Markets for the week were positive for a change. For the first time in 3 weeks the Nasdaq climbed. It advanced 100 points, or 3.6%, to close just above its 50 day MA. The S&P 500 rose 2.7% for the week and also closed above its key 50 day MA. The week offered both news for the bulls and the bears alike. The bulls will say the indexes closed above the 50 day MAs, and that many leading stocks broke out of bases this past week including RES OPEN INFA. The bears can point out that volume did not accompany the move higher for the broad averages. Some leading sectors such as the ags and semis tested their 50 day MAs and failed. SMH was repelled at its 50 day MA to the dime. Negative news seems endless in the housing sector, but XHB has slowly climbed above its 50 day MA, and LEN is carving out its own base. As always pay close attention to the price and volume action of the moving averages, and leading stocks. Many are setting up valid buy points, although that remains risky in this corrective environment. PVH reports earnings after the close Monday. New data for pending home sales is reported Monday as well.
Stocks near specific buy points are: Cup bases BWA 81.17, MTL 34.73, SWN 45.35, CPX 32.82, RAX 40.72, SOA 25.84, FLR 75.86. Flat bases are DHR 52.31, DOV 68.17, PXD 103.76, RDC 43.42, SM 74.94, EMC 27.75, PLCM 50.97, EL 95.65, PPG 90.44, WYN 32.46, SWK 77.48, COF 53.08, AON 53.15. Cup with handles are HAL 48.94, COP 81.10, XOM 88.33, NOV 82.46, HP 66.00, MRO 52.89, URI 33.73, VRSN 37.67. ARW 43.00. Double bottoms are JCI 42.32, ORLY 59.45. CAM 63.26 in a 3 weeks tight pattern. Encouraging was the action in stocks RES which broke out on Monday from a 21.67 cup with handle, OPEN from a 96.07 flat base buy point Thursday and INFA also on Thursday which broke out from a 49.86 flat base buy point as well. All 3 stocks continued to advance through the week.
Stocks near 50 day support are DKS 37.95, PAG 19, KLAC 46.20, LRCX 53.25, MCHP 37, GSM 21, A 43.25, JBL 20.90, CBE 63, PLL 54, CXO 101, APC 78.50, BHI 67.50, BEXP 32, CNQ 46.25, CHK 31.80, DVN 88, HES 82, MDR 22.50, OXY 99.50, PTEN 25.50, SU 42.90, SPN 36.50, WMB 28.85, OIS 70.50, AA 16.60, CLF 90.50, PAAS 35.95, TDC 47.50, DE 91.50, LYB 37.80, ADP 49, WY 23.90, CHKP 48.10, INTU 50, NCR 18.25, MMC 29.10, CMCSA 24.25, WU 21, TJX 48. XOM OXY CRZO JPM RJF SYK all found 50 day support Friday. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CMI 106.50, ARMH 28, X 57.25, AVT 35.25, BP 47.30, BHP 92, RIO 70.25, FWLT 37, BLL 36, JNPR 41.70, RVBD 39.75, AGU 92, MOS 81.50, POT 58.50, NOC 68.80, AMP 62.50, OMC 48.60, LEN 20.50, CHRW 74.30, CRUS 22.25, WCRX 23.85. Stocks that reclaimed their 50 day MAs Friday were MTL HES WLT ETN AAPL SQM MCD SOA IBM UNP LAZ TTMI PVH (PVH earnings after Mondays close).
Stocks near 200 day support are LOGI 17.70, SCCO 39, VALE 31.20, ALV 68, F 14.25, MGA 46, BRCM 39.50, LLTC 32.25, MSCC 19.55, MT 34, TEL 31.25, JKS 24, WFT 19, LDK 10, BBBY 44, BUD 56, ABV 25.85, PAYX 29, CRM 120, EXPD 47.60, BBD 19.20, GS 156.50, MS 26.80, STT 42, QCOM 46, SNDK 44, BEAV 33.45. AEM HPQ NTAP VMW AMT WHR all found 200 day resistance Friday. MAR EXPD BBD all found 200 day support Friday. BAC lost its 200 day Friday. Stocks that can be shorted at their 200 day resistance are CCL 39.70, TAP 46.80.
Stocks looking weak and that can be shorted at their 50 day MAs are ADI 39.25, ATML 14, AVGO 31, CAVM 41.50, FCS 21, MXIM 26.25, NVLS 38, SPRD 21, TXN 35, AEM 69.50, AMZN 175, BBBY 48, COST 73, HOT 61, AMTD 21, TROW 66.25, FDX 91.80, ADTN 44. Stocks that can be shorted under their 50 day MAs and the sell stop spots are RL 119, LULU 76, HON 56. ADM lost its 50 day Friday. Stocks that displayed relative weakness Friday were TCK RIG SLB AEM GOOG TGT QCOM. 50 day resistance was met for CMI ADI SMH ATML AVGO CAVM SWKS TXN MT NUE SWC BHP FWLT BLL SHLD AGU MON MOS POT BBBY TIF AMTD Friday.
Good luck.
The author owns FCX TTM.
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