Monday, March 28, 2011

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.

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