Saturday, April 30, 2011

Weekend Stock Reflections

Markets finished the week off with solid gains once again. The Nasdaq finished the week almost 2% higher for the second week. This week came in greater volume. The S&P 500 has also recorded back to back firm weeks. Remember both indexes took out resistance levels this week. The Nasdaq has now risen for 8 consecutive days and is currently at a 10 year high. Impressive since big cap names, albeit leaders from long ago, RIMM MSFT were slammed Friday. Fridays winning groups hailed from the coal, solar and tire making sectors. Stocks that have broken out recently and continue to outperfrorm and tack on more gains are COH APKT ICON KSU HON ALTR HS BHI CE HK. Leaders rising above on solid earnings Friday were CAT OXY. VFC DECK, were retailers that were flattened out. Gold this week hit an all time high of $1556 as the dollar sank to its lowest level since July 2008. Silver finished up the month of April up 28%. GDP was reported at a paltry 1.8% this week for Q1 and the fed showed no signs of leaving interest rates at near 0%. Stocks hitting all time highs this week were CNI TWC GG ARUN DHR K MMM MCHP. A diverse bunch indeed. Earnings before the market opens Monday come from CPO LYB and after the close from APC ADP CHK FMC. RAX NOG WCRX also report Monday. Economic reports due Monday include construction spending and the ISM Manufacturing Index.

Stocks near specific buy points include: Cup bases MSCC 25.06, PVH 72.52, AVT 37.26, AVGO 34.70, CY 24.03, MXIM 28.54, TXN 36.81, XLNX 35.52, CHRW 82.15, EBAY 35.45, BUD 64.87. Cup with handles are CLR 73.58, XOM 88.33, NBL 99.09, UPL 50.91, AGU 99.24, CBS 26.27, FDX 96.60, BEAV 39.59, PETM 43.10. Flat bases are DVN 93.66, ADM 38.12, BMC 51.53, HES 87.50. Double bottoms are KLAC 48.19, SWKS 33.34, EXPD 55.21, OMC 49.88, TRW 60.40. Double bottom with handle is AAPL 355.23, and 3 week tight patterns are KO 68.57, CBI 41.88.

Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are APC 80.25, BTU 68, SLB 90.25, SUN 43.70, WFT 21.85, AGU 92, POT 58, KLAC 46.25, ABX 52.25. Stocks that retook their 50 day MA Friday were ACI CHK COP CLR SU SWKS GSM AMX. Stocks near 50 day support are CVX 105, GPOR 31.75, NBR 29.05, SM 72, CBE 65, MTW 20.80, PPG 91, ABC 39, APH 55, TXN 35, DD 54.20, BX 18.05, PAY 52, DKS 39.85, SBUX 35.50, TTM 26.75. Stocks that found 50 day support Friday were CXO CMG NKE AA VALE BBD RKT.

Stocks near 200 day support are NOG 22.50, PBR 36.20, RIG 69.15, WCRX 22.25, MON 64, MOS 70, JBL 17.05, LRCX 47.35, RVBD 31, MTL 27.10, PAAS 33.50. NVLS found 200 day support Friday. Stocks that can be shorted at 200 day resistance are CRUS 18, X 51, MS 27. Stocks that can be bought through their 200 day MA and their buy stop spots are AEM 70.50, GOLD 88.30. Stocks that have had nice moves off recent 200 day support are MSCC SWKS RIG GR ABX CHRW.

Stocks that can be shorted at 50 day resistance are BEXP 34.50, FTO 28.20, MDR 24.05, NOV 78.50, SPN 38.80, VLO here, ROK 90.50, MAR 36.75, CCL 39.25, AMP here, TROW 65.75, UA 70, SLW 42.35, CLF 95. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are COP 78, VPHM 18.70, BRKR 19.30, NFLX 223, WFMI 61.50. Stocks that met 50 day resistance Friday were AMP EAT JPM HMC FTO SPN TCK VLO. Stocks that lost their 50 day MAs Friday were WCRX JBL DECK UA WY CLF.

Good luck.

The author owns TTM F RAX FCX.

No comments:

Post a Comment