Monday, May 2, 2011

Monday Monday

Markets closed today in a negative fashion. After futures exploded Sunday night upon the wonderful news that Bin Laden was slaughtered, markets opened decently only to close on a whimper. Put aside the geopolitical success, Mondays and add to that the first trading day of the month, should have been firmer in my opinion. Perhaps the market is a little overbought here, powering ahead on many consecutive days. Energy and industrials were laggards today while healthcare shined. Volume rose on the indexes Monday. Stocks that will report earnings Tuesday before the bell are ANR AMT ADM EMR PRGO RDC and after bell are BEXP CBS CMCSA LVS OPEN PXD. Economic reports Tuesday include car sales, retail same store sales, and factory orders.

Stocks near specific buy points are: Cup bases EBAY 35.45, AVT 37.26, BUD 64.87, MXIM 28.54, XLNX 35.52. Double bottoms are LVS 50.75, KMX 34.73, GES 48.10, EXPD 55.21, OMC 49.88. Flat base is DIS 44.44, 3 week tight is KO 68.57. Cup with handle is CBS 26.27. IP broke out of a 31.10 3 weeks tight base today. Other stocks that are trending lower back to their buy points are EMC 27.57 (flat base), SOHU 102.52 (3 weeks tight), HK 25.25 (cup with handle), COH 58.38 (double bottom). AMZN was strong today, adding to its recent double bottom buy point 188.37, closing above 201.

Stocks near 50 day support are NKE 81.75, SBUX 35.50, CVX 105.50, XOM 84.15, HAL 47.25, PTEN 28.25, APH 55, BX 18.05, TRN 34, BKI 26, AAPL 345, AMT 51.05, FCX 53, RIO 70, AVGO 32, ARUN 32, TTM 26.75. Stocks that found 50 day support today were PXD TCK SWKS TXN. APC can be bought with a buy stop at 81, through its 50 day MA. HMC retook its 50 day MA today.

Stocks near 200 day support are VPHM 16.50, WCRX 22.45, GES 42.95, ACI 30.10, CAM 48.50, NOG 22.50, PBR 36.35, SUN 39.85, RIG 69.15, MTL 27.20, RVBD 31, ABX 49, PAAS 37.50, SLW 33, MON 64, MOS 70, IBN 47.50. MS can be shorted at 27, its 200 day MA.

Stocks that can be shorted as they lose their 50 day MA and their sell stops are RL 125, VFC 97.50, DOV 64.50, PH 91.50, DKS 39.50, TSCO 47.50, HES 82, NBR 29, SM 72, AMP 61.40, PAY 51.75, BWA 75.25. Stocks that can be shorted at 50 day resistance are DECK 87, UA 70, BEXP 34.40, COP 78.25, FTO 28, RDC 41.50, WLL 69, JPM 45.80. Stocks that lost their 50 day MAs today were AEM JPM HP IO NBL WNR WLL BRKR NUE VPHM ACI COP CXO CLR DVN. Stocks that met 50 day resistance today were WCRX APC XEC FTO BTU RDC SLB VLO JBL JDSU CLF POT. Relative weakness was seen today from LULU BHI NOV APKT GG. ICON had a negative outside day today.

Good luck.

We flattened out today. We do not like winners turning into losers. So we are in 100% cash. That can change tomorrow. We were profitable in all our trades, except F, where we took a very small loss.

The author is in cash.

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