Wednesday, March 2, 2011

Wednesday After Market

Markets rebounded in a very weak way Wednesday. Both major indexes were down in heavy volume Tuesday, and traded higher today in slower trade. The Nasdaq which was down 45 points Tuesday, came back 11 points today. The S&P 500 down 21 Tuesday, traded higher Wednesday by 2 points. Not exactly the bullish behavior you would like to see. That being said both indexes did manage to finish above their 50 day MAs. Chips and drillers were the winners Wednesday. To add to the bearish feeling, when the market failed to rebound Tuesday after some very encouraging economic data, (ISM numbers) that is never a good sign. When markets react poor to good news, something is amiss. Today saw more good economic data with the Feds beige book report and good private employment numbers. We also have the VXX trading right up to its 50 day MA, and the SDS about 80 cents from challenging its 50 day line. SDS has been kept under its 50 day MA since last September, and the VXX since last July. Is a trend change emerging? As always let the indexes price and volume action dictate your moves. Not your own opinions. Tomorrow we have jobless claims and chain store sales. Earnings come from HNZ before the open, and MRVL SLW after the close.

Stocks near specific buy points are: Cup with handles KLAC 50.08, NOV 82.08, LTD 33.83, URI 33.73. 3 week tight patterns are EMC 27.48, ADP 50.05. Cup with high handle is JPM 48.46. XLNX broke out of a 4 week tight pattern today at 34.22 on the back of a JPM upgrade. Not entirely authentic break out because of the upgrade, but a breakout it is.

Stocks near 50 day support are MXIM 26, SWKS 32.70, ATI 62, NUE 46, DHR 48.25, CAT 97.50, DOV 62, JOYG 90.50, PLL 52, APC 77, HAL 43, HES 81, BTU 63, RRC 48, SLB 88.75, VLO 24.90, BHP 92, UA 60, RVBD 38, TDC 45, AGU 92, RTN 50, RAX 34.25, EBAY 31, JWN 43.15, DD 51.50, RAI 33, ACN 51, VRSN 34.15, KSU 51, GE 19.60, RIMM 63, APH 55, CBG 23, MWV 28.10, CRZO 34, CBI 34, ERJ 32.05. Stocks that found 50 day support today were ADI ATML MCHP OXY GD CMG FOSL WAG YUM DOW EMN NFLX LEN BMC INFA BLL LAZ. Stocks that can be purchased as they reclaim their 50 day MAs and their buy stop points are MT 37.10, TEL 36.60, VALE 35.10, AAP 64, ANN 24.20, MCP 50.25. Stocks that reclaimed their 50 day MA today were ACI ABV.

Stocks near 200 day support are F 14.05, MIPS 10.20, JRCC 19.05, PUDA 10.10, SWN 37, PVH 57.90, NTAP 48.50, CCL 39.30, MAR 37, BUD 55.50, INFY 65.80, RHT 39, CHRW 69.25, BBD 18.80, BAC 13.55, BEAV 32.75, TTM 24.50. Stocks that found 200 day support today were MCD VMW FDX EXPD CBD HXL. IBN HPQ found 200 day resistance today.

WLL CAM PM all hit new all time highs today.

Stocks looking weak today were QCOM, a notable laggard today. ALV, like FCX yesterday is looking like its forming a bearish head and shoulders pattern. NVDA COST ADSK AFL all lost their 50 day MAs today. Stocks that can be shorted at their 50 day MAs are GNTX 31, LLTC 35, MSCC 23, MTL 31.50, TKR 49.75, A 42.50, AVT 34.90, WLT 127, AA 16.25, RIO 71.25, COH 55, BBBY 49, SBUX 32.80, TIF 61.50, CE 42, SOA 24, LVS 47, TROW 67, UNP 95.25, UPS 73.40, IBN 46, FWLT 36.50. Stocks that can be shorted under their 50 day MAs and the corresponding sell stop prices are JCI 39.60, TRW 57.50, RS 53.30, LULU 72.40, WSM 34.90, NFLX 200, AMP 61, FISV 61, COF 47.50, HON 55.

Good luck.

The author is flat.

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