Wednesday, March 9, 2011

Tuesday Recap

Markets rebounded Tuesday, in weak volume. The major indicies closed off their highs for the day. Banks were stronger, while oil and precious metals stocks were weak. Leading stocks and sectors continue to either underperform or simply stall out and burn. Take FNSR which after the close plunged more than 30% post earnings. That took along with it JDSU. NFLX, which recently encountered competiton from AMZN, now will also have to worry about TWX streaming movies on Facebook. The SOX, which has been the number one performing sector as of late, which was hit for a 2.7% loss Monday, basically closed flat Tuesday. Not the type of roaring comeback you would like to see on a strong tape Tuesday. High volume selloff days have been mounting, but the indexes maintain 50 day support. Defensive groups have been gaining steam as medical, food, and utilities muster clout. That being said this market seems to keep finding bids just when it looks like its going to break. Will that fad end soon? Look to the market and its price and volume action for clues. Earnings Wednesday come from AEO before the open and SMTC after the close.

Stcoks near specific buy points include YUM 52.57, in a cup base. HS 38.85 in a 3 weeks tight pattern and NDAQ 29.82, URI 33.73 both cup with handles.

Stocks near 50 day support are JCI 40, ARMH 27, AVGO 30.50, MXIM 26.10, SWKS 33, TXN 34.70, NUE 46.25, DHR 48.60, JBL 21, CBE 62, ACI 34, HAL 43.50, HES 81.80, HOC 50, NBL 88, OXY 99, PXD 94.25, RRC 48.35, SLB 88, VLO 26.15, EXXI 30.15, WNR 13.50, CRZO 34.30, BHP 92, SWC 22.90, LOGI 19, AGCO 53, POT here, EBAY 31.15, LTD 30.90, PETM 40.50, SBUX 32.90, DD 52, PPG 85.85, RAI 33, AMP 61.50, ACN 51.25, WY 22.90, BMC 48.60, INFA 46, TIBX 23, LAZ 43, QCOM 55, CRUS 21, NXPI 26, VSEA 44, CBI 34.30, IVZ 25.30, TJX 48. Stocks that found 50 day support Tuesday are HON GRA WCRX JPM COF ARW RIMM TTMI MWV FCS MCHP ATI ATU JOYG APC PAAS ETN ELL EMR NWL DE SINA LULU BUD ORCL. Stocks that can be purchased as they reclaim their 50 day MAs and the buy stop spots are ORLY 57.25, ABV 28.35, INFY 70.60, TTM 26.75. Stocks that reclaimed their 50 day MAs Tuesday were PVH COH AAP COST TROW LEN UNP IBN.

Stocks near 200 day support are BRCM 39, SNDK 44, MIPS 10.50, SWN 36.95, SCCO 38.25, NTAP 49, FFIV 105, LVS 38, MAR 37, RHT 39, VMW 81.25, BBD 19, BEAV 33. Stocks that found 200 day support Tuesday were F JKS HXL EXPD. AEM lost its 200 day MA.

Stocks looking weak today and closed lower on a decent tape included CAVM NVDA ATML ARUN AMZN NFLX. ATML NFLX both look to have had major trend changes recently losing their 50 days in big volume.

Stocks that can be shorted as they lose thier 50 day MAs and the sell stops are ADI 39, WAG 41.50, AMAT 15.50. Stocks that can be shorted at their 50 day MA are ALV 77.50, UPS 73.50, ONNN 11, WBC 60, TEN 42, CAVM 42.50, LLTC 35, MSCC 23, TKR 50, PH 89, CCJ 40.60, FWLT 36.80, NOC 68, CE 42.25, SOA 24, ADSK 41.50.

Good luck.

The authir remains flat.

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