Thursday, May 26, 2011

Thursday Thoughts

Are markets back to climbing the proverbial wall of worry? The last few days they have been shrugging off some bad news to finish higher. Today indexes ignored a weak GDP and jobs report. Good reaction to bad news is a start. Both the Nasdaq and S&P 500 finished right at 50 day MA resistance. Volume was higher on the Nazz, and lower on the S&P. We are back to seeing breakouts which should inspire a little bit of optimism. Yesterday NFLX broke out. Today COH picked up the baton and took out a 61.54 4 week tight buy point on TIF earnings. Tech leader ADS ramped up 3% today after finding solid 50 day support. CRM hit an all time high today, KSU is nearing one. So diverse sector leaders are showing some muscle. The risk on trade seems to be coming back as energy continues its rebound. Retail which seems to be getting shellacked everyday performed feebly today. LULU, a retail stalwart, lost its 50 day MA today in huge volume. Could this sector rotation out of retail recently be signaling stronger commodity prices going forward. That thesis seems to be holding right now. The Nasdaqs strength with weakness from AAPL has to be construed as a positive as well. Not much on the earnings front tomorrow, and we receive pending home sales, consumer sentiment, and personal income.

Stocks near specific buy points are: Cup with handles SYK 64.71, ABB 27.68, CHRW 81.63, MOLX 28.20, TEL 38.16, QCOM 58.56, MXIM 28.50. Cup bases are HOT 65.61, IRM 35.60, CY 24.03. Double bottoms EXPE 28.01, ATW 45.20, CLR 69.72, RRC 57.63, MON 74.56. Cup with high handles are HBI 33.20, WCRX 26.02, ABV 33.34, VMW 99.29. Double bottom with handles are NKE 86.63, EXPD 55.40. 3 week tights are ALB 71.45, ITW 58.89. SBUX 38.31 in a flat base.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop pots are HUN 19.20, SOA 24.75, VPHM 19.70, PAG 20.60, DOV 65.80, ORCL 34.25, ATI 67.75, GTI 21.25, TER 52.15, APC 79, APA 126.25, CHK 32.40, CVX 106, FTI 45.75, HP 64.25, HES 81, NE 43, NBL 93.50, SLB 87.75, SGY 32.20, WNR 17.15, HON 59.40, TIN 23.25, MMM 94.25, APKT 75.25, JDSU 20.30, NXPI 30.50, TXN 35, BHP 96.50, RIO 70.35, POT 56.25. Stocks that retook their 50 day MAs today were AN JWN SBUX ARBA CSX ARW GSM BP EXXI HLX. Stocks near 50 day support are CE 47, EMN 101, LTD 38, VIAB 48.40, VIAB 48.40 WCN 30, FTNT 44, CNI 75, NSC 70, A 47.90, BHI 72, MRO 52, PTEN 29, TUP 61, CCK 39, DHR 53, MWV 32, ACN 55.50, ADP 52.60, PCS 17, TWC 74, ALTR 45, ADI 39.50, B 22.60. Stocks that found 50 day support today were APD LYB PX ROC WCRX FAST WM AVT JBL PKI CRZO NFX HK IFF IP UTX IBM MCHP TRW.

Stocks near 200 day support are DOW 33.85, EBAY 29.50, JOYG 83, FDX 90.10, UPS 71.05, TROW 60.25, ESV 51.30, PXD 85, DD 49.90, ETN 47, JNPR 36.05, KLAC 40, SPRD 17.50, SLW 34.20, ALV 72.85. Stocks that found 200 day support today were RHT APH IVZ ANR DE JPM. WRC BTU retook their 200 day MAs today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are MAR 38.20, CAM 50, SUN 40.40, TCK 51.35, RIG 71.25, WFT 20.55, SWKS 27.35, ABX 49.25, FCX 51.40, AGU 85.50. MUR encountered 200 day resistance today. Stocks that can be shorted at their 200 day MA, if they act as resistance are LVS 42.50, BID 42.50, NUE 42.90, EMR 56, PAAS 34.50, SWC 20. PVH is up a quick $4 in 2 days after finding solid 200 day support.

Stocks that can be shorted at 50 day resistance are VFC 99.50, FMC 84.35, CAR 18.05, STJ 52, ANN 30, DKS 40.50, JCP 37, WFM 63.10, DIS 42.05, ADSK 43.60, TRN 34.60, AMP 61.90, DFS 24.20, RDC 40.75, VLO 28, OMC 48, FCS 19, AA 17. Stocks that found 50 day resistance today were EXPR WMB CMCSA AEM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ABC 40.20, COV 53.70, UNH 46.55, BBBY 52.85.

Good luck.

The author owns HK TIBX BTU FCX.

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