Markets Wednesday performed admirably. Volume rose on a day where the indexes staged an upside reversal. They not only shrugged off early weakness, but closed upon their highs for the day. Very bullish action indeed. Some leading stocks broke out as well. BIDU took out a a 131.73 flat base buy point. FCX screamed ahead 4% and reclaimed its 50 day MA. The Nasdaq also outperformed the S&P 500, a rarity these days ,despite miserable days from CREE ADBE. Tech and miners were strong, while banks lagged. Tomorrow brings durable goods data, and BBY reports earnings before the bell and ORCL RIMM ACN after the close.
Stocks near specific buy points include: Double bottoms CMI 114.40, AEM 76.59, FCX 57.74, ORLY 59.45. Cup with handles are ATI 69.85, NOV 82.46, VLO 30.52, HP 66.00, ADM 38.12. Flat bases are DHR 52.31, BHI 72.00, TIBX 26.04.
Stocks near 50 day support are LMT 80, GSM 20.90, PLL 54, CXO 100, BEXP 31.80, CAM 57, CHK 31.20, DVN 88, HAL 44.50, MDR 22.60, PXD 96.25, RDC 38.55, SU 42.80, WMB 28.50, NBR 26, OIS 70, DKS 37.50, EMC 26, PLCM 36.25, TSCO 52, YUM 50, DD 52.50, PPG 86.25, KKR 16.30, URI 30, SWK 72.50, WY 23.70, CNI 71, AON 49.50, WLP 65.40. Stocks that found 50 day support today were PAG A CBE DOV JOYG XOM OXY CLF RL UA GD RAX LULU ANF CMG LTD CTSH ADP CHKP INTU VRSN TER NCR MMC VSEA HON ERJ TJX SYK. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CMI 107, AVGO 31.50, KLAC 46.60, LRCX 56.65, MCHP 37.15, TXN 35.15, MTL 31.20, BP 47.25, WLT 124.75, AEM 70.25, BHP 92.25, SWC 23.20, BLL 36, JNPR 41, DE 92, SQM 54.25, BBBY 48.30, MCD 75.25, BMC 49.40, LAZ 43.80, XLNX 33, IVZ 25.80. Stocks that reclaimed their 50 day MAs today were RS JBL AA FCX PAAS ORLY DIS BUD ABV ASML MWV.
Stocks near 200 day support are MGA 46, LLTC 32.30, MSCC 19.60, LDK 10, SCCO 39, EMR 54, LOGI 17.75, HOT 54.75, PMTC 20.50, ROVI 51.80, CHRW 70.25, UPS 68.80, GS 156.25, BEAV 33.10, GR 80, WCRX 21.25. F BRCM LVS RHT CRM FDX BAC. CCJ PVH MCD MAR INFY EXPD AMT all met 200 day resistance Wednesday. Stocks that can be shorted at their 200 day MAs are HPQ 43.40, FNSR 23, NTAP 49.65, SNDK 44, CCL 39.70.
PX EMN NBL the next to hit par? NFLX CVLT exhibited relative strength today.
Stocks looking weak today were AAPL COST UNP FTNT. Stocks that met 50 day resistance today were HES RIG SLB PETM IBM CTXS RJF WDR. Stocks that can be shorted at their 50 day MAs are ADI 39.20, CAVM 42, FCS 18.10, SPRD 21, SLB here, FWLT 36.70, ETN 53.50, APH 56.05, DECK 82.50, RVBD 39.25, CE 42, SOA 23.75, AMP 62, AMTD 21, TTMI 17.10, CRUS 22, ADTN 43.90. FTNT can be shorted under 39.75, its 50 day MA.
Good luck.
We purchased both FCX TTM as they both reclaimed their 50 day MAs today. Of course we regret selling FCX at the open yesterday, but we also had the courage to buy it at its 200 day MA 10 days ago when it seemed no one wanted it.
The author owns FCX TTM.
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