Tuesday, March 29, 2011

Tuesday Recap

Markets rose Tuesday, and did so despite some shaky economic reports. Just the opposite of what it did yesterday, when indexes reacted poorly to good news, and staged a negative reversal closing upon the lows. Today with consumer confidence and depressed home prices, the markets started lower and staged a positive reversal to the upside. Volume was mixed, but leading stocks again performed admirably. HAL and SOHU broke out today. Stocks hitting all time highs today were CAT CMI FOSL LULU PAY TSCO ROK. Many leading stocks are setting up new potential buy points which adds encouragement. TIBX did fall after hours after reporting earnings. Tomorrow we have FDO report before the bell and MOS after the close. Economic news comes out concerning jobs and job cuts.

Stocks near specific buy points are: Cup bases BWA 81.17, APA 127.83, WLT 140.06, CPX 32.82, MCP 62.90, RAX 40.72, SOA 25.84, CHKP 51.71, UNP 99.60. Flat bases are DHR 52.31, CBE 66.05, URI 33.73, AON 53.15. Cup with handles are KLAC 51.93, ATI 69.85. Double bottoms are TRW 60.40, IBN 51.61.

Stocks near 50 day support are PAG 19.05, ALTR 40.75, MCHP 37, GSM 21, A 43.15, JOYG 92.50, PLL 54.25, CXO 101.50, APC 78.50, CHK 32, COP 75, DVN 88.25, MDR 23, PBR 38.50, SU 43, SPN 37, ATW 43, DNR 22.15, WMB 29, ABX 49.95, DKS 38, DIS 42, YUM 50, DD 53, KKR 16.50, ADP 49.50, WY 24, INTU 50, TIBX 24, FDX 91.75, WDR 38.90, TER 17.40, MMC 29.25, AET 36.05. Stocks that found 50 day support today were TEN TKR VSH DOV CAM XOM HES FCX PAAS ETN DECK RL UA AAPL DE GD MCD ORLY ROST WYN IBM ORCL CTXS TTMI CMCSA WU. Stocks that can be bought if they can reclaim their 50 day MAs and the buy stop spots are AVGO 31.60, TXN 35.20, MT 36.70, MTL 31.80, X 57.50, RIG 81.10, WFT 23.10, RIO 70.30, VALE 34.20, FWLT 36.95, BLL 36, JNPR 41.50, POT 58.50, AMZN 176, BBBY 48.20, LVS 44.50, AMP 62.20, CHRW 74.30, WCRX 23.80. Stocks that reclaimed their 50 day today were CMI CAVM BHP JWN TAP FISV OMC BMC.

Stocks near 200 day support are F 14.45, MGA 46.20, BRCM 39.50, LLTC 32.45, MIPS 10.90, SCCO 39, LOGI 17.75, ROVI 52, EXPD 47.90, MS 26.75, BEAV 33.25, SNDK 44. MSCC BUD BBD GS RIMM all found 200 day support today. AMT reclaimed its 200 day MA today. TAP can be bought through 48, as it reclaims its 200 day.

Stocks that showed strong relative strength today were SLB WFT PVH UA LULU QCOM NXPI. PX broke through par today. Just a quick tale of two companies, one that ate the others for lunch. TPX which hovers near all time highs, and which has a chart of beauty, against ZZ, a company not far from its all time lows. Moral here. Buy strength.

Stocks which can be shorted at 50 day resistance are ATML 14, MXIM 26.20, NVLS 37.90, AVT 34.95, TEL 36, SWC 23, RVBD 39, COST 73, AMTD 21, QCOM 55.25, CRUS 22, ADTN 44. CCK can be shorted at 36.75, if and when it loses its 50 day MA. Stocks which met 50 day resistance today were JKS FWLT JNPR AMZN TIF ABV AMTD LAZ. Stocks showing relative weakness on a benign tape include SPRD BP AEM HPQ AGU TGT CCL LEN ROVI LAZ WU.

Good luck.

The author owns FCX TTM.

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