Friday, April 8, 2011

Thursday Recap

Markets closed basically flat Thursday. Concerns over another 7.4 magnitude earthquake in Japan affected indexes, but they rallied back from the lows. Retail performed nicely as same store chain sales for the most part exceeded forecasts. Leading stocks were quiet Thursday with some still hovering just below their former buy points. These include DE JOYG HAL. Others like INFA LULU OPEN still remain above buy points. Chips were weak as once again you guessed it. SMH found resistance once again right at its 50 day MA. The more that line is bumped up against, the more likely it is it burst through it. But wait for it to be confirmed. Put in your buy stop at 35.40. AAPL continues to languish below its 50 day MA for the time being, as the Nasdaq continues to have difficulty closing above the 2800 level. The S&P 500 is nearing its cup with handle buy point at 1344. Not much in the way of economic reports or earnings, however AA kicks off the new earnings season on Monday after the close.

Stocks near specific buy points include AGCO 56.13 in a double bottom with handle base. Double bottoms without handles are R 52.31, STT 47.90, BEAV 39.05. Cup bases are TYC 47.43, WDR 42.30, BBD 22.64. Flat bases are AMP 65.22, VRSN 37.67. Cup with handles are NCR 20.72, MMC 31.18. LTD broke out Thursday from a 35.58 cup base buy point.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are LLTC 34.30, MSCC 21.80, TXN 35.40, LAZ 43.60, GR 88. Stocks which retook their 50 day MAs Thursday were AVT GS IL. Stocks near 50 day support are ARMH 28, ALTR 41.40, AVGO 31.75, FCS 18.10, MCHP 37.05, MT 36.20, GSM 21.90, A 43.60, DHR 50.50, CBE 64, DOV 65.10, JOYG 94.50, APC 80, FTI 46.25, CNQ 47.50, CHK 32.60, DVN 89.60, HAL 46.25, NBL 92, PTEN 26.85, BTU 66.80, PBR 39.05, CLR 66.25, RDC 40.50, SLB 90.25, SUN 43.05, TCK 56, WMB 29.50, RIO 70, SWC 23, CBG 25.55, CBS 23, DTV 45, ETN 54, BLL 35.95, RL 122, TPX 48, DKS 38.75, TDC 48.25, EL 92, MCD 75.15, SBUX 34.25, DD 53.90, LVS 44, WYN 31, KKR 16.75, URI 31.30, IBM 162, SWK 74.50, ADSK 42, BMC 49.20, ORCL 32.55, RHT 43, TIBX 25, CHRW 73.75, EXPD 50, JPM 46, PAY 49, TER 17.95, CVLT 36, ARBA 31, APKT 70, BGC 42.50, WLP 67, HS 36, AET 36.85. Stocks which found 50 day support Thursday were BWA BP OXY SU VALE ADM AGU POT ARUN OMC CRM KSU UNP UPS RJF SNDK VSEA WCRX CMCSA.

Stocks near 200 day support are ALV 69, MGA 46.50, SWKS 25.25, X 50.10, JKS 24.75, APH 50.15, COH 48.15, RVBD 29.40, YUM 47.50, RCL 38, HOT 55.60, BAC 13.40, XLNX 29, CRUS 18, AMT 50.10. BRCM found 200 day support Thursday, while RIMM found 200 day resistance. SCCO ROVI both lost their 200 day MAs Thursday. As evidenced recently by HPQ NTAP TGT, when you lose your 200 day MA it usually is not a bullish action.

Stocks looking weak and which can be shorted as they lose their 50 day MAs and their sell stop spots are BWA 75, CXO 102.25, BHI 69.50, HES 82.50, VLO 27.90, ATW 43.50, CPX 28.10, PLCM 47.60, ROST 70, HON 56.75. Stocks that can be shorted at their 50 day MAs are ATML 13.90, JBL 21, EMC 26.50, PAYX 32.55, ADTN 44, SYK 61.10. Stocks that lost their 50 day MAs Thursday were ALV TEX DIS WY ASML. Stocks that encountered 50 day resistance Thursday were ADI MXIM EBAY YUM PAYX PMTC GR. Stocks showing relative weakness Thursday were KLAC LRCX NVLS SWKS NFLX.

Good luck.

We sold FCX yesterday as it looked like for a second day it would reverse lower. I was faked out. We did make $2.50 on the trade, but as gold trades at another record high and copper strong as I write Friday morning, I was wrong. I will look to reenter today as near to its 57.74 double bottom buy point.

The author owns TTM RAX F.

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