Wednesday, May 18, 2011

Wednesday After Market

Markets rebounded Wednesday but, before you breathe a sigh of relief, trade was very weak. Since yesterday when the Nasdaq and S&P 500 closed above their 50 day MAs, after piercing them intraday, they have behaved decently. The only thing missing is volume and leading stocks breaking out. However today, two leaders broke out. ADI took out a 41.80 cup with handle base after an earnings beat. VECO broke out of a cup base at 53.41. Oil and gas, chemicals, tech, health care and media stocks shined today. Commodities even rose despite the Fed signaling that tighter monetary policy ahead. A respectable amount of equities retook their 50 day MAs Wednesday as well. But lets wait for some volume to kick in before we get excited. Tomorrow we receive reports on jobless claims, housing starts and leading indicators. Earnings come from BKE WSM before the bell and ARUN ADSK CRM after the bell.

Stocks near specific buy points are: 3 week tights are COH 61.54, ITW 58.89, CHKP 56.01, CHRW 81.63, PKI 28.85, MWV 34.61, IBM 173.64, ALTR 49.69, MCHP 41.60. Cup with handles are PVH 71.91, EBAY 34.75, WM 39.79 (base dates back to 6/08), MOLX 28.20, TEL 38.16, MXIM 28.50, COG 57.68 (base dates back to 6/08 as well). Cup bases are CY 24.03, SYK 65.31. Double bottom is EXPE 28.01. Flat base is AMP 65.22. QCOM 58.56 in a 4 week tight base. EXPD 55.40 in a double bottom with handle pattern.

Stocks near 50 day support are HBI 29, ABC 40, PAG 20.40, EQT 48.55, CCK 38.60, UTX 85.25, RVBD 36, EMC 27, TDC 51.90, ALV 74.25. Stocks that found 50 day support Wednesday were DECK PX STJ JWN GDI IR ADSK ORCL RHT CNI KSU APH IFF APKT. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are AN 34.25, TROW 64.75, GSM 22.25, APA 126, BHI 72, CPX 30.80, ESV 51.75, HAL 47.60, MRO 51.90, PTEN 28.75, RRC 54.25, SUG 28.40, WMB 31.25, OMC 48.60, AAPL 343, JNPR 39.75, SPRD 20.25, BHP 96.30, RIO 69.90. Stocks that retook their 50 day MAs today were JDSU FCS TXN GM HOC NFX CMCSA VRSN FDX UPS GTI APD FMC ROC PCLN MAR RCL SBUX ARBA SAP CRM.

Stocks near 200 day support are WRC 54, VPHM 17, APC 69, FTI 41.20, NE 38, ETN 48.45, CTSH 71, SLW 34. Stocks that retook their 200 day MAs today were MDRX NUE ANR BTU SUN SWKS F. Stocks that met 200 day resistance today were BID BP TCK. Stocks that can be shorted at 200 day resistance are CAM 49.25, MUR 68, RIG 70, EMR 56, LRCX 48, TTM 27, PAAS 34.05.

Stocks that can be shorted at 50 day resistance are UA 70, DOW 38, SOA 24.40, CAR 18, HOT 58, DKS 40.55, WFM 63, CBE 65, CSX 77, TRN 34.50, SGY 31.50, VLO 28, AA 17, NXPI 30.50. Stocks that met 50 day resistance Wednesday were LYB KKR ATI TS HAL KEG OIS OMC CMI TRW. Stocks that can be shorted as they lose their 50 day MA and their sell stops are VFC 98.75, ANN 29.40, FAST 64.25.

Good luck.

The author owns HK BTU TIBX.

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