Markets rose on light volume Tuesday as indexes closed near highs for the day. Perhaps the huge load of earnings this week and the upcoming holiday slowed trade. The indexes did not manage to reclaim their 50 day MAs. GS finished lower after reporting before the bell. After the close a number of techs including VMW JNPR INTC all were trading higher. IBM was the only one falling after the bell. Tomorrow expect earnings from ALV EMC LRCX STJ UTX YUM before the open and AAPL CMG LRCX QCOM after the close. FCX WLT also report on Wednesday. Existing home sales are reported Wednesday as well.
Stocks near specific buy points include: Double bottom with handles are DOV 67.51, BG 74.50, AVT 35.33, BLL 37.09, TROW 68.69, AMZN 188.37, R 52.16, BBD 21.44, SIAL 66.35. Cup with handles are CPX 32.59, UPL 50.91, BGC 45.82, ALTR 44.47, NFLX 248.98, JWN 47.38, CBI 42.59. Flat bases are WMB 31.99, SWK 77.57, DHR 53.11, VRSN 37.67. Cup bases are IL 30.41, BUD 64.87, ABV 32.10, ABX 55.82. 3 week tight patterns are VIAB 47.97, MWV 32.34, TDC 51.47, ACN 57.02, TWC 73.29. Double bottoms are MOS 83.51, AAPL 354.52, COH 56.81. MJN broke out from its 61.56 double bottom base but closed just pennies below it at the close.
Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are APA 103.50, ACI 34.25, CHK 33.25, CLR 67.25, XOM 84.70, PXD 101, TCK 55, WFT 22.35, JOYG 95.25, AGCO 53.75, AGU 92.25, DE 92.90, POT 58.25, ATML 13.90, AVGO 32.25, MSCC 21.55, HOT 59.50, CNI 73.35, GR 86.40, EBAY 32.40, QCOM 55.50, ALV 73.90, FCX 53.40, RIO 70.50, VALE 33.60, ROSE 44.20. Stocks that retook their 50 day MAs today were CAT DOW PPO DD EMC SLW CLF. Stocks near 50 day support are CVX 103, SGY 29.75, WLL 67.20, CBE 64.50, MTW 20.30, ROK 90, LYB 39.25, SOA 24, HS 37, STJ 49.50, VPHM 18.50, ARW 40.90, WAT 84.25, CHKP 50.05, INFA 49, ORCL 32.75, TIBX 26, SMTC 24.10, ADS 81.50, PAY 50.25, EXPD 50, UNP 96, ADP 51, DKS 39.10, SBUX 35, WFMI 61, EL 93.25, BHP 94, ARUN 30.75. Stocks that found 50 day support today were COP EXXI GPOR IO MRO NBL RDSA SM UPL WLP DTV CTXS ARMH BX CTSH FLIR KBR RKT.
Stocks near 200 day support are SUN 39.40, RIG 68, WCRX 22, MON 63.50, APH 50.80, KLAC 38.25, LRCX 47, MSCC 20.05, NVLS 31.20, XLNX 29, RVBD 30, UPS 70, MTL 27, OMC 44, AMX 55, VALE 32. MT retook its 200 day today and F found support their. To demonstrate the importance of 200 day support lets look at the following stocks. Up today from 200 day support were NOG 4%, SWKS 3%, X 5%, ALV 5%. TCK has rallied over 10% since finding 200 day support Monday.
Stocks showing good relative strength today were BHI HAL CROX. Stocks also showing excellent relative strength and hitting all time highs today were PX UA LULU MELI. BTU still looks strong as its chart still shows the stock making higher highs and higher lows. And it had a nice intraday reversal even though it finished lower. I am going to try and purchase it tomorrow and use todays 62 low as a stop.
Stocks that can be shorted at their 50 day MAs are CXO 105, APC 80.25, BEXP 34.20, DVN 89, HES 82.25, MDR 24, NOV 78.75, VLO 28.50, BMC 49.60, TXN 35, UTX 83.20, AMP 62, COF 51, URI 32, PAG 20, AEM 68.10. Stocks that encountered 50 day resistance today were ARBA CRM. AMX PAAS both lost their 50 day MAs today. Put a sell stop to short FAST at 62.75.
Good luck.
The author owns TTM RAX F.
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