Thursday, May 5, 2011

Thursday Recap

Markets took another bruising Thursday, for the fourth straight day, as a dollar rally put a major assault on commodities. Oil, gas, coal, silver, gold all were hammered. Oil suffered a 10% decline in one day. Silver down 8%. You get the picture. The S&P 500 fell a little more than 1% on increased volume. The Nasdaq was down half of the S&P's decline and did so in flat trade. The damage did seem to be concentrated on energy. Some leading stocks actually advanced today amidst the horrid tape. PPO EL CE B all were higher on increased trade. Semis, retail, chemicals, healthcare and transports all bucked the sell off today. With the correction we have seen developing since Monday, and with David Tice (noted bear fund manager) getting air time this week, perhaps we can see a mild bounce back tomorrow. Of course with the big employment number Friday morning, even a bad number may be priced in. But a battle seems to be brewing in the markets lately. The margin clerks viciously stopping people out versus the fast buy program trading algorithms. We did not see the market coming off its lows that we have seem a few times this week. Man vs machine. The margin clerks are getting the best of it. Tomorrow brings earnings from CRZO XEC.

Stocks near specific buy points are: Cup with handles PVH 71.91, EBAY 34.75, QCOM 58.56, AVGO 33.92, SPRD 23.09. Cup base is MXIM 28.54. Again use caution as markets are in bear mode.

Stocks near 50 day support are KEG 15.50, OXY 102, SE 27.10, APD 90.75, EMN 97.75, LYB 40.60, PX 101.25, ROC 49, ABB 24.50, AME 43.20, CAT 107, IR 47.75, HLS 24.50, STJ 51, AN 33.90, SBUX 35.90, YUM 51.50, ADSK 42.50, CHKP 51, INFA 50.40, ORCL 33.20, SOHU 90, TIBX 26.90, ARW 41.90, DHR 52, KO 66, CPO 50.50, DFS 23.35, CNI 74, UPS 73.10, HON 58.10, MMM 93, ACN 54, ADP 51.50, BIDU 135, TKR 50.50. Stocks that found 50 day support today were RDSA VFC NFLX DOV DIS DKS ARBA APH BUD KKR CSX AAPL EMC APKT AMT AA TXN AGCO RAX BEAV TRW. Stocks that retook their 50 day MAs today were JBL JDSU RCL CCL. Stocks that can be bought if they can reclaim their 50 day MAs and their buy stops spots are VPHM 19.40, KLAC 46.

Stocks near 200 day support are ANR 50.20, ACI 30.25, BEXP 26, CLR 56, FTI 41, MDR 19, MUR 67.75, NBL 83.50, BTU 58.40, SLB 77, SUN 38, WLL 57, NKE 81.50, LVS 41.95, BID 41.90, ADM 33, TS 44, NUE 42.50, RVBD 31, RIO 65.90, SLW 33.50, MON 64, POT 51.95, WY 19.70. Stocks that found 200 day support today were GES MT FCX SWC F. Stocks that lost their 200 day MAs today were CAM TCK EMR PAAS MOS. Falling further below their 200 day MAs are NOG PBR MTL X ABX MS TTM BRCM.

Stocks that can be shorted at 50 day resistance are CRZO 36, EXXI 33.60, NBR 29.10, MTW 21, PLL 56.50, PH 92, AMP 62, PAY 52, TRN 34, CTSH 79, SWK 75.25. Stocks that met 50 day resistance today were HAL PPG OMC SWKS JPM BWA WFMI. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are FMC 81.50, KMX 33.05, FAST 63.75, CMCSA 24.75, NXPI 30.25. Stocks that lost their 50 day MAs today were plentiful. They include APA BHI CRZO XOM MRO OIS PTEN RRC SGY WLT WMB SOA VRSN BX DD BHP GG GOLD ARMH DE.

Good luck.

We bought a very small amount of FCX at its 200 day MA not far from here, and some HK right about here as well as it found 50 day support. An energy stock up on the day displayed rare sector relative strength. Tight leashes on both.

The author owns FCX HK.

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