Thursday, March 3, 2011

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.

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