Tuesday, April 12, 2011

Tuesday Recap

Markets fell Tuesday pretty hard but managed to finish off their lows. Volume came in above average on the S&P 500 and lower on the Nazz. The Nasdaq finished below its 50 day MA while the S&P 500 finished right at it. Leading stocks once again had mixed results. Stocks in the energy sector really sold off. Some looking as if their uptrend have changed. CXO PXD for example. Goldman lowered its oil price forecast and the sector plunged. Others like BIDU sold off as well. Some retail stocks powered ahead such as COH TPX NFLX LULU despite the market weakness. Stocks that show strength in the midst off a market correction are usually the first ones to power forward once the uptrend resumes. SDS and VXX both are pushing up against long term resistance levels. Lets see if they can break their downtrends in the coming days. Earnings due out tomorrow are ADTN ASML JPM all before the open and economic reports include beige book, retail sales and business inventories.

Stocks near specific buy points are: Flat bases VRSN 37.67, VFC 100.34. Double bottoms are VMW 91.78, FCS 19.60. Cup with handle is COF 52.97. Double bottom with handle is AMX 59.50.

Stocks near 50 day support are CVX 102.25, GPOR 30, IO 11.95, NBR 28, HK 21.95, RDSA 71, SGY 28.75, WLT 125, WNR 16.40, WLL 68.25, CBE 64.20, BGC 43, MTW 20, PLL 56, ROK 89, CBG 26, LYB 38.75, PX 98.25, ABC 38, HS 36.25, VPHM 18.10, WLP 67.50, CBS 23.30, DTV 45.25, A 44, ARW 40.85, DHR 51, BRKR 19.15, WAT 83.75, BMC 49.45, CTXS 70.20, IL 26.75, ORCL 32.70, NXPI 28.95, SMTC 24, WYNN 125, IP 28.20, EXPD 50, FLIR 32.80, AMZN 176, DKS 39, FAST 63, JWN 44.40, SBUX 34.50, WFMI 60, CROX 17.90, SLW 40.75, ABX 51, PAAS 37, RIO 70.15. Stocks that found 50 day support today were APA COP EXXI MRO OIS PTEN WMB PPO AET WCRX BG DE CRM ALTR NFLX BLL HON BX COF TROW CSX EXPD FDX IBM CMI CLF FCX. UNP reclaimed its 50 day MA.

Stocks near 200 day support are CAM 47.50, NOG 22, OXY 89, PBR 36.20, TCK 48.25, WFT 19.50, APH 50.50, JBL 16.95, CY 16, KLAC 38, MXIM 22, MSCC 20, NVLS 31, SNDK 44, SWKS 25.50, XLNX 29, HOT 55.85, JNPR 34.40, RVBD 29.75, MT 34.25, MTL 26.75, NUE 42, X here, GR 81.25, EBAY 27.95, SHLD 73, QCOM 47.50, TRW 47.50, GS 158, VALE 31.95. F BAC both found 200 day support today. CRUS ALV both lost their 200 day MAs today. BRCM RIMM are both falling further below their 200 day MAs.

Stocks that can be shorted under their 50 day MAs and their sell stop spots are GSM 21.45, PETM 41, TIF 60.75, CLF 92, DECK 84.60, FTO 27, MRO 49.30, NBL 90.50, PTEN 26.75, CAT 104.50, EMN 94.50, SOA 23.75, DE 92.50, ADSK 41.70, HON 57, UTX 83, AMP 61.40, URI 31.05, WDR 39.25, CSX 74.25. CXO had a bad break below its 50 day MA today. First time that has happened in almost one year. Could be a trend changer for that stock. Others that lost their 50 day MAs today were APC BEXP CHK CPX CLR DVN XOM FTI HAL MDR PBR PXD SM SU SUN TCK RIG JOYG DOW ARBA AVGO DD MT OMC AA APKT ARUN. Stocks that can be shorted at 50 day MA resistance are VLO 28.50, AVT 34.50, ARBA 31.10, ASML 43.20, LRCX 54, TXN 35, VSEA 46.25, EMC 26.50, PLCM 48, EAT 24.10, YUM 50.50. More evidence of the weakness in the market can be calculated by the number of leading stocks which have fallen back below their break out buy points. They include CE APA BHI HAL BTU JOYG LYB SOA DE ARW.

Good luck.

The author owns TTM RAX F.

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