Wednesday After Market

Markets were flat Wednesday with, the exception of the Nasdaq. Tech outperformed as RVBD gave an upbeat forecast. The Nasdaq was up 0.6% and regained its 50 day MA in the process. The S&P 500 closed right at its 50 day MA. Volume was lower, as that has been the trend recently. Again though markets ended the day in the lower half of their trading ranges for the day. More importantly leading stocks behaved well today. The beige book was upbeat and seemed to give the indexes a bid. Some retail stocks were up today on good retail sales such as COH DECK LULU. JPM traced an outside reversal day after signaling a dividend hike was not going to be soon. Tomorrow we hear earning reports from CHKP FCS before the open and GOOG after the close. Before the open we also will hear about jobless claims and PPI.

Stocks near specific buy points are: Double bottoms are WCRX 24.43, RHT 47.98, BLL 37.09, AMZN 188.37, TIF 63.95, AMX 59.50, CMI 113.75. Cup with handles are HK 25.25, ADSK 44.60, DFS 25.09, UNP 99.53, DECK 92.87. Cup bases are IL 30.41, VRSN 37.67, BUD 64.87. Flat bases are A 46.91, EMC 27.69, VFC 100.34. Double bottoms are VMW 91.78, ARMH 31.43, COH 58.38. 3 weeks tight is CBI 42.59. Stocks that showed good relative strength today were INFA ACN PRGO IL. Stocks holding recent gap ups for 4 consecutive days which is very bullish are BBBY EXPR GG. TPX will be there tomorrow if it can hold that gap up one more day.

Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are CHK 33.25, MDR 24.25, JOYG 96, F 15.25, EAT 24.40, SPRD 21.25. Stocks that retook their 50 day MAs today were ARBA PLCM EMC ARUN. Stocks near 50 day support are CX 102.25, NBR 28, RDSA 71, SGY 29, WLL 66.25, WMB 29.90, CAT 105, CBE 64.25, BGC 43, MTW 20.10, PLL 56, ROK 89.25, CBG 26, LYB 38.80, SOA 24, AET 37, ABC 38, WLP 67.50, CBS 23.45, ARW 40.90, DHR 51, BRKR 19.20, BMC 49, ORCL 32.75, NXPI 29, SMTC 24, MWV 29.60, ADS 81, COF 50.90, TDC 49, EXPD 50, ADP 50.15, CTSH 77.70, FLIR 32.85, DKS 39, FAST 63, JWN 44.50, SBUX 34.70, TJX 50, KBR 35, SLW 41, ABX 51, RIO 70.10, BBD 19, CPO 49. Stocks that found 50 day support today were APA COP IO EXXI
MRO NBL OIS PTEN SPN WMB HS BG DE CRM ALTR UTX TROW CSX PETM CLF.

Stocks near 200 day support are NOG 22, PBR 36.20, TCK 48.20, WFT 19.55, JBL 17, CY 16, KLAC 38, LRCX 47, MSCC 20, NVLS 31, SWKS 25.50, XLNX 29, HOT 56, MT 34.25, MTL 26.90, NUE 42, EBAY 28, WY 19, FCX 48.10, GS 158, VALE 32. CRUS X ALV found 200 day support while BAC lost 200 day support today.

Stocks which can be shorted at 50 day resistance are CXO 104, APC 80, ACI 34, BHI 70, DVN 89.50, XOM 84, HAL 46.50, NOV 78.50, BTU 67.50, RIG 80.25, VLO 28.50, DOV 65, DOW 37.15, TTMI 17.50, ATML 13.85, MXIM 26, KSU 53.10, OMC 48.95, YUM 50.75, ADM 36.15, BWA 76, AA 17. Stocks that can be shorted as they lose their 50 day MA and their sell stop spots are EMN 94.50, HON 56.60, UTX 82.80, AMP 61.30, URI 30.90, WDR 39.25, CNI 72.30, JPM 45.40. 50 day resistance was met today by CHK PXD SM SU RIG DOV AVGO TXN DD UPS ATI MT AA GSM. AAP FCX CMCSA all lost their 50 day MAs today. HES PBR SLB TCK all showed relative weakness today.

Good luck.

The author owns TTM RAX F.