Tuesday Recap

Markets did very little on Tuesday. Indexes barely budged on light volume. The S&P 500 found resistance at its 50 day MA. Markets and stocks themselves generally like to move to big numbers, then reevaluate. The S&P 500 made its way back to 1300. The Nasdaq 2700. Both have found resistance at those levels. Indexes here seem to be biding time as volume recedes and trying to find which direction it wants to go in. Many are calling for a correction and the technicals seem weak, (SDS VXX both found 50 day support Tuesday) but that tone can change on a moments notice. Tuesdays winning groups included energy and miners. Autos and fiber optics retreated. Wednesday brings Februarys new home sales and GIS reports earnings before the open and RHT PAYX after the close.

Stocks near specific buy points include SWN 45.35, INFA 49.86 in cup bases. TIBX 26.04, AON 53.15 both flat bases. CLR 71.48 in a cup with handle formation.

Stocks near 50 day support are URI 30, DD 52.50, YUM 49.95, SBUX 33.50, UA 63.50, ALTR 40.15, DHR 49.50, DOV 63.25, JOYG 92, PLL 54, APC 78.25, BHI 67, CAM 57, CHK 31.10, COP 74, HAL 44.25, NOV 76, PXD 96.20, VLO 27, HP 59, EXXI 31, WMB 28.50, NBR 25.90, CLF 90, DKS 31.50, EMC 26, TSCO 51.75, GD 73.50, PX 96, SWK 72.50, WY 23.60, CHKP 48, INTU 49.50, CNI 71, KSU 52, COF 49.85, ARW 44, TER 17, NCR 18.05. Stocks that found 50 day support Tuesday were PAG OXY CTSH RJF WDR. Stocks that can be bought as they reclaim their 50 day MAs and the buy stop spot are ABV 27.20, RS 54.80, HES 82.80, FCX 54.25, PAAS 36.30, SWC 23.30, TTM 26. ATI reclaimed its 50 day Tuesday.

Stocks near 200 day support are MGA 46, ALV 68, LLTC 32.25, MT 33.80, X 49.90, AVT 30, WFT 19, ABX 47.80, VALE 31.10, LDK 10, SCCO 39, EMR 54, SHLD 72.50, LOGI 17.60, AMZN 156.50, EBAY 27, HOT 54.50, PMTC 20.50, ROVI 51.75, CRM 119, CHRW 70.25, FDX 87, BAC 13.50, STT 42, BEAV 33, CRUS 18. F BRCM MSCC RHT all found 200 day support Tuesday. SNDK encountered 200 day resistance. JKS can be shorted under 24, its 200 day MA. CCL MAR lost their 200 day MAs Tuesday. PVH NTAP FFIV INFY fell further below their 200 day MAs. Stocks that can be shorted at their 200 day MAs are MCD 74.75, FNSR 23, AMT 50.

Stocks that can be shorted at their 50 day MAs are LRCX 53, APKT 66, TEN 41.75, FCS 17.80, KLAC 46, TXN 34.85, AEM 70, FWLT 36.80, DECK 82, AAPL 348, RTN 51, COST 73, CE 41.75, FISV 61.70, IBM 160, CTXS 68, UPS 73.50, RIMM 64, TTMI 17.10, QLIK 24.75. Stocks that lost their 50 day MAs Tuesday were ROST WYNN OMC UNP APKT ADTN. Stocks that can be shorted under their 50 day MAs and the sell stop spots are BWA 72.40, JCI 39.60, CBE 62.50, XOM 81.75, SLB 88, RL 116.50, RAX 35.75, LULU 74.75, CMG 241, VRSN 34.70, MMC 28.50, FTNT 39.50, NXPI 26.10, HON 55.75. Stocks that found 50 day resistance Tuesday were TEN AVGO FCS KLAC RIG AA ETN APH DECK RVBD AGCO SQM JWN ASML WBC TIF CE SOA AMP AMTD CTXS IBN XLNX. RCL TCK forming bearish head and shoulder formations.

Good luck.

We sold FCX at the open yesterday only to have it close where we sold it. Trading slightly higher this am and will reenter above 54.25, its 50 day MA.

The author is flat.