Markets Tuesday suffered in higher volume. It ended a streak of beginning of the month rallies. Since August of last year, the first day of the trading month was greeted with buyers delight. Oil prices seemed to catch the blame today, but the market has showed signs of distribution (institutional selling) 5 of the past 14 sessions. Gold and silver related companies were the standouts today, while chips and transports were the laggards. The Nasdaq which lost 1.6% today closed right on its 50 day MA. The S&P 500 is getting very close to its 50 day MA. This would be the secong time these major indexes are attempting to find support their in recent days. That line of support is now looking tenuous. I have been in cash for sometime now, utilizing a defensive posture. Will be looking for shorting opportunities in the near term here, especially if the indexes 50 days are taken out. COST JOYG SPLS report before the open and the Fed releases its latest beige book report.
Stocks near specific buy points are ABX 54.03, GFI 18.48, BUD 58.98 all double bottom bases and come from defensive sectors.
Stocks near 50 day support are BWA 72.50, ATML 14, AVGO 30, FCS 17.40, MXIM 25.90, NVDA here, SWKS 32.75, TXN 34.25, ATI 62, NUE 46, DHR 48.25, CAT 97.50, DOV 62, PLL 52, APC 77, BP 46.50, HES 81, MDR 21.25, OXY 99, BHP 92, DECK 81.50, RVBD 38, TDC 45, AGU 92, GD 74, RTN 49.80, RAX 34.15, CMG 235, COST 73, EBAY 31, LTD 30.75, JWN 43.10, WFMI 53.80, YUM 49.10, DD 51.50, LYB 36, AMP 61, KKR 15.55, ACN 50.90, IBM 156, BMC 48.50, CHKP 47.25, INTU 49, VRSN 34.10, KSU 51, JPM 45, ARW 37.75, RJF 35.75, AMT 52, SWC 22.40, CCJ here, COF 48, PAG 18, MWV 28.10, NWL 18.80, ERJ 32, CRZO 34. Stocks that are moving back to the 50 day MA in light volume and very orderly fashion are ATML DHR RAX JWN ACN. I will have buy stops on those previous mentioned for a partial position which will be added to if the stock continues higher after 50 day support. Stocks that found 50 day support on an ugly tape today were SINA LULU PETM NFLX LAZ. Stocks that can be purchased as they reclaim their 50 day MAs are AAP 64, ABV 28.30, MCP 50.20. AEM AZO reclaimed their 50 day MAs today.
Stocks near 200 day support are F 14.10, BRCM 39, LLTC 32, MSCC 19, MIPS 10.20, JRCC 19, PUDA 10.15, VALE 31, LOGI 17.25, CBD 37, NTAP 48.25, FFIV 105, ANN 21.10, MCD 74, ORLY 54, CCL 39.25, MAR 37, INFY 65.80, RHT 39, ROVI 50, VMW 81, CHRW 69, EXPD 46.60, FDX 86, BBD 18.80, BAC 13.50, SCCO 38, HXL 18, BEAV 32.60, TTM 24.50. HPQ TAP both met 200 day resistance today. UPL lost its 200 day today.
Stocks that showed solid relative strength today on a weak tape were CXO WYNN JDSU RIMM IBN.
Stocks looking weak and which had bearish outside days were GOOG COST OMC BID FOE CE CSX EMN ALB AFL PM GE HP. Stocks that lost their 50 day MAs today were AA RIO PVH MON GOOG SBUX TIF TROW ORCL PMTC UNP UPS MS DKS EMR. Stocks that are finding resistance with their 50 day MAs recently are WFC IBN HOT FWLT WBC WM A TEL ITW COH NOC AMZN ANN BBBY CE SOA LVS. Stocks that can be shorted at their 50 day MAs are GNTX 31, TRW 57.50, SPRD 20.50, TKR 49.75, AVT 34.85, BBBY 49, TROW 67, EMR 59. Stocks that can be shorted under their 50 day MAs and placed sell stops on are JCI 39.55, ADI 38.75, MCHP 36, RS 53.40, JBL 20.75, WFT 23.35, AGCO 52.25, TEX 32.60, FOSL 72.50, WSM 35, DOW 35.75, EMN 89.75, FISV 61, ADP 48.40, ADSK 41, INFA 45.40, BLL 35.40. FCX looks to be forming a bearish head with shoulders pattern.
Good luck.
The author is flat.
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