Weekend Warrior

Markets Friday again looked to be loping around. A closer looked revealed some continuing concerns. The Nasdaq itself has been having trouble with the 2800 level. 5 of the last 6 days the index has been above that 2800 level intraday only to finish below it. Indexes have been opening on their highs and closing near their lows. Classic bearish behavior. That being said volume came in well below average. Leading stocks, the real barometer to gauge the health of the market, have been giving conflicting signals. Stocks like WLT LULU ANF CE INFA TIBX UA all remain slightly above their recent breakout points, while CAVM CMG HAL HS hover just below theirs. Stocks hitting all time highs Friday were APC BKE CVX RDSA BHP PAAS TPX LYB TSCO. Gold hit a record high Friday and oil spiked up more than 2%. Silver climbed almost 3%. Gold and silver miners obviously outperformed Friday, while steel, transports and semis were weak. SMH flirted with taking out its 50 day MA resistance, but closed below it once again. Bull/bear surveys remain near elevated levels, which could cause some short term weakness. This bull which commenced in March 2009, is not long in the tooth and plenty of gains can lie ahead, but a short term correction could be just what the doctor ordered. AA kicks off the traditional opening of earnings season after the bell Monday.

Stocks near specific buy points include: Double bottoms ARMH 31.43, FCS 19.60, AEM 76.59, VALE 34.99, AMZN 191.50, LVS 50.75, EXPD 55.21, BGC 44.85. Double bottoms with handles are CMI 113.75, ETN 56.52, RHT 47.98, WCRX 24.43. Flat bases are NOV 82.90, CXO 110.99, WMB 31.99, TDC 51.50, PETM 43.49, AMP 65.22. Cup with handles are DVN 93.66, XOM 88.33, INTU 54.33, MMC 31.18. Cup bases are AVGO 34.69, ABV 32.10, BBD 22.64. 3 week tight pattern is CBI 42.59.

Stocks which can be bought if they can retake their 50 day MAs and their buy stop spots are SPRD 20.60, TXN 35.60, LDK 12.85, SCCO 42.25, VMW 84.25, IVZ 26.25. PMTC retook its 50 day Friday. Stocks near 50 day support are PAG 19.50, ARMH 28, ALTR 41.50, MCHP 37.05, MT 36.10, GSM 22, RS 55.50, A 43.90, DHR 50.40, WAT 83, CAT 105, CBE 64.10, JOYG 95, PLL 56, ROK 88, APC 80, FTI 46.25, BHI 70, BEXP 34, CNQ 47.80, COP 77, HAL 46.25, NBL 91.75, PTEN 26.90, BTU 67, PBR 39, PXD 99.25, CLR 66, RDC 40.25, TCK 56, MRO 50, CLF 93, UA 67, DKS 38.50, DE 92.50, ARUN 29.80, HS 36, EL 92, MCD 75, JWN 44, PETM 41.10, SBUX 34.20, WFMI 60, DD 54, EMN 95, PX 98, NFLX 220, BX 17.60, KKR 16.85, CTSH 77, ADP 50, KBR 34.50, BMC 49.20, ORCL 32.55, TIBX 25, CTXS 70, CHRW 73.25, CSX 75, CNI 72.25, EXPD 50, JPM 46, WDR 39.75, PAY 49, TTMI 17.20, BEAV 36, CVLT 36, APKT 71, MTW 20, HON 57, ROC 47, CBI 37, IT 38.50, WLP 67, CBS 23, DTV 45.

Stocks near 200 day support are ALV 69.25, LLTC 32.50, MSCC 20, NVLS 31, NVDA 15, SWKS 25.50, X 50.10, TEL 31.90, WFT 19.50, APH 50.10, COH 48.10, SHLD 73, AAPL 309, JNPR 34.20, RVBD 29.75, MON 62.50, GOOG 560, RCL 38, LEN 17, FDX 88, GLW 19.05, FNSR 23, CRUS 18, GR 81, MOLX 22.50. Stocks which found support at their 200 day MAs Friday were MGA BRCM JKS SCCO BAC AMT. ROVI encountered 200 day resistance. CCL MAR are falling further below their 200 day MAs. Stocks that can be shorted if they lose their 200 day MAs and their sell stop spots are HOT 55.40, MS 26.70.

Stocks that can be shorted if they pierce their 50 day MAs to the downside and their sell stop spots are ALV 69, BWA 74, TKR 49.50, DOV 64.25, HES 82.25, MDR 23.50, SLB 89.70, SUN 43, VLO 27.55, ATW 43.60, FWLT 35.75, RL 121.50, ROST 69.50, TIF 60.75, URI 31, SWK 74, ADSK 41.50, CHKP 49, VRSN 35.50, UNP 94.25, RJF 37.10, TER 17.50, ARBA 30.50, CCK 37.50, WBC 59.50, AET 36.10. Stocks that can be shorted at 50 day resistance are TRW 57, ADI 39.40, ATML 13.95, CY 20.85, LLTC 34.05, JBL 21, CAM 58, EMR 59.50, EMC 26.50, PLCM 47.75, ADM 36, TEX 35.90, EBAY 32, YUM 50.50, DIS 42.30, PAYX 32.55, WY 24.10, KSU 53, LAZ 43.25, QCOM 55.50, XLNX 33, ASML 43.10. Stocks that lost their 50 day MAs Friday were ATI MTL NUE AVT RIG PLCM ADM VSEA EAT AGCO POT TEX FLR WY FDX KSU UPS GS SNDK. Stocks which found 50 day resistance Friday were LRCX ADI MSCC EMC EBAY DIS VMW LAZ ASML GR WU.

Good luck.

We reentered FCX at 58.06 Friday. Of course it closed below that price Friday as it fell late in the day. I am concerned that it has closed weakly both Wednesday and Friday, amid record high gold prices and copper strength. JJC is nearing all time highs here.

The author owns FCX TTM RAX F.