Markets rallied Wednesday in decent volume, but finished well off of their highs. A test of the 50 day MA in the next day or two could establish whether this rally will resume or the correction will deepen. Oil rallied to finish above $101, giving the energy and commodity sector a boost which began yesterday after a Goldman call. No surprise that the stocks within those sectors that rallied the firmest, where the ones the have displayed the best relative strength. BHI bulged 5% higher and retook its 50 day MA. HAL also rallied 5% and recaptured its 50 day in the process. KEG leapt 8%. Chemical stocks, a recent leading group, showed some muscle today. EMN PX received solid 50 day support, while groupmates APD LYB ROC all retook their 50 day MAs to the upside. TO demonstrate that the strong get stronger, and the weak get weaker, retail continued its horrific action Wednesday. Today the culprits were RL and EXPR. They fell 11% and 12% respectively undercutting their 50 day MAs on earnings. NFLX hit an all time high today. The market does however remain in correction mode, but a move above the 50 day MAs for the indexes in healthy volume would reenergize the bulls. After the close today NTAP reported and was up 4&, and SMTC also reported and was up 7% as we wrote. OVTI TIF both report earnings after the close, and Thursday as always bring jobless claims and GDP.
Stocks near specific buy points are double bottoms EXPE 28.01, ATW 45.20, RRC 57.63, SLB 91.02, MON 74.56. Double bottom with handles are NKE 86.63, BYI 41.34, CHRW 81.63, MOLX 28.20, MXIM 28.50, SYK 64.71. 3 week tight patterns are ALB 71.45, ITW 58.89. COH 61.54 in a 4 week tight base and CY 24.03 in a cup base. VMW 99.29 in a cup with high handle pattern.
Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are HUN 19.15, VPHM 19.60, AN 34.25, JWN 46.25, PAG 20.60, ARBA 32.80, CSX 77.50, ARW 43.55, AVT 35.25, ATI 67.75, GSM 22.25, APC 78.75, APA 126, BP 45.35, CHK 32.50, CVX 106, CLR 66.40, EXXI 34.25, NE 43, RDC 41, SGY 32.15, WNR 17.20, HON 59.50, TIN 23.20, AAPL 342, ALV 75, POT 56.25. Stocks that retook their 50 day MAs today were RES WMB TRW OXY OIS FAST IR TIBX. Stocks near 50 day support are WYN 32.55, CI 45.15, HS 40, UNH 46.95, COST 78, LTD 37.65, CBS 25.15, ABV 30.10, PM 67, ABB 25.10, WCN 30, INFA 52.25, ADS 88, NFX 72, TUP 61, MWV 32, ACN 55.25, ADP 52.55, IBM 166, MCO 36, VCLK 16, ADI 39.50. Stocks that found 50 day support today were DECK HBI BBBY WM CHKP CNI EXPD A JBL PKI TEL COG CPX IFF IP UTX RVBD EMC PLCM AVGO MCHP.
Stocks near 200 day support are EBAY 29.50, CBE 57.75, FDX 90.10, UPS 71.05, TTMI 14.15, IVZ 23.50, TROW 60.20, TKR 46, MDR 19.50, OMC 45.10, OPEN 79. Stocks that found 200 day support today were PVH HOT RHT APH JNPR BWA CMI DE. WRC lost its 200 day today. Stocks that can be shorted at 200 day resistance are LVS 42.50, MAR 37.90, BID 42.40, MTL 27.50, NUE 42.90, ACI 30.75, CAM 49.75, EMR 56, SWC 20, F 15.05. PAAS found 200 day resistance today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are MUR 68.50, BTU 59.85, SUN 40.40, RIG 71, SWKS 27.25, FCX 51.
Stocks that can be shorted at 50 day resistance are DOW 38, FMC 84.25, CAR 18, ANN 30, DKS 40.45, WFM 63, DIS 42.05, ADSK 43.50, DFS 24.20, HES 80.50, CMCSA 25, AA 17. SBUX ARW AVT JDSU encountered 50 day resistance today. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ABC 40.20, KO 66.40, CCK 39.70. COF TYC lost their 50 day MAs today.
Good luck.
The author owns HK TIBX BTU FCX.
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