Monday, April 4, 2011

Monday Thoughts

Markets did basically nothing Monday and volume did the same. It was soft. Perhaps indexes are resting and consolidating after a strong 2 weeks. Leading stocks continued to act in a healthy manner. BHP TPX OPEN BIDU all hit all time highs today. LULU continues to hover over its recent breakout buy point stubbornly. UA, HS continue to pack on more gains as well, after last Fridays breakouts. CE broke out from a cup base today. Both WNR BWA broke out above buy points but lacked the volume to be considered legitimate. On the downside AAPL continues to lag, and then semis are being battered around repeatedly. After the close TXN did mention they will acquire NSM at a very rich 78% premium. Lets see how the market greets the news tomorrow. Not much on the earnings front to report of tomorrow.

Stocks near specific buy points include double bottoms TRW 60.40, CAVM 46.08, FCX 57.74, VALE 36.60, BLL 36.54, COH 57.71, AGU 97.98, MON 74.53, SQM 58.01, POT 62.45, AMZN 191.50, ORLY 59.45, TIF 65.29, TAP 48.51, PMTC 24.53, CHRW 78.74, IBN 51.61. Flat bases are CXO 110.99, RL 128.66, SWK 77.57, BMC 51.13, VRSN 37.67, RJF 39.78, MMC 31.18. Cup bases are MTL 34.73, WLT 140.06, FWLT 39.85, DD 56.29, UNP 99.60, BBD 22.64. Cup with handles are ATI 69.85, ADM 38.12, ARW 43.00. WY 25.25 in a 3 weeks tight pattern. LYB 41.22 in a square box base.

Stocks that can be bought through their 50 day MAs and their buy stop spots are TRW 57.75, JBL 21.05, BP 46.85, SWC 23.50, EMR 59.50, EBAY 32.25, LVS 44.50, PMTC 23.20, GR 88, SNDK 47.75. Stocks that reclaimed their 50 day MAs Monday were APKT MOS ALV F MT TCK VALE. Stocks near 50 day support are PAG 19.40, ALTR 41, LRCX 54, MCHP 37, A 43.50, DHR 50.20, DOV 64.50, APC 79.25, BHI 69.50, CNQ 47.10, CHK 32.10, COP 76, DVN 89, XOM 83.25, HAL 46, MDR 23.50, NOV 78, OXY 100.75, SLB 90, SU 43.90, ABX 50.15, DKS 38.25, TDC 48, TEX 35.70, COST 73, JWN 44, YUM 50.20, DIS 42.10, AMP 62, BX 17.20, KKR 16.55, IBM 162, SWK 74.25, ADSK 41.95, EXPD 50, KSU 53, STT 45.30, WDR 39, ASML 43, NCR 18.50, CCK 37.50, BGC 42, HON 57, AET 36.50, WCRX 23.50, CBS 23, IVZ 25.75, CMCSA 24.50. Stocks that found 50 day support today were ARMH WFT PLCM BBBY PETM TER BEAV TTWO VSEA TJX SYK.

Stocks near 200 day support are CY 15.80, LLTC 32.50, MSCC 19.80, NVDA 15, X 50, JKS 24.50, APH 50.10, LDK 10.10, SCCO 39.10, RVBD 29, RCL 37.75, HOT 55.25, LEN 16.75, GS 157, IBN 45.95, CRUS 18, MS 26.75. ROVI BAC FNSR all found 200 day support Monday.
RIMM lost its 200 day MA today. HPQ NTAP MAR VMW all are falling further below their 200 day MAs today.

Stocks that can be shorted at 50 day resistance are ADI 39.30, ATML 14, KLAC 46.75, MXIM 26.20, TEL 35.85, CAM 58, RIO 80.25, XLNX 33, ADTN 44. AMT EMR LVS all found 50 day resistance today. ADI AVGO FCS KLAC EMC JNPR LLL all fell below their 50 day MAs today.

Regarding the semis, in the aftermath of TXNs announcement after hours, who knows if it will signal a change of heart among the group. If they shall try to reassume leadership again look for the stocks that held up well in the face of the sector selloff. About 20% of all the semis I look at on a daily basis have held above their 50 day MAs. They include ALTR ARMH CAVM LRCX MCHP TER ASML NXPI. Look for them to show vigor, IF they become a strong group once again.

We bought F as it reclaimed its 50 day MA right here. Back on the "Mullaly Express".

Good luck.

The author owns FCX TTM RAX F.

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