Thursday, April 14, 2011

Thursday Recap

Markets for a change finished on a somewhat positive note today. Down early on a weak jobless claims number, indexes fought back to basically unch by the close. Volume was not as upbeat as the moves on the indexes however. The S&P 500 found support near the big, round 1300 number and closed right at its 50 day MA. The Nazz also closed right at its 50 day MA. Leading stocks are acting decently, and we even saw a couple of well received IPOs today in ZIP ARCO. Silver and gold both were up sharply as the dollar hit another low for the year. Is this a correction in the bull that began in March of 09, or are we about to start a meaningful correction? I do not know, and no one knows. Thats why it pays to have both long and short opportunities to take advantage of. Another concern I have is the emergence of some defensive names that are behaving very well these days. They include KFT CLX SWY KR KO BUD PM. Not stellar growth names that push indicies higher. Energy which is currently the best performing sector looks like it could be undergoing a sector rotation. Many in the group have lost long term uptrend lines. They could recover and power ahead but lets let them prove themselves first. GOOG reported after the close, and took a 5% haircut. Tomorrow BAC reports tomorrow and we get economic reports on CPI, industrial production and consumer sentiment.

Stocks near specific buy points are: Cup with handles JWN 47.38, UNP 99.53, FDX 96.60, UPL 50.91, HK 25.25. Double bottom with handles are CHRW 76.15, AMX 59.50, TIF 63.95, AMZN 188.37, BLL 37.09, WCRX 24.43. Cup bases are BGC 45.75, A 46.91, IL 30.41, ABV 32.10. Flat bases are WMB 32.09, SWK 77.57. Double bottom is COH 56.81. Stocks displaying good relative strength today were OIS PTEN VPHM CHKP IRM GG MCP PRGO CHRW.

Stocks which can be bought if they reclaim their 50 day MAs and their buy stop spots are APC 80.50, BHI 70.25, BEXP 34.40, CHK 33.25, XOM 84.45, FTI 47, HAL 47, MDR 24.30, BTU 67.75, PXD 100.25, SM 71, MSCC 21.75, TXN 35.25, YUM 51, DD 54.50. Stocks that reclaimed their 50 day MAs Thursday were CPX JOYG BG PLCM EAT COH. Stocks near 50 day support are GPOR 30, TJX 50, IO 12, TWC 70.75, RDSA 71, KBR 35, WLT 125, SLW 41, WNR 16.60, RIO 70.10, WLL 66.50, BBD 19, CBE 64.25, CPO 49, PH 91, ROK 89.75, LYB 39, PPG 90, ABC 38, DTV 45.45, ARW 40.95, DHR 51, BRKR 19.30, ORCL 32.75, VRSN 36, ALTR 41.90, IP 28.15, MWV 29.75, ADS 81, BX 17.75, TDC 49, EXPD 50, ACN 53, IBM 162, FLIR 32.75, DKS 39, FAST 63, SBUX 34.75. Stocks that found 50 day support today were APKT CLF APA CVX COP EXXI IO MRO NBL OIS SPN CAT PLL EMN AET HS DE CBS ARBA ADSK BMC EMC CSX BEAV PETM VAL.

Stocks near 200 day support are CAM 48, NOG 22, PBR 36.20, TCK 48.20, WFT 19.60, MON 63.25, MOS 68.50, APH 50.60, JBL 17, ATML 10.30, CY 16.05, KLAC 38.20, LRCX 47, MXIM 22, NVLS 31.05, SWKS 25.55, XLNX 29, HOT 56, UPS 70, MT 34.30, MTL 26.95, GR 81.75, TRW 47.80, FCX 48.15. CRUS F X ALV VALE all found 200 day support today. GS lost its 200 day. Stocks that can be bought if they can reclaim their 200 day MA and their buy stop spots are NKE 81, GOLD 88.40.

Stocks which can be shorted at their 50 day MAs are CXO 104, NOV 78.50, SUN 43.50, VLO 28.50, AVGO 32, GSM 22, OMC 48.90, AAP 64.80, EBAY 32, AA 17, ADM 36.10. Stocks which can be shorted as they lose their 50 day MAs and their sell stop spots are SOA 23.75, AMP 61, URI 31. Stocks which lost their 50 day MAs today were COF CNI GSM. Stocks which encountered 50 day resistance today were ACI XOM HAL SM RIG SPRD DD YUM URI CMI FCX JPM. Stocks which displayed relative weakness today were CLR NOG TCK PAAS PBR GS JPM.

Good luck.

The author owns TTM RAX F.

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