Tuesday, April 26, 2011

Tuesday Recap

Markets rallied sweetly a day before the Feds unprecedented press conference following their FOMC meeting. Both the Nasdaq and S&P 500 both broke through resistance levels and closed near highs for the day, which were also new 52 week highs for the indexes. Volume was up sharply from Tuesdays levels, although they were the softest of this year yesterday. Leaders were strangely mixed today with AAPL NFLX OPEN TZOO UA LULU KO all lagging. NFLX UA KO were due to poor earnings reports where the carnage stopped at their 50 day MAs today. IBM, a recent leader, hit an all time high on a 15% dividend hike and a big buyback. Strong groups included the semis, transports and machinery sectors. Cloud related firms were soft. Commodities sold off thanks again to a weaker dollar, and perhaps in front of what may be spoken by Bernanke regarding the easy money that has flooded the financial markets for almost 2 years. Gold, oil and silver all fell today with silver taking the worst of the beating, down almost 5%. Consumer confidence rose and morning earnings reports put a bid under the market, that it really never surrendered. F WAT CMI MMM all set the bullish tone with solid forecasts. After the close today a number of companies reported earnings. AMZN is up while APKT BRCM SWK are all lower. Tomorrow a bevy of earnings reports continues with ATI ARW BHI EAT HES NOV PH PX ROK ROC WLP COP before the bell and AKAM CTXS EBAY NSC NVLS OIS SBUX SPN WLL XLNX after the close. Durable goods will also be reported before the opening.

Stocks near specific buy points include: Cup bases are AVT 37.26, AVGO 34.70, MXIM 28.54, SPRD 24.30, TXN 37.71, CHRW 82.15, KSU 57.08 (earnings Wednesday), EBAY 35.45 (earnings Wed), QCOM 59.94, BUD 64.87, RKT 74.36. Cup with handles are APA 132.60, XOM 88.33, NBL 99.09, AGU 99.24, FDX 96.60, BEAV 39.59, FLIR 35.41, RIO 75.09. Flat bases are CXO 110.99, PLL 59.60, CMCSA 26.01, COP 81.90 (earnings Wed), NOV 82.90 (earnings Wed). Double bottoms are MOS 83.51, KLAC 48.19, EXPD 55.21, OMC 49.88, NVLS (earnings Wed). Double bottom with handle is BBD 21.44 and 3 week tight is IP 31.10. R broke out from a 52.16 double bottom with handle today. HON DOW both continue to add to recent gains from their breakouts last week.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CHK 33.40, DVN 90.20, SLB 90.25, AMX 56.90, TRW 55.75. Stocks that retook their 50 day MAs today were NOV (earnings Wed), OXY AGU APH JBL VSEA CSX ADM AA AMT.
Stocks near 50 day support are BHI 71 (earnings Wed), GPOR 31, MRO 51, SM 72, SPN 38.55 (earnings Wed), TCK 54.25, WNR 17, SWK 75.25 (earnings tonight), CBG 27, STJ 50.15, VPHM 19, CBS 24, IL 28, VRSN 36.15, DD 54.20, BX 18, AAPL 345, YUM 51, CLF 95, KBR 35.50, SBUX 35.20 (earnings Wed).

Stocks near 200 day support are PBR 36.25, RIG 68, WFT 20, LRCX 47.25, SWKS 26, MTL 27.05, ABX 48.95, PAAS 33.25, HMC 37.25. Stocks that can be shorted at their 200 day MAs are CRUS 18, X 51, NKE 81, RIMM 56.50, GOLD 88, MS 27.

Stocks that can be shorted at their 50 day MAs are APC 80, BEXP 34.30, HES 82.25 (earnings Wed), MDR 24.05, AMP 62, TROW 66, URI 1.75, WY 24, AEM 67.50, JPM 46. Stocks that can be shorted under their 50 day MAs and their sell stop spots are FTO 27.80, PAY 51, NFLX 224. WDR lost its 50 day MA today. APC BEXP DVN SLB NUE all met 50 day resistance today. Weakness was met today in BEXP RIG VLO AMP JNPR SLW BAC.

Good luck.

The author owns TTM RAX F FCX.

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