Weekend Stock Reflections

Markets finished poorly Friday, to close hard upon their lows. A midday rally was squelched and volume rose. The question is, was the volume the continuation of the correction developing or due to options expiration? The indexes remain above their key 50 day MAs. For the week the Nasdaq fell 0.9%, and the S&P 500 0.3%. The retail carnage prolonged itself on Friday, as it has done all week, with RL GPS PVH VFC ANN ARO all getting pounded. Banks also were hit hard this week, as the GS assault persisted. Interestingly, amidst all the weak economic news, and the dollar rallying, commodities performed satisfactorily. UUP, a US Dollar ETF, regained its 50 day MA last Friday for the first time this year and enjoyed support their all week long. However,a close look at some commodity ETFs paints an intriguing picture. JJC, the copper ETF, retook its 200 day MA, for the second time in 3 days Friday. USO, the oil ETF, found strong 200 day support Friday for the second time this week. GLD found 50 day support this week as well. SLX, the steel ETF, looks dismal however with the likes of MT, MTL NUE X floundering. Overall, a solid showing for energy and commodities. Monday TECD reports earnings before the bell.

Stocks near specific buy points include: Cup with handles are GR 92.59, JBL 22.02, ABB 27.68, ITW 58.89, CHRW 81.63, QCOM 58.56, MXIM 28.50. 3 week tight patterns (which show solid consolidation during this ongoing correction) are ALB 71.45, WM 39.79, HS 45.21, UNH 51.56, WPI 63.95, ADP 55.06, TXN 35.76, XLNX 36.59. 4 week tight patterns are COH 61.54, CHKP 56.01, IBM 173.64. Cup bases are CY 24.03, SYK 65.31. Square box bases are WYNN 151.83, EMC 28.83.

Stocks which can be bought as they retake their 50 day MAs and their buy stop spots are SOA 24.60, APA 125.75, BHI 72, CRZO 36.25, EXXI 34, HAL 47.90, OXY 102.50, PTEN 28.90, RRC 54.55, WMB 31.25, ARBA 32.70. Stocks that retook their 50 day MAs Friday were CPX SUG CSX. Stocks near 50 day support are ICON 22, CE 46, EMN 100, ROC 50, IR 48.75, BBBY 52.70, EBAY 32, SBUX 36.20, ORCL 33.85, A 47.20, DHR 53, CPO 52, ABV 30, ADS 87.40, DFS 24, CNI 74.75, KSU 54, UNP 98.25, B 22.40, IP 29.85, MWV 31.75, UTX 85.65, RVBD 36, PLCM 52.40, JDSU 20, ALTR 44.50, MCHP 38.55, RAX 41.75, BEAV 36.40. Stocks that enjoyed 50 day support Friday were PVH HUN RHT HON MM CMCSA TRW.

Stocks near 200 day support are APD 87, CBE 57.25, DOV 58.25, MTW 15, PLL 49, PH 82.30, VPHM 17, CLR 57, DVN 77.70, MDR 19.35, NOV 63.25, PXD 85, SLB 78.10, VLO 23, WLT 110, FDX 90.10, DD 49.50, OMC 45, AAPL 320, BHP 87.60, CLF 80, KLAC 40, SWKS 27, AGCO 48, DE 83.05, MON 64.05, ARUN 25, JPM 42.20, ALV 72.15, TKR 46. Stocks that enjoyed 200 day support Friday were FTI RIO SLW F. Stocks that lost 200 day MAs Friday were BTU SUN NUE POT HMC. MUR RIG encountered 200 day resistance Friday. Stocks that can be shorted at 200 day resistance are LVS 42.50, KMX 31, BID 42.10, ANR 51, ACI 30.55, CAM 49.40, EMR 56, PAAS 34.05, SWC 19.90, IBN 48, TTM 27.WRC can be shorted as it loses its 200 day, with a sell stop spot of 53.70. Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are TCK 51, RIG 71, FCX 50.50.

Gap ups still holding in this fragile environment are UHS VAIB AAN BBBY SCSS CTXS N NSC MCO.

Stocks that can be shorted at 50 day resistance are UA 70, LYB 41, CAR 18, AME 43.75, JOYG 94.80, PLL 57, STJ 51.80, DIS 42.05, ANN 29.80, AN 34, DKS 40.50, TSCO 60, WSM 41.50, HES 81, MRO 51.70, OIS 76, RDC 41, SGY 31.70, KKR 17.50, ATI 67, AA 17, NXPI 30.40. Stocks that met 50 day resistance Friday were AN EXXI OIS OMC AAPL. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are DECK 86.75, PX 102, FAST 64.45, UPS 73.10. Stocks that lost their 50 day MAs Friday were STJ ANN PAG TSCO MRO ADSK.

Good luck.

The author owns HK BTU TIBX.