Markets fell today as volume increased, squelching last Thursday-Mondays mini rally. The Nasdaq closed lower by .9%, while the S&P 500 slid 1.1%. Anything energy related was given a 2" by 4" to the head, as the greenback rose about 1%. We pointed to the energies sector weakness from the first day of the trading month of May. Could this dollar bounce be a dead cat bounce, or the beginning of something bigger. Time, and more importantly, the charts will tell. A multitude of leading stocks lost the 50 day support they have come to enjoy for quite a many months. Technically the S&P 500 can retreat to its 50 day MA near 1310 and have done absolutely no damage to the uptrend. CSCO was lower after hours on earnings. Tomorrow JWN reports after the bell. Economic reports Thursday include PPI, jobless claims and retail sales.
Stocks near 50 day support are APD 91, HUN 18.50, ROC 49.80, CAR 17.75, ABB 24.55, CAT 107, HS 39, AAN 25.70, PAG 20.30, OXY 102, SE 27.25, ARBA 32.25, INFA 51, ORCL 33.50, DHR 52.50, CPO 51.25, DFS 23.55, KSU 54, UNP 98, ACN 54.20, ADP 52, CMCSA 25, TWI 26.40, TKR 51. Stocks that enjoyed 50 day support on this weak tape were LVS DOV KEG HK EMC AA RAX WFM. RVBD showed strong relative strength today and a buy stop can be place at 37.20 on it, if and as it reclaims its 50 day MA.
Stocks near 200 day support are NKE 81.75, WRC 53.80, JOYG 82, PH 82, KMX 30.80, APC 68.25, BEXP 26.10, CXO 85, CLR 56.25, DVN 77, FTI 41, HES 72, NOV 62.25, NBL 84, BTU 58.75, RDC 34.60, SLB 77.60, SU 38, SUN 40, WLL 57.50, NUE 42.75, GG 45.50, RIO 66, SWKS 26.60, MON 64, POT 52, JPM 42.05. Stocks that lost their 200 day MAs today were CAM MUR TCK ADM FCX MT PAAS SWC AGU MOS BBD TTM. Stocks that found 200 day support today were BID ANR ACI BUD SLW. Stocks that can be shorted at 200 day resistance are RIG 70, EMR 56, FCX 50.10.
Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are TXN 34.50, AGCO 53.85, BIDU 136.50, BWA 75.75, DECK 87, VFC 98, FMC 82.50, LYB 40.50, PX 101.50, PCLN 500, AME 43.25, FAST 64, SOHU 90, APH 54.50, CSX 76.40, ATI 66, AAPL 343, TDC 51, MCP 61. Stocks that lost their 50 day MAs today were PPG SOA DIS (earnings) SBUX APA CPX EXXI HAL HLX MRO PTEN RRC SGY WLT WNR WMB BX TRN DD BHP NXPI DE ARUN. Stocks that can be shorted at 50 day resistance are UA 70, PPG 91.50, PLL 56.75, SGY 30.65, BRKR 19.75, PAY 52.25, OPEN 100, KLAC 45.10, NXPI 30.25. Stocks that found 50 day resistance today were VLO VSH CTSH GOLD KLAC CBE VPHM BHI MDR RDSA.
We sold FCX for a $1 loss today as it lost its 200 day, which was the catalyst for purchase. Discipline.
The author owns HK.
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