, GD 74.50, ANF 53.30, TIF 60.50, WSM 34.75, CBI 34.25. Stocks that can be shorted at their 50 day MAs are ADI 39.30, RS 54, AVT 35, JBL 21. Stocks that we previously identified as potential trend changers that lost their 50 day MAs on massive volume after beautiful uptrends were GR PH ATML. Today we can identify 4 more possibilities. JOYG HES SLB CLF charts all looked damaged today in ways that could be more than short term. Only time will tell. ARMH, a chip leader, plunged below its 50 day Thursday. TCK forming a bearish head and shoulders pattern.

Went long FCX off 200 day support today. Seems the sentiment is so negative on the stock recently. Everyone hates it and is has performed poorly recently. Tight stops as always, especially in this environment.

Good luck.

The author is long FCX.

Mid Morning Thoughts

VXX now above the comfortably above the 50 day for first time in awhile. Put in a 22.25 buy stop in on SDS as it reclaims its 50 day.

Wednesday After Market

Markets were flat today with the exception of the Nasdaq which was lower on weak chip sector. The SMH has lost its 50 day MA today on 3 times its normal volume. Being a leading sector it speaks volumes. Indexes did again manage to finish off the lows however. Along with semis, fiber optics, ags and miners got hit. The Nasdaq has been tenacious as it stubbornly clings to its 50 day MA. Intraday it fell below it once again only to close right on the line. The more times it hits that moving average the less likely it is to hold. Also the "Monday Effect", seems to have been thrown to the wayside. JJC a copper ETF, fell over 3% in enormous volume today, perhaps suggesting a slowing down of the Chinese economy and housing sector. SDS and VXX are the ETFs I am keeping a close eye on. If they can reclaim their 50 day MAs and change their long term bearish trends then a short term correction can unfold. Tomorrow CMTL PLL report after the close and weekly jobless claims, the trade budget and trade balance are disclosed.

Not much to disclose on the specific buy points except HS 38.85 in a 3 weeks tight pattern. CTSH broke out of a flat base today at 77.84. XLNX is now well below its 34.22 4 weeks tight buy point. Breakouts are now failing and fewer and fewer are breaking out. IBM hit an all time high today on a RBC Capital upgrade.

Stocks near 50 day support are ALTR 39.50, AVGO 30.50, KLAC 45, LRCX 52.75, NVLS 37, DHR 49, VSH 16.95, CAT 98, CXO 97, APC 78, BHI 65, DVN 86, XOM 81, HAL 43.75, HES 82, NBL 88, BTU 64, PXD 95, CLR 63, SPN 36, RIG 79.75, EXXI 30.20, CRZO 34.40, CLF 89.75, SWC 22.90, EMR 59, LOGI 19, RVBD 39, BIDU 115, RAX 35, COST 73, LTD 30.90, PETM 40.50, SBUX 33, DD 52, DOW 36.35, EMN 92, PPG 86, BUD 56.40, ACN 51.25, BMC 48.75, CHKP 47.60, TIBX 23, VRSN 34.50, KSU 52, ARW 38.25, TER 16.50, CRUS QCOM here, APKT 65, ADTN 42.50, NXPI 26, MOLX 26. Stocks that found 50 day support today were TXN JOYG BP RRC SUN BHP LULU CRUS MCD JWN WY INFA ORCL RIMM QCOM. Stocks that can be purchased through their 50 day MAs are HXL 19.30, MAR 40.25, ABV 28.40, UPS 73.80, TTM 26.70, IR 46.90.

Stocks near 200 day support are F 14.20, BRCM 39, LLTC 32, MIPS 10.50, MT 33.50, X 49, SWN 36.95, FCX 46, VALE 31, SCCO 38.25, NTAP 49, FFIV 105.25, ORLY 54, RHT 39, BBD 19, BEAV 33, SNDK 44. AEM fell further below its 200 day MA today. JKS HXL VMW all found 200 day support today.

Stocks that lost their 50 day MA today were ADI FCS MXIM MCHP SWKS ATI RS JBL JRCC AA AGU AMAT XLNX MOS. Stocks that can be shorted at their 50 day MA are NOC 68, SOA 24, GISV 61.50, ALV 77.75, TRW 58, ADI 39.30, MXIM 26.30, SWKS 33, TKR 49.85, AVT 35, JBL 21, TEL 36.50, CCJ 40.66. Stocks that can be shorted under their 50 day MAs and the sell stops prices are ARMH 27, SPRD 21, OXY 99, SLB 88, BHP 92, AGCO 53, ANF 54, AMP 61.50, VSEA 43.75, HON 55.80.

Good luck.

The author remains flat.

Tuesday Recap

Markets rebounded Tuesday, in weak volume. The major indicies closed off their highs for the day. Banks were stronger, while oil and precious metals stocks were weak. Leading stocks and sectors continue to either underperform or simply stall out and burn. Take FNSR which after the close plunged more than 30% post earnings. That took along with it JDSU. NFLX, which recently encountered competiton from AMZN, now will also have to worry about TWX streaming movies on Facebook. The SOX, which has been the number one performing sector as of late, which was hit for a 2.7% loss Monday, basically closed flat Tuesday. Not the type of roaring comeback you would like to see on a strong tape Tuesday. High volume selloff days have been mounting, but the indexes maintain 50 day support. Defensive groups have been gaining steam as medical, food, and utilities muster clout. That being said this market seems to keep finding bids just when it looks like its going to break. Will that fad end soon? Look to the market and its price and volume action for clues. Earnings Wednesday come from AEO before the open and SMTC after the close.

Stcoks near specific buy points include YUM 52.57, in a cup base. HS 38.85 in a 3 weeks tight pattern and NDAQ 29.82, URI 33.73 both cup with handles.

Stocks near 50 day support are JCI 40, ARMH 27, AVGO 30.50, MXIM 26.10, SWKS 33, TXN 34.70, NUE 46.25, DHR 48.60, JBL 21, CBE 62, ACI 34, HAL 43.50, HES 81.80, HOC 50, NBL 88, OXY 99, PXD 94.25, RRC 48.35, SLB 88, VLO 26.15, EXXI 30.15, WNR 13.50, CRZO 34.30, BHP 92, SWC 22.90, LOGI 19, AGCO 53, POT here, EBAY 31.15, LTD 30.90, PETM 40.50, SBUX 32.90, DD 52, PPG 85.85, RAI 33, AMP 61.50, ACN 51.25, WY 22.90, BMC 48.60, INFA 46, TIBX 23, LAZ 43, QCOM 55, CRUS 21, NXPI 26, VSEA 44, CBI 34.30, IVZ 25.30, TJX 48. Stocks that found 50 day support Tuesday are HON GRA WCRX JPM COF ARW RIMM TTMI MWV FCS MCHP ATI ATU JOYG APC PAAS ETN ELL EMR NWL DE SINA LULU BUD ORCL. Stocks that can be purchased as they reclaim their 50 day MAs and the buy stop spots are ORLY 57.25, ABV 28.35, INFY 70.60, TTM 26.75. Stocks that reclaimed their 50 day MAs Tuesday were PVH COH AAP COST TROW LEN UNP IBN.

Stocks near 200 day support are BRCM 39, SNDK 44, MIPS 10.50, SWN 36.95, SCCO 38.25, NTAP 49, FFIV 105, LVS 38, MAR 37, RHT 39, VMW 81.25, BBD 19, BEAV 33. Stocks that found 200 day support Tuesday were F JKS HXL EXPD. AEM lost its 200 day MA.

Stocks looking weak today and closed lower on a decent tape included CAVM NVDA ATML ARUN AMZN NFLX. ATML NFLX both look to have had major trend changes recently losing their 50 days in big volume.

Stocks that can be shorted as they lose thier 50 day MAs and the sell stops are ADI 39, WAG 41.50, AMAT 15.50. Stocks that can be shorted at their 50 day MA are ALV 77.50, UPS 73.50, ONNN 11, WBC 60, TEN 42, CAVM 42.50, LLTC 35, MSCC 23, TKR 50, PH 89, CCJ 40.60, FWLT 36.80, NOC 68, CE 42.25, SOA 24, ADSK 41.50.

Good luck.

The authir remains flat.

Monday Monday

Markets mirrored Fridays action somewhat while finishing lower, but off their lows for the day. Tech took the hardest beating, specifically semis as WFC downgraded the sector. Semis we must remember have been the strongest sector as of late so when the leaders get hit attention must be paid. That being said they have had a huge run. Indexes themselves remain above their 50 day MAs, although the Nasdaq was below that line intraday, but rallied to finish with support there. Volume was mixed. Along with the chips, fiber optics, transports, and networkers were hit. Silver was the best performinng group. The VXX and SDS are both challenging their 50 day MAs. Could be clues to where the indexes are headed. After hours URBN was plunging, and tomorrow we can expect DKS to report in the morning and FNSR after the close.

Stocks near buy points include RES 22.68 in a cup base, and HS 38.85 in a 3 weeks tight pattern. Remaining defensive is prudent here, and make selective purchases near support lines, or breakout points on heavy volume. As always cut losses quickly, especially in this type of environment.

Stocks near 50 day support are PAG 18.20, BWA 72.50, JCI 40, ARMH 26.70, AVGO 30.45, MXIM 26, TXN 34.70, ATI 62.25, DHR 48.55, CBE 62, DOV 62, JOYG 92, APC 78, HAL 43.50, HES 81.80, SLB 88, VLO 26, BHP 92, SWC 23, APH 55.20, OPEN 82, AGCO 53, AGU 93, MOS 81, POT 58, RTN 50.25, RAX 34.50, ANF 54, MCD 75, JWN here, TJX 48, PETM 40.50, WFMI 54, DD 52, PPG 85.50, PX 95, BUD 56.50, AMP 61.50, URI 28, ACN 51, ADP 49, IBM 157, WY 22.80, CHKP 47.40, INTU 49.25, TIBX 22.90, VRSN 34.25, KSU 51.60, RJF 36, RIMM 63.80, QCOM 54.50, CVLT 33, CRUS 21, AMAT 15.50, MMC 28.50, VSEA 44, MOLX 26, MWV 28.40, CBI 34.25, ERJ 32.50, IT 36, AMT 52.20, IVZ 25.20. Stocks that found 50 day support among the wreckage today were ADI SWKS ATU BLL NWL DE LULU EBAY INFA JPM LAZ GRA WCRX. JRCC reclaimed its 50 day after earnings.

Stocks near 200 day support are MGA 45, BRCM 39, LLTC 32, MSCC 19.20, MIPS 10.50, JKS 23, AEM 68.70, FCX 45.90, VALE 31, SCCO 38.25, PVH 58, NTAP 48.75, FFIV 105, ORLY 54, LVS 38, MAR 37, HOT 54, INFY 66, RHT 39, VMW 81, CHRW 69.50, FDX 86.25, BBD 19, BAC 13.50, GS 155, BEAV 33, SNDK 44. Stocks that found 200 day support were HXL CCL EXPD TTM. TAP TGT continue to trade horribly below their 200 day MAs.

Stocks looking weak today were CNQ SU PAAS MCP NKE VMW all of which had outside reversal days today. Stocks that lost their 50 day MAs today were ATML CAVM CY CCJ AA LDK MON FISV LEN ONNN. Stocks having continuous issues with 50 day resistance recently are QLIK PMTC UPS LLTC TKR AVT PH AEM RIO VALE ABV FWLT NOC GOOG BBBY COST CE SOA ADSK. Stocks that can be shorted at their 5o day MAs are CY 21, CCJ 40.60. Stocks that can be shorted under their 50 day MAs and the sell stops for those orders are FCS 17.40, RS 53.75, JBL 20.60, ETN 52.50, WSM 34.75, NSC 63.70, ARW 37.40.

Good luck.

The author remains flat.

Mid Day

Markets flashing bearish activity today. After a quick positive open, markets have been sliding ever since. The S&P 500 is barely hanging onto its 50 day MA at 1300, but the Nasdaq has lost its 50 day intraday here. The chips, a top rated group as of late is faltering here and is just above its 50 day MA. Volume is tracking higher thus far. And we did notice a few Mondays back that the strong Monday trend was waning and today is certainly making that prognostication looking more and more real. The VXX is retaking its 50 day MA in big volume here, and the SDS is knocking on its 50 day door. Both of these ETFs have not been above their 50 day MAs since last summer. Could be a trend changer.

Weekend Market Thoughts

Markets sold off Friday, but a late day flurry had indexes cut those losses in half. For the week both the Nasdaq and S&P 500 closed up marginally. Fridays jobs report was greeted in a benign way, but the continuation of oils advance over par is adding concern. Some breakouts are working but more are stalling. Volume on down days has been heavy, while the indexes advance on declining volume. The indexes themsleves continue to find support at their 50 day MAs, and until those trendlines are violated, the markets moves must be respected. The leaders also have shown strong support off their 50 day MAs. AAPL is up $23 in the last 9 days since flexing its muscles near its 50 day on 2/22. NFLX received excellent 50 day support Friday on a weak tape. LULU OPEN CMG all have been stubborn about holding their 50 day MAs this week as well. Keep an eye on the VXX and SDS (complacency and inverse index ETFs) this week to see if they can break above their 50 day MAs. That can be a potential negative.The economic calendar is light Monday, and CIEN reports before the open and URBN after the close.

Stocks near specific buy points are: 3 week tight patterns are NBR 28.90, OKE 65.18, JNPR 45.08, OIH 166.08 (oil ETF), XOM 78.33, PX 100.02, HS 38.85. Double bottoms are BUD 59.08, BBD 20.89, EWZ 79.19 (Brazil ETF). Cup bases are ACI 36.60, NKE 92.59, RES 22.68. CVX 104.73 in a saucer base dating back 3 years, which would also be an all time high. ROST 72.96 in a 4 week tight patter. Flat bases are CTSH 77.84, CLW 23.53, APH 59.01. URI 33.73 in a cup with handle pattern. Recent breakouts still holding above buy points are XLNX above its 34.22 4 weeks tight base. KLAC above its 50.08 cup with handle buy point. WAT well past its 81.10 cup base buy point it broke out of on 2/18, and was up 3% Friday on a weak tape.

Stocks that can be bought as they reclaim their 50 day MAs and the buy stop spots are PUDA 12.80, VALE 35.20, ORLY 57.50, UNP 96.25, TTM 26.60. Stocks that reclaimed their 50 day MAs Friday were TEL WLT MON SINA. Stocks near their 50 day MAs are ARMH 26.50, ADI 39.10, ATML here, AVGO 30.50, CAVM 42, MXIM 26, MCHP 36.50, SWKS 33, TXN 34.50, ATI 62.25, RS 54, DHR 48.50, JBL 21, ATU 27.90, CAT 98, CBE 62, DOV 62, JOYG 91, APC 78, BP 47, HAL 43, HES 81.75, SLB 88, BHP 95, GFI 17, LOGI 19, AGCO 53, DE 90, LLL 79.25, RTN 50.10, RAX 34.50, LULU 73, EBAY 31, MCD 75, JWN 43.20, PETM 40.50, WAG 41.30, DD 52, DOW 36.10, LYB 36.25, PPG 85.75, AMP 61.25, ACN 51, ADP 48.95, IBM 157, CHKP 47.50, INFA 46, VRSN 34.30, KSU 51.75, JPM 45.10, ARW 38, GE 19.85, RJF 36, WY 22.75, RIMM 64, ETN 53.40, BLL here, LAZ 43, AMT 52.10, EMR 59, TJX 48, MWV 28.30, POT 58, CRZO 34.20. Stocks that found 50 day support Friday were TRW AA ANN NFLX P=ORCL JPM EMR NWL.

Stocks near 200 day support are F 14.10, BRCM 39, MIPS 10.50, JRCC 19.10, SWN 36.90, WFT 18.50, AEM 68.50, PVH 58, NTAP 48.50, CCL 39.50, MAR 37, HOT 54, INFY 66, RHT 39, EXPD 47, VMW 81, CHRW 69.50, FDX 86.25, UPS 68, BAC 13.50, GS 155, STT 41.35, HXL 18, BEAV 33, TTM 24.80. HPQ can be shorted if 200 day resistance holds at 44. TGT TAP continue to trade woefully under their 200 day MAs. BUD was up nicely this week post earnings and continued that action Friday. TAP was lower. Perhaps an alcoholic pair trade. Long BUD, short TAP.

AGU EMN PX NBL all nearing par. CXO continues to hold nicley above par. CXO WLL CLR all almost entirely domestic oil and gas producers have outperformed their multi national integrated brethen. These charts have been strong well before the Jasmine Revolution was conceived. Perhaps institutions are betting on domestic drilling reform here at home. Im not holding my breath, but with oil surging you never know. Lookiing on weekly charts you can see long saucer like patterns forming on energy names DVN COP NBL. They are all building the right sides of their bases and warrant inclusion on your watchlists.

Gap ups still holding strong are EL RL FNSR TBL MET WMB MMC APKT. Relative strength was exhibited by JCI A WAT BTU ARUN CMG RVBD JDSU Friday on a weak tape. Again take notice of that bullish action.

Stocks showing relative weakness Friday were FCX GOOG. TKR AVT PH JKS RIO MS all lost their 50 day MAs Friday. Stocks that met 50 day resistance on Friday were they could be shorted were BBBY CE ABV ADSK UPS XHB (homebuilder ETF). Sell stops can be placed on the following stocks if they lose their 50 day lines. WSM 34.75, FISV 61, NSC 63.90, LDK 12.30, COF 47.50, CY 20.50. Stocks that can be shorted at their 50 day MAs are TEN 42, LLTC 35, MSCC 23, MTL 31.60, X 58, AVT 35, PH 89, NOC 68, COST 73, SOA 24, HOT 61.50, GR 90.

Good luck.

The author is flat.

Thursday Recap

Markets roared back Thursday in mediocre volume. Small caps outperformed. Strong economic data lifted indexes to big gains. Jobless claims, retail sales and business productivity all exceeded forecasts. Transports and refiners led while gold miners lagged. Was today a huge short covering rally before a huge employment number tomorrow, or is the volume just to prevalent of market gurus calling for a long overdue correction? I for one am wrong so far in my market direction call, but as John Maynard Keynes once famoulsy quipped, "when the facts change, I change my mind sir, what do you do?". At least for the time being I am wrong. And the fact that volume is not accompanying the thrust upward, another trader I respect said "you can go broke on low volume". At the expense of sounding like a broken record again, let the markets price and volume, formulate your actions, not your own personal thoughts. Not much on the earnings front tomorrow unless you are a Knick fan, as the illquid, recent IPO MSG reports tomorrow. And of course the big jobs number Friday morning.

Stocks near specific buy points are: Cup with handles WY 25.43, URI 33.73, NDAQ 29.81, GD 78.37, UA 70.53, NOV 82.08. Cup bases are ACI 36.60, NKE 92.59, RES 22.68. Double bottoms are SQM 58.01, BBD 20.89, BUD 58.98, and EMC 27.48 in a 3 weeks tight pattern. KLAC broke out of a 50.08 cup with handle buy point Thursday.

Stocks that can be bought as they reclaim their 50 day MAs are X 58.20, VALE 35.15, MON 72.25, NOC 68.25, BBBY 49.25, ORLY 57.50, TTM 26.65, CCJ 40.95, CBD 39.20, MCP 51. Stocks that reclaimed their 50 day MAs Thursday were MT TRW TKR AVT TEL PH WLT AA RIO COH PVH AAP MCD SBUX BUD TROW ORCL UNP BBD IBN EMR. Stocks near 50 day support are SWKS 33, JBL 21, RRC 48, SLB 88, PAAS 36.50, AGU 92.50, DE 89.75, JWN 43.15, DD 51.75, INFA 46, JPM 45, CRZO 34, BLL 35.70. Stocks that found 50 day support Thursday were ATML SPRD SUN DE LULU WAG COF.

Stocks near 200 day support are F 14.10, MIPS 10.25, JRCC 19.10, PUDA 10.10, AEM 68.50, CCL 39.30, MAR 37. HPQ met 200 day resistance today.

Stocks near the century mark, aka PAR, are EMN BHP. CLF back over par again today. KKR hit an all time high Thursday, and DHR CAT DOV CBE ROK are all within a dollar or two of their all time highs as well.

Stocks looking weak today and demomstrating poor relative strength today were GNTX CNQ EL TAP JKS TGT ABV FCX NFLX UPL HPQ LVS QLIK. PSS had an outside day today. SOA was stopped at its 50 day MA today. Stocks that can be shorted at their 50 day MAs are CMI 109, TEN 42.05, BRCM 44, MSCC 23, NVDA 21.95, SINA 82, COST 73, HOT 62, GR 90. Sell stops can be place on the following as they fall below their 50 day MAs. JCI 39.60, NFLX 200, FISV 61, LDK 12.40.

Good luck.

The author is flat.

Wednesday After Market

Markets rebounded in a very weak way Wednesday. Both major indexes were down in heavy volume Tuesday, and traded higher today in slower trade. The Nasdaq which was down 45 points Tuesday, came back 11 points today. The S&P 500 down 21 Tuesday, traded higher Wednesday by 2 points. Not exactly the bullish behavior you would like to see. That being said both indexes did manage to finish above their 50 day MAs. Chips and drillers were the winners Wednesday. To add to the bearish feeling, when the market failed to rebound Tuesday after some very encouraging economic data, (ISM numbers) that is never a good sign. When markets react poor to good news, something is amiss. Today saw more good economic data with the Feds beige book report and good private employment numbers. We also have the VXX trading right up to its 50 day MA, and the SDS about 80 cents from challenging its 50 day line. SDS has been kept under its 50 day MA since last September, and the VXX since last July. Is a trend change emerging? As always let the indexes price and volume action dictate your moves. Not your own opinions. Tomorrow we have jobless claims and chain store sales. Earnings come from HNZ before the open, and MRVL SLW after the close.

Stocks near specific buy points are: Cup with handles KLAC 50.08, NOV 82.08, LTD 33.83, URI 33.73. 3 week tight patterns are EMC 27.48, ADP 50.05. Cup with high handle is JPM 48.46. XLNX broke out of a 4 week tight pattern today at 34.22 on the back of a JPM upgrade. Not entirely authentic break out because of the upgrade, but a breakout it is.

Stocks near 50 day support are MXIM 26, SWKS 32.70, ATI 62, NUE 46, DHR 48.25, CAT 97.50, DOV 62, JOYG 90.50, PLL 52, APC 77, HAL 43, HES 81, BTU 63, RRC 48, SLB 88.75, VLO 24.90, BHP 92, UA 60, RVBD 38, TDC 45, AGU 92, RTN 50, RAX 34.25, EBAY 31, JWN 43.15, DD 51.50, RAI 33, ACN 51, VRSN 34.15, KSU 51, GE 19.60, RIMM 63, APH 55, CBG 23, MWV 28.10, CRZO 34, CBI 34, ERJ 32.05. Stocks that found 50 day support today were ADI ATML MCHP OXY GD CMG FOSL WAG YUM DOW EMN NFLX LEN BMC INFA BLL LAZ. Stocks that can be purchased as they reclaim their 50 day MAs and their buy stop points are MT 37.10, TEL 36.60, VALE 35.10, AAP 64, ANN 24.20, MCP 50.25. Stocks that reclaimed their 50 day MA today were ACI ABV.

Stocks near 200 day support are F 14.05, MIPS 10.20, JRCC 19.05, PUDA 10.10, SWN 37, PVH 57.90, NTAP 48.50, CCL 39.30, MAR 37, BUD 55.50, INFY 65.80, RHT 39, CHRW 69.25, BBD 18.80, BAC 13.55, BEAV 32.75, TTM 24.50. Stocks that found 200 day support today were MCD VMW FDX EXPD CBD HXL. IBN HPQ found 200 day resistance today.

WLL CAM PM all hit new all time highs today.

Stocks looking weak today were QCOM, a notable laggard today. ALV, like FCX yesterday is looking like its forming a bearish head and shoulders pattern. NVDA COST ADSK AFL all lost their 50 day MAs today. Stocks that can be shorted at their 50 day MAs are GNTX 31, LLTC 35, MSCC 23, MTL 31.50, TKR 49.75, A 42.50, AVT 34.90, WLT 127, AA 16.25, RIO 71.25, COH 55, BBBY 49, SBUX 32.80, TIF 61.50, CE 42, SOA 24, LVS 47, TROW 67, UNP 95.25, UPS 73.40, IBN 46, FWLT 36.50. Stocks that can be shorted under their 50 day MAs and the corresponding sell stop prices are JCI 39.60, TRW 57.50, RS 53.30, LULU 72.40, WSM 34.90, NFLX 200, AMP 61, FISV 61, COF 47.50, HON 55.

Good luck.

The author is flat.

Tuesday After Market

Markets Tuesday suffered in higher volume. It ended a streak of beginning of the month rallies. Since August of last year, the first day of the trading month was greeted with buyers delight. Oil prices seemed to catch the blame today, but the market has showed signs of distribution (institutional selling) 5 of the past 14 sessions. Gold and silver related companies were the standouts today, while chips and transports were the laggards. The Nasdaq which lost 1.6% today closed right on its 50 day MA. The S&P 500 is getting very close to its 50 day MA. This would be the secong time these major indexes are attempting to find support their in recent days. That line of support is now looking tenuous. I have been in cash for sometime now, utilizing a defensive posture. Will be looking for shorting opportunities in the near term here, especially if the indexes 50 days are taken out. COST JOYG SPLS report before the open and the Fed releases its latest beige book report.

Stocks near specific buy points are ABX 54.03, GFI 18.48, BUD 58.98 all double bottom bases and come from defensive sectors.

Stocks near 50 day support are BWA 72.50, ATML 14, AVGO 30, FCS 17.40, MXIM 25.90, NVDA here, SWKS 32.75, TXN 34.25, ATI 62, NUE 46, DHR 48.25, CAT 97.50, DOV 62, PLL 52, APC 77, BP 46.50, HES 81, MDR 21.25, OXY 99, BHP 92, DECK 81.50, RVBD 38, TDC 45, AGU 92, GD 74, RTN 49.80, RAX 34.15, CMG 235, COST 73, EBAY 31, LTD 30.75, JWN 43.10, WFMI 53.80, YUM 49.10, DD 51.50, LYB 36, AMP 61, KKR 15.55, ACN 50.90, IBM 156, BMC 48.50, CHKP 47.25, INTU 49, VRSN 34.10, KSU 51, JPM 45, ARW 37.75, RJF 35.75, AMT 52, SWC 22.40, CCJ here, COF 48, PAG 18, MWV 28.10, NWL 18.80, ERJ 32, CRZO 34. Stocks that are moving back to the 50 day MA in light volume and very orderly fashion are ATML DHR RAX JWN ACN. I will have buy stops on those previous mentioned for a partial position which will be added to if the stock continues higher after 50 day support. Stocks that found 50 day support on an ugly tape today were SINA LULU PETM NFLX LAZ. Stocks that can be purchased as they reclaim their 50 day MAs are AAP 64, ABV 28.30, MCP 50.20. AEM AZO reclaimed their 50 day MAs today.

Stocks near 200 day support are F 14.10, BRCM 39, LLTC 32, MSCC 19, MIPS 10.20, JRCC 19, PUDA 10.15, VALE 31, LOGI 17.25, CBD 37, NTAP 48.25, FFIV 105, ANN 21.10, MCD 74, ORLY 54, CCL 39.25, MAR 37, INFY 65.80, RHT 39, ROVI 50, VMW 81, CHRW 69, EXPD 46.60, FDX 86, BBD 18.80, BAC 13.50, SCCO 38, HXL 18, BEAV 32.60, TTM 24.50. HPQ TAP both met 200 day resistance today. UPL lost its 200 day today.

Stocks that showed solid relative strength today on a weak tape were CXO WYNN JDSU RIMM IBN.

Stocks looking weak and which had bearish outside days were GOOG COST OMC BID FOE CE CSX EMN ALB AFL PM GE HP. Stocks that lost their 50 day MAs today were AA RIO PVH MON GOOG SBUX TIF TROW ORCL PMTC UNP UPS MS DKS EMR. Stocks that are finding resistance with their 50 day MAs recently are WFC IBN HOT FWLT WBC WM A TEL ITW COH NOC AMZN ANN BBBY CE SOA LVS. Stocks that can be shorted at their 50 day MAs are GNTX 31, TRW 57.50, SPRD 20.50, TKR 49.75, AVT 34.85, BBBY 49, TROW 67, EMR 59. Stocks that can be shorted under their 50 day MAs and placed sell stops on are JCI 39.55, ADI 38.75, MCHP 36, RS 53.40, JBL 20.75, WFT 23.35, AGCO 52.25, TEX 32.60, FOSL 72.50, WSM 35, DOW 35.75, EMN 89.75, FISV 61, ADP 48.40, ADSK 41, INFA 45.40, BLL 35.40. FCX looks to be forming a bearish head with shoulders pattern.

Good luck.

The author is flat.