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.
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