Thursday, March 31, 2011

Thursday Thoughts

Markets acted in a boring fashion Thursday with lower volume. The last day of the quarter run up happened during this week. Perhaps institutions are taking a breather before the much anticipated jobs report tomorrow morning. Ags, miners and transportation stocks dominated the positive feel today, while steel lagged. The markets complexion has changed a bit in recent days with the correction taking a back seat and giving the green light to buy leading stocks breaking out of bases or finding support at their important moving averages. Tech needs AAPL to regain its 800 pound gorilla role and the SMH needs to break through its 50 day MA at 35.20 and close above that line. Energy and commodities have been taking a leading role. If tech can join and provide a more diverse leadership position it would give that much more credence to the recent rally. No earnings reports to speak of Friday.

Stocks near specific buy points include. Double bottoms are CAVM 46.08, FCX 57.74, ETN 56.31, BLL 36.54, AGU 97.98, MON 74.53, POT 62.45, ORLY 59.45, BMC 50.78, PMTC 24.53, BBD 20.89, RJF 39.34. Cup bases are BWA 81.17, JOYG 100.68, WLT 140.06, CPX 32.82, MCP 62.90, FWLT 39.85, CMG 275.10, SOA 25.84, CHKP 51.71, UNP 99.60. Flat bases are DHR 52.31, GD 78.37, ANF 59.98, URI 33.73, CTXS 74.09, AON 53.15. Cup with handles are ARW 43.00, ATI 69.85. HS 38.85 in a 4 week tight pattern. AAPL chart here looks a little wobbly here but is receiving 50 day support. A handle could be developing here in a double bottom formation. Remember for any breakout to be considered valid it must accompany a volume surge of at least 40% greater than the average daily volume.

Stocks near 50 day support are PAG 19.20, ALTR 41, MCHP 37, GSM 21.10, A 43.30, VSH 17.25, DOV 64, CXO 102, APC 79, BHI 69, CNQ 47, CHK 32, DVN 88.75, XOM 83, NOV 77.20, PBR 38.75, PXD 97.75, SLB 89.75, SU 43.50, WMB 29, RIO 70, PAAS 36, RL 120, UA 65, DKS 38, EMC 26.30, TDC 48, TEX 35.40, AAP 64, JWN 43.90, SBUX 34, YUM 50.15, DIS 42, EMN 94, BX 17.20, ADP 49.75, OMC 48.20, SWK 74, WY 24, ORCL 32.50, VRSN 35.40, JPM 45.90, WDR 39, TER 17.50, TTWO 15, MMC 29.45, APKT 67.45, VSEA 46, CCK 37.15, AET 36.20, CBG 25, CMCSA 24.40. Stocks which found 50 day support today were KLAC MTL AAPL BBBY KKR CRM AZC. Stocks which can be purchased as they reclaim their 50 day MAs and their buy stop spots are ALV 75.50, NVLS 38.20, AVT 35.15, WFT 23.15, VALE 34.15, SWC 23.50, LDK 12.85, EMR 59.45, BLL 36.15, PMTC 23.15, EXPD 50.40, QCOM 55.75, BEAV 34.25. Stocks that did reclaim their 50 day MAs today were ARMH AGU MON POT COST CHRW.

Stocks near 200 day support are F 14.50, MGA 46.30, LLTC 32.50, NVDA 15, BP 41.90, JKS 24.30, TCK 47.50, SCCO 39.05, LOGI 17.80, LVS 39, BUD 56.50, LEN 16.75, ROVI 52, GS 167, MS 26.75, GLW 19, SNDK 44. VMW BAC met 200 day resistance today. RIMM found 200 day support. NOC did as well after plunging 9%. BRCM MIPS both lost their 200 day MAs today. Concerning BRCM MIPS they have been the semiconductor laggards and its no coincidence that they lost their 200 day MAs today. The weak get weaker.

Stocks that can be shorted at 50 day resistance are ATML 14, MXIM 26.20, SWKS 33.50, TXN 35, TEL 36, RIG 80.40, RVBD 39, AMP 62, AMTD 21, JDSU 22, ADTN 44, CRUS 22.10. Stocks that can be shorted if they lose their 50 day MAs and the sell stop spots are FCS 17.60, CBE 63, LYB 37.75. Stocks that found 50 day resistance today were ADI AVGO TXN NUE RVBD EBAY AMP STT XLNX AMT IVZ. Stocks that lost their 50 day MAs today JBL WCRX WU. Relative weakness was seen today by BRCM MIPS SPRD X MOS. MOS had disappointing earnings reaction.

Good luck.

The author owns FCX TTM RAX.

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