Wednesday, April 20, 2011

Wednesday After Market

Markets jumped Wednesday after a bevy of good earnings reports and a falling US dollar. Volume backed up the big gains and both the Nasdaq and S&P 500 reclaimed their 50 day MAs. Breadth was impressive. Gains were seen in retail, semiconductors and auto related sectors. Rails were weak on an earnings miss from CSX, and banks and ags were weak as well. INTC got the day started after a solid earnings report after the close Wednesday, giving enough of a boost to get the SMH above its 50 day MA. XLE, the energy ETF, also reclaimed its 50 day MA Wednesday. Many leading stocks broke out from bases today signaling the market rally is back on its uptrend. AAPL was behaving beautifully on earnings after the close as was QCOM. CMG was lower. Many retail stocks were among the issues hitting all time highs today. They included FOSL BBBY LTD TJX TIF DECK VFC WRC RL and GG. Tomorrow we can expect earnings before the open from BX CY DHR DD HON KSU MCD MS PPG RAI SLB TPX WFT and ADS COF PLCM INFA after the close. TROW CPX also report Thursday. Along with all the earnings reports we receive data on jobless claims, the Philly Fed and leading indicators tomorrow.

Stocks near specific buy points are: Cup with handles include BHI 75.20, XOM 88.33, HAL 50.84, MRO 54.29, NBL 99.09, UPL 50.91, VRSN 37.60, NFLX 248.98, HON 60.12, FDX 96.60, JWN 47.38, FLIR 35.41, CBI 42.59. Double bottoms are ARMH 31.43, KLAC 48.19, MSCC 22.94, NVLS 37.70, AAPL 354.42 (earnings beat after close), EXPD 55.21. Double bottom with handles are TROW 68.69 (reports Thursday), R 52.16, AMZN 188.36, IBN 51.60, BBD 21.44. 3 week tight patterns are WCRX 24.43, VIAB 47.97, WAT 90.33, DD 56.62, ACN 57.02. Cup bases are QCOM 59.44 (earnings beat after close), ABV 32.10, ABX 55.82, RKT 74.36. Flat bases are WMB 31.99, SWK 77.57, SBUX 38.31. Stocks that cleraed buy ponts today were, ALTR cleared a 44.47 cup with handle buy point. IL cleared a 30.41 cup base. DHR cleared a 53.11 flat base buy point (earnings Thursday). VMW screamed past a 91.78 double bottom base on solid earnings. EMC cleared a 27.69 flat base buy point on earnings as well. TDC cleared a 51.47 buy point in a 3 weeks tight patter. RHT RAX both cleared buy points Thursday only to finish just below them. COH cleared a 56.81 double bottom buy point, but volume did not meet the 40% greater than daily average volume to qualify as a legitimate breakout.

Stocks that can be purchased as they reclaim their 50 day MAs and their buy stop spots are ACI 34.25, DVN 89.50, NOV 79.25, OXY 101.75, SLB 90.25, SU 45.10, AGU 92.35, CY 20.25 (earnings Thursday), MXIM 26.25, TXN 35.50, VSEA 46.60, GSM 22.25, OMC 49.10, EBAY 32.30, ADM 36.30, BWA 76.45, VALE 33.75. Stocks that retook their 50 day MAs Thursday were FCX ROSE MT GR YUM CMCSA ALV CMI F APA APC CLR FTI PXD TCK JOYG AGCO DE AVT TTMI ATML AVGO MSCC HOT UTX CNI. Stocks near 50 day support were SGY 30, CBE 64.25, MTW 20.30, HS 37, VPHM 18.55, CBS 23.90, CLF 94, PAY 50.50. IO IBM PAAS all found 50 day support today.

Stocks near 200 day support are SUN 39.40, JBL 17, RVBD 30.10, X 50.55, AMX 55. Buy stops can be placed on the following stocks as they retake their 200 day MAs. GOLD 88.50, HMC 37.40. Stocks that hit 200 day resistance Thursday were BRCM GOLD MS HMC. AMT reclaimed its 200 day today. Stocks that can be shorted into 200 day resistance are CRUS 18, NKE 81, MS 27, RIMM 56.50.

Stocks that cna be shorted as they hit 50 day resistance are HES 82.25, MDR 24, VLO here, WFT 22.10, WY 24. Place a sell stop on EXXI at 32.80 if it pierces its 50 day MA on the downside. Stocks that encountered 50 day resistance today were CXO BEXP MDR CHK DV NOV OXY VLO POT APH ARBA BMC UPS BWA PAG AEM. CSX had an ugly downside reversai after an earnings miss. Looks like its long term uptrend line is going to be shaky from here on out short term. Relative weakness was seen today by SUN WLT MTW AGU MOS POT CCL LL TYC URI MCP MOBI UNP CSX IRM BUD SLW.

Good luck.

We bought FCX back at 53.89 around 10am, after it pulled back from a dollar higher from where we bought it. Did find 50 day support although it did close upon its lows for the day.

The author owns TTM RAX F FCX.

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