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.
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