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.
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