Markets displayed classic bearish behavior opening at their highs and closing hard upon their lows. A benign call on commodities before the bell by Goldman gave the market an early bump, but that faded as the day went along. Volume was up on the Nasdaq and lower on the S&P. The indexes have made a series of higher lows, but living below their 50 day MAs. They need to take those trendlines out soon. Was the recent 50 day violation a product of stops being blown out, and now the rally can resume its uptrend. Im skeptical, but as always the market action, not my opinions are what is most important. Transports and semis were weak today. Even healthcare, a recent leading group and defensive, was soft. A sign of risk on being put back into place with the rise in energy today? Again I doubt it with many energy stocks closing upon their lows of the day, but let see how the markets behave. Tomorrow we get reports on durable goods and earnings before the bell from COST HRL RL and after the close from NTAP SMTC.
Stocks that can be put on a watch list and their specific buy points are cup with handles SYK 64.71, CHRW 81.63, MOLX 28.20, TEL 38.16. Double bottoms are EXPE 28.01, ATW 45.20, MON 74.56. 3 week tight patterns are ALB 71.45, ITW 58.89. COH 61.54 in a 4 week tight pattern. VMW 99.29 in a cup with high handle and NKE 86.63 in a double bottom with handle base.
Stocks near 50 day support are HBI 29.20, CE 46.40, PPO 60, WYN 32.50, AGP 64.70, CI 45.05, UNH 46.80, WCRX 23.75, LULU 92, AMZN 186, BBBY 53, LTD 37.50, CBS 25.15, VIAB 48, MKC 48.70, ABV 30.05, ABB 25, WCN 30, CHKP 52.55, INFA 52.05, TTWO 15.60, KSU 54.15, NSC 69.60, UNP 98.75, A 47.25, ADS 88, COF 52.70, CPX 30.95, EQT 49, NFX 72, HK 24.70, MWV 32, ACN 55, ADP 52.50, IBM 166, IRM 32, MCO 36, VCLK 16, EMC 27.05, PCS 16.85, QCOM 55, TWC 74, ALTR 44.90, ADI 39.50, MXIM 26.10, B 22.50. Stocks that found 50 day support today were EMN PX SBUX AVT IFF IP TYC UTX RVBD PLCM MCHP. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are APD 92, HUN 19, ROC 50.85, JWN 46.25, PAG 20.60, IR 49, ARBA 32.85, ORCL 34, KKR 17.75, ATI 67.75, GSM 22.25, APC 78.50, APA 126, BP 45.30, BHI 72, CLR 66.50, EXXI 34, HAL 48.10, KEG 16, NE 43.20, WNR 17.15, WMB 31.25, HON 59.25, TIN 23.20. Stocks that retook their 50 day MAs today were PTEN MON DECK CRZO CPX MRO OXY.
Stocks near 200 day support are PVH 62, DOW 33.75, PPG 82.15, SOA 21.50, VPHM 17, DKS 35, EBAY 29.50, WSM 35.35, DIS 38.65, CBE 57.60, JOYG 82.75, MTW 15.05, MDRX 19.55, FDX 90.10, TTMI 14.20, IVZ 23.50, TROW 60.20, TKR 46, DVN 78, DO 70, MDR 19.50, RDSA 66.40, SPN 32.95, DD 49.60, ETN 48.75, MMM 88.90, CTSH 71.10, OMC 45.10, JNPR 36, OPEN 78.75, KLAC 40, SPRD 17.45, TXN 32, BHP 88, CMI 101, SLW 34.15. Stocks that found 200 day support today were WRC FTI RIO BWA POT DE JPM. Stokcs that found 200 day resistance today were NUE ANR MUR BTU SUN SWKS. Stocks that can be shorted at 200 day resistance are MAR 37.90, LVS 42.25, RCL 39.95, BID 42.30, WFT 20.15, F 15.05, LRCX 48. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are HOT 57, RHT 42.60, APH 51.80, ALV 72, NETL 33.60. RIG can be bought thru 71, if it can regain its 200 day MA.
Stocks that can be shorted at 50 day resistance are VFC 99.35, FMC 84.25, LYB 41.25, CAR 18, STJ 51.90, ANN 29.90, AN 34, DKS 40.45, WFM 63, DIS 42, DOV 65.50, ADSK 43.50, CSX 77.15, AMP 62, HES 80.50, OIS 76, RDC 40.80, SGY 31.80, OMC 48.05, CMCSA 25, JDSU 20, AA 17, TRW 54.15. Stocks that found 50 day resistance today were RES RRC SE UPL WMB TRW PVH ROC EBAY FAST UPS GSM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ABC 40.25, CVO 53.60, CNI 74.45, PKI 26.60, COG 52.30, CCK 37.50. Stocks that lost their 50 day MAs today were DFS ARW GTI APKT.
Good luck.
The author owns HK TIBX BTU FCX.
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