Tuesday, May 17, 2011

Tuesday Recap

Markets fell Tuesday, but did manage to finish off their lows of the day. In fact they finished at the highs of the day and the Nasdaq even managed to in the green, despite weakness in the semis. Both the S&P 500 and the Nasdaq fell below their 50 day MAs intraday but closed above them on good volume. The markets still are in correction as evidenced by the weakness in the machinery sector, a former standout. Today it was CAT, down 4%. JOYG has traded poorly in the group as well as DOV IR. Economic bellwethers UPS FDX both lost their 50 day MAs today. A close look at the all time high list is full of defensive equities. DPS HRL GIS WCN to name a few. The markets rebound off the 50 day MAs could be the start of something. Tech will be given a boost at the open on positive earnings reports from DELL ADI. AAPL IBM had positive intraday reversals. Even some energy stocks staged a comeback during the days comeback. Tomorrow we get earnings reports from ANF DE before the bell and AAP LTD after the close. Minutes on the FOMC meeting will be released as well as mortgage purchases.

Stocks near specific buy points are cup with handles TEL 38.16, MXIM 28.50, MOLX 28.20. Double bottoms POT 61.90 (POT retook its 200 day MA Tuesday), EXPE 28.01. Cup base SYK 65.31 and CHRW 81.63 in a 3 weeks tight pattern.

Stocks near 50 day support are HBI 28.80, PVH 65.50, CE 46, EMN 100, WYN 32.10, ABC 40, EBAY 31.95, PAG 20.40, WSM 41, VIAB 47.50, ABV 29.85, ITW 55.25, WM 38, CHKP 52, INFA 51.60, EXPD 51, NSC 69, AVT 34.50, PKI 27, TEL 35, ADS 86.50, EQT 48.50, IP 29.50, TYC 47.55, APD 52.05, EMC 27, PLCM 52, MSI 44, ALTR 44, AVGO 32.10, MCHP 38.25, SMTC 26, B 22.10, VECO 49.50. Stocks that enjoyed 50 day support today were VFC HUN PX NFLX CNI ARW CBS GDI ORCL RHT KSU COG SWN HON MMM TDC VIV OVTI ALV.

Stocks near 200 day support are WRC 54, APD 86.50, DOW 33.30, SOA 21.10, VPHM 16.95, DIS 38.50, CBE 57, DOV 58.15, JOYG 82.50, PH 82.20, ROK 74, FDX 90, UPS 71, APH 52, TTMI 14, IVZ 23.40, TROW 60, PAY 40, GTI 19.05, TKR 46, APC 69, CHK 26.85, CRZO 30, CPX 26.50, DVN 77.25, EOG 100, ESV 51, HES 72.10, MDR 19.30, NOV 63, NFX 66, NBL 84, RDC 34.90, RDSA 66.10, SLB 78, SPN 32.50, WLL 58, DD 49.40, ETN 48.20, CTSH 71, OMC 45, JNPR 36, NTAP 51, KLAC 39.75, SPRD 17.10, CLF 79.25, BWA 65, CMI 100, ALV 72, TRW 50. Stocks that found 200 day support today were EXPE RCL CRM DO FTI UPL RIO SLW F. Stocks that lost their 200 day MAs today were HOT MDRX NUE CAM SUN SWKS. ANR BTU met 200 day resistance Tuesday. Stocks that can be shorted at 200 day resistance are BID 42.10, MUR 68, RIG 70, WFT 20.10, TTM 27, LRCX 47.75.

M DISH both have traded tightly after recent gap ups, and MCO is trading very tightly. All bullish signals. COF DFS AXP all trading nicely as well.

Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ANN 29.30, FAST 64.25, JWN 45.40, ADSK 42.70, UNP 97.50, JBL 20.10, ATI 66, IFF 61.60, TUP 59.75, TIN 22.80. Stocks that lost their 50 day MAs today were FMC CAR SAP ATLS JDSU TXN AA CMI TRW. Stocks that can be shorted at 50 day resistance are DOW 37, LYB 41, AN 34, WFM 63, PLL 57, ARBA 32.40, KKR 17.50, HOC 58.25, MRO 51.60, PTEN 28.50, WMB 31, BHP 95.90. Stocks that met 50 day resistance Tuesday were PCLN KEG OXY GM.

Good luck.

We bought TIBX today near its lows of the day near 50 day support. We also did something we do not like to do, but call it traders intuition we added slightly to our BTU. Just a feel. The overall position is still a small one overall, but we will add to BTU if it can regain its 200 day MA.

The author owns HK BTU TIBX.

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