Thursday Thoughts

Markets rallied Thursday on the last day of Q2 and QE2. The Nasdaq outperformed once again as it gained 1.2%, to the S&P 500s 1% gain. For the quarter both indexes finished down very slightly. But Thursday the indexes managed to recapture their 50 day MAs. Volume was decent. All time highs are becoming abundanT. BBBY AVGO CE FOSL FTNT SBUX SQM TIF all did so today. Some leaders tried to break out of bases today, but volume was soft and they all closed below buy points. They included VFC DOV XLNX NSC UNP. See if the volume can kick in tomorrow and they can close above their buy points. Machinery was strong with JOYG CAT PH all gaining big ground today. Electronic stocks enjoyed healthy gains as well with ARW AVT A JBL posted sweet results. Tomorrow brings consumer sentiment, manufacturing, auto sales and construction spending.

Stocks offering precise buy points are: Double bottoms EMN 106.34, PCLN 519.49, WYN 35.34, MWV 33.12, AA 16.93, MCP 6.53, MON 74.56, DOV 68.10, ADS 95.37, OIS 80.10, WMB 31.83, HON 60.20, RAX 44.81, DECK 93.74, BHP 96.04, CVX 105.31, BHI 76.75, TKR 52.49, ORCL 34.40. Cup bases are PLL 58.99, HP 70.56, RRC 59.74, IBM 173.64, NOV 80.75, NSC 75.10, PAG 23.34. Flat bases are ALB 71.89, TWC 79.31, APD 96.10, BAX 60.60. Cup with high handles are CRM 154.09, TMO 65.96. M 30.10 in a cup with handle base.

Stocks near 50 day support are RAX 42.20, AET 43, HS 43, HUM 78.25, UNH 49.60, JWN 45.95, YUM 54.40, VIAB 49.50, NUAN 21, TIBX 27.90, X 45, APC 75, EQT 51. Stocks that found 50 day support today were DECK NBL GSM UTX DAR. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are LYB 40.45, VPHM 18.80, CTXS 81.50, SAP 62.25, TTMI 16.30, CHK 30.45, ADI 39.70, BRCM 34.25, WMB 30.60, PVH 66.60, DOW 37.20, CAR 17.45, RCL 38.30, XOM 82.25, ABB 26.25, HLS 26.45, XPD 51.75, JBL 20.95, GTI 20.60, CXO 93, BTU 59.90, HK 25.25, PXD 91.75, SE 27.55, SGY 31, VLO 26.30, CCK 39.15, IP 30.25, ADP 53.60, AAPL 339, ARMH 29, MCHP 38.95, NXPI 28.25, ABX 46.60, MOS 68.75, ENDP 40.75. Stocks that did retake their 50 day MAs today were NTAP QCOM ALTR SMTC WSH MWV ETN RDSA EBAY COST KO CHRW BLL APH.

Stocks near 200 day support are DOW 35, EOG 102, MXIM 24.50. OPEN found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are BID 44, MT 35.25, TS 46.25, CAM 50.75, NBR 25.25, SU 39.50, EMR 56.70, PAYX 30.95, JDSU 17.10, TXN 33.20, IPI 33.50. Stocks that retook their 200 day MAs today were SOA IR APH NTAP CMI. Stocks that can be shorted at 200 day resistance are DIS 39.20, ADSK 39.55, IVZ 24, DVN 80, KLAC 41.30. Stocks that met 200 day resistance today were CBE VRSN AMP BP NBR UPL. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are ANN 25.50, FCS 15.75.

Stocks that can be shorted at 50 day resistance are HOT 57.10, SYK 60, DKS 39, LTD 39, TROW 60.75, HES 76, PAY 46.25. Stocks that met 50 day resistance today were PVH MAR ABB HLS ITW EXPD JBL COF CHK NFX BTU DHR MCO VCLK AA GM. WLP can be shorted under 77.50, as it loses its 50 day MA.

Good luck.

We added some FCX as it passed it 200 day MA on decent volume today. We also bought some DE as it looks like it has bottomed and finished the day strongly on powerful volume after being lower early in the day.

The author owns XOM FCX DE.

Wednesday After Market

Markets made it a trifecta Wednesday, gaining for the third consecutive day. Today volume kicked in for the first time however. The S&P 500 with its large energy exposure outperformed the Nasdaq, due to chip softness. Both indexes which had successful tests off their 200 day MAs, now are about to challenge their 50 day MAs. More and more leaders are shaping proper buy points (discussed in next paragraph), and more broke out today as well. A very bullish picture when leaders break out and outperform their peers. Today FMC broke out from a 84.92 double bottom. PX broke out from a 106.33 double bottom. CRZO broke out of a 40.97 cup base. Rails were strong today, possibly hinting at a stronger economy a few months out. The recent missing picture has been the absence of financial leadership. Today they joined the broad rally. Ags were strong with MOS MON (MON earnings today) rallying 5% each. Thursday brings jobless claims amd Chicago PMI.

Stocks offering specific buy points are: Double bottoms DECK 93.74, ABB 27.19, DOV 68.10, ORCL 34.40, ADS 95.37, ATI 67.96, TKR 52.49, BHI 76.75, CVX 105.31, XOM 83.85, NBL 94.11, OIS 80.10, BHP 96.08. Cup bases are VFC 108.97, PAG 23.34, NSC 75.10, DRC 55.98, NOV 80.75, IBM 173.64. Flat bases are BAX 60.60, UNP 105.28.

Stocks near 50 day support are APD 92.50, AET 43, UNH 49.50, YUM 54.35, RHT 44.50, TIBX 27.90, KSU 55.95, TMO 62.20, HAL 48, TWC 76. ABC AXP RAX all found 50 day support today. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are EMN 102.25, PCLN 506.50, WYNN 142.35, HLS 26.30, KO 67, ABB 26.10, PH 88.75, CHRW 78.90, JBL 20.25, PKI 27.35, COF 52.70, KKR 17.15, TKR 50.80, CVX 103.25, DO 71.30, XOM 82.25, OXY 104, BUT 60.30, HK 25.25, RDC 38.70, SE 27.55, SGY 30.70, WMB 30.75, ETN 50.60, HON 59.15, MWV 33.10, ADP 53.50, VCLK 17.20, EMC 27.60, ALTR 46.40, SMTC 27.30, BHP 94.25, MOS 69.25, WAT 96, WSH 40.95, ENDP 40.50. Stocks that retook their 50 day MAs today were DECK ALB PPG BID PL ROK ERTS TEL MT X APC CPX COP CLR FTI PTEN SPN TCK IFF.

Stocks near 200 day support are PVH 63.50, DOW 35, SYK 57, TTMI 15, CHK 28, RDSA 68.20, MXIM 24.50, MCHP 36, AA 15.50. VPHM EOG VLO OPEN VECO all found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are NBR 24.95, SU 39.45, UPL 46.30, IPI 33.60. Stocks that retook their 200 day MAs today were EBAY CXO FTI PXD SUN ETN. Stocks that can be shorted at 200 day resistance are SOA 22.55, DIS 39.20, CBE 59.40, IR 45, ADSK 39.50, APH 53.05, AVT 32.95, AMP 58, IVZ 24, BP 44.10, HES 75.60. Stocks that met 200 day resistance today were WSM VRSN EXPD GTI TS NFX FCX.

Stocks that can be shorted at 50 day resistance are COV 54.90, ANF 71, ANN 28.70, ITW 56.15, PAY 46.30. Stocks that met 50 day resistance today were CAR LVS RCL COST DKS LTD CAT CHRW UPS ATI APA BHI HK RDC CCK MWV MMM QCOM ARMH AEM MOS WSH.

Other stocks to gain noteable mention are CAM X, both of which seemed to have broken secular downtrends today. Both recapturing their 50 day MAs in the process. DVN has been a notable energy laggard of late.

Good luck.

The author owns XOM.

Tuesday Recap

Markets were strong for a second day in a row Tuesday. For a second straight day however volume was weak, softening the move. Of course as the summer months approach volume traditionally tails off. Once again the Nasdaq outperformed the S&P 500, with a 1.5% gain. Leading stocks outperformed the market, which is a good sign of a healthy market. WPI and LULU rose 4% Tuesday. FOSL 3%. HOC, COG 7 and 5% respectively. Some even broke out today, a rare recent occurrence. FAST broke out of a 34.48 cup base buy point. SBUX broke out of a 38.31 flat base buy point. SAPE took out a 15.05 flat base buy point. NTGR steamed ahead of a 43.77 flat base buy point as well. NKE surged 10% on a solid earnings report, and surely some short covering as well. AAPL after reclaiming its 200 day MA Monday is sniffing out its 50 day MA right here. Former leader OPEN reclaimed its 200 day today too, gaining 5%. Strong sectors today included energy and the semis. SMH reclaimed its 200 day MA, with leader AVGO rising 4% in the group. XLE found solid 200 day support Monday and rallied 3% today. Tomorrow MON GIS report before the open and pending home sales, mortgage applications and oil inventories are all reported.

Stocks offering exact buy points are: Cup bases UA 80.10, VFC 108.97, WLP 82.02, PAG 23.34, SCSS 17.96, ABV 33.34, NSC 75.10, CRZO 40.97, XLNX 36.59, BEAV 40.91, ILMN 76.91. Double bottoms are FMC 84.92, PX 106.33, DOV 68.10, ADS 95.37, OIS 80.10, WMB 31.83, HON 60.20, RAX 44.81. Flat bases are APD 96.10, CE 53.02, CHKP 56.44, HLA 51.55, TWC 79.31. Cup with high handles are CRM 154.09, TMO 65.96. 3 weeks tight is AET 45.50 and M 30.10 in a cup with handle base.

Stocks near 50 day support are UNH 49.30, WCN 30.95, WNR 16.40, CL 85.10. Stocks that received 50 day support today were AGN YUM BMC CNI KSU KEG. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are PVH 66.50, ALB 68.25, PPG 89, CAR 17.55, WYNN 141.50, HLS 26.25, DKS 39.25, PIR 11.75, ABB 26.05, CAT 105.25, JOYG 90.80, PH 89.25, CHRW 78.95, EXPD 51.50, TEL 36.10, APC 75.75, APA 122.50, BHI 72.25, CAM 48.50, COP 74, CLR 63.40, NBL 89.75, OIS 76, HK 25.25, SLB 85, SPN 36.50, TCK 50.20, DD 53.15, HON 59.10, MWV 33, UTX 86.90, OMC 47.30, EMC 27.60, CMCSA 24.95, PCS 17.55, QCOM 56.40, ARMH 29, ALTR 46.95, SMTC 27.35, FCX 50.80, WAT 95.75. Stocks that retook their 50 day MAs today were COH RL WYN AGP ABC JWN VIAB ROK ERTS NUAN TIBX UNP A GSM ATW EQT HP NOV RRC EMR TYC CLF RIO POT IPI.

Stocks near 200 day support are SYK 57, ARW 37, JBL 18.80, MOLX 24.25, KKR 15.10, CHK 28, ADI 37.50, MCHP 36. DOW ORCL ATI MXIM all found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are CXO 90.25, PXD 88.25, SUN 40.90, ETN 50.40. Stocks that retook their 200 day MAs today were UPS TTMI PAY TKR EOG RDSA VLO OPEN AA BHP AGU. Stocks that can be shorted at 200 day resistance are SOA 22.55, EBAY 30.10, BID 43.90, DIS 39.15, CBE 59.50, IR 45, ADSK 39.45, VRSN 33.90, APH 53, AMP 58, IVZ 24, GTI 19.80, TS 46, BP 44.10, DVN 80, NBR 24.75, NFX 68.25. VPHM FTI NE all found 200 day resistance today.

Stocks that can be shorted at 50 day resistance are EMN 102, HOT 57.50, COV 54.90, ANN 28.75, COST 80.50, LTD 39, ITW 56.15, CTXS 81, PAY 46.50, MTL 26.95, X 45, NTAP 52. Stocks that found 50 day resistance today were DECK LVS MAR RCL MT MRO PTEN SLB IFF BLL DD CMCSA MSI VALE GM MON ARUN. BAX can be shorted under 57.25, its 50 day MA. AEM lost its 50 day today.

Stocks that displayed relative weakness on a strong tape today were JNPR WSH KKR CBE DIS VRSN and WSM which closed down 2% and lost its 200 day MA in the process.

Good luck.

The author owns XOM.

Monday Thoughts

Indexes sprinted higher Monday with the Nasdaq outperforming up 1.3% The S&P 500 almost climbed 1%. Volume was tame by last Fridays standards, softening the validation of the move. Although the market remains in corrective mode, some bright spots are developing. The S&P 500 continues to find support at its 200 day MA. The calls for a market fall seem to be accelerating, and as we know the markets rarely do what everyone wants them to do. More leading stocks are setting up specific buy points. However break outs have been few and far between. The market also reacted positively to some disappointing personal income data. Good action in response to poor news, has to be interpreted as bullish behavior. NKE was up handsomely after hours on good earnings and ACN powered ahead more almost 7% on being added to the S&P 500. ACN handily beat earnings late last week. PLCM hit 10 year highs today also. Tomorrow consumer confidence, Case Schiller home price index and store sales at major retail outlets.

Stocks offering precise buy points include: Cup bases are AMZN 206.49, BBBY 58.00, FAST 34.98, PAG 23.34, ABV 33.34, DFS 25.86, XLNX 36.59, BEAV 40.91, UA 80.10. Double bottoms are DOW 68.10, CLF 91.36, ALV 77.08, RAX 44.81. Flat bases are SBUX 38.31, NTGR 43.77. CRM 154.09 in a cup with high handle pattern.

Stocks near 50 day support CE 49, HUM 78, UNH 49.15, M 27, SCSS 16, QLIK 31, TUP 63.25, AVGO 34, DAR 17. Stocks that found 50 day support today were APD PPO NFLX AET AGN BAX CI WLP WFM CBS WCN CHKP RHT FDX NSC TMO R HOC DISH. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are FMC 83.95, CAR 17.55, WYN 33.25, JWN 46.25, VIAB 49.50, ABB 26, NUAN 20.95, TIBX 28, CHRW 78.95, CNI 76.25, GSM 21.50, ATW 42.25, HP 62.25, NOV 72.30, SPN 36.45, BLL 38.30, DD 53.10, MWV 33, UTX 86.40, VCLK 17.05, CMCSA 24.95, MSI 46.25, ARMH 29, CLF 88.80, RIO 69, IPI 31.55, RAX 42.40, ENDP 40.40. Stocks that retook their 50 day MAs today were PX YUM BMC VMW ADS AXP WNR IBM RVBD DTV TWC AEM.

Stocks near 200 day support are HBI 26.95, PVH 63.50, PPG 84.20, STJ 45.05, DKS 36.05, CAT 96, ROK 78, JBL 18.75, MOLX 24.30, KKR 15.05, CPX 28.25, HLX 14.10, OXY 96, MCHP 36. Stocks that found 200 day support today were SYK ANN JOYG ARW PKI CLR XOM ADI NXPI VECO SWC ARUN. Stocks that can be shorted at 200 day resistance are SOA 22.50, EBAY 30.10, DIS 39.20, CBE 59.25, IR 45, ADSK 39.40, VRSN 33.80, UPS 71.70, APH 53, AMP 58, IVZ 24, GTI 19.75, TS 45.75, BP 44.10, FTI 42.75, MDR 20.10, NBR 24.70, NFX 68.25, PXD 88, SLB 81.80, VLO 24.05, ETN 50, KLAC 41.05, TXN 33. Stocks that met 200 day resistance today were TTMI PAY TKR APC APA OMC AA. Stocks that can be shorted as they lost their 200 day MAs and their sell stop spots are DOW 34.50, WCRX 22.75, WSM 36.10, KO 64, TEL 34.15, FCS 15.80. Stocks that lost their 200 day MAs today were ATI VPHM. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are NBL 86.75, RDSA 68.75, AGU 87, BHP 90.25. Stocks that retook their 200 day MAs today were ORCL ROVI AAPL MXIM.

Stocks that can be shorted at 50 day resistance are DECK 87, ALB 67.75, EMN 102.25, LVS 42, MAR 33.75, RCL 38, AGP here, ABC 41.25, COV 54.90, HLS 26.10, COST 80.40, LTD 39, BID 43, ITW 56.15, PLL 55.10, CTXS 81, ERTS 22.45, UNP 101.25, COF 52.20, BHI 72, HAL 48, IFF 63, CCK 38.95, EMR 54.70, ALTR 46, GM 30.60. COH RL CRZO POT all met 50 day resistance Monday. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are CL 84.60, IRM 32.40. DRC lost its 50 day MA Friday.

Good luck.

We bought some XOM as it found 200 day support Monday.

The author owns XOM.

Weekend Warrior

Markets slumped Friday, adding to the recent corrective woes. Volume came in higher than the Thursdays levels, due to rebalancing in the Russell 3000 index. For the week the Nasdaq outperformed, halting its 5 week skid, closing up 1.4%. It closed just below its 200 day MA, and now rests 8% off its recent 52 week high. The S&P 500 closed down for the week, albeit very marginally at 0.24%. A look at its weekly chart shows 3 tight closes, all within 3 points of each other. Tight trading action usually means a coiling of the spring, followed by a big move one way or the other. The S&P 500 has managed to hold that 200 day MA. For that it must be given credit. It now rests 7.5% off its recent high. It is hard to make a case for a healthy market given the 3 leading sectors currently. Healthcare, food/alcohol, jewelry. Sprinkle in some utilities and the game the institutions are playing is clearly defense. In the trading world things can change very quickly, so as I have my doubts, it is only prudent to keep a watch list in case things turn rosy, as well as short setups. Charts that hold up well in a correction tend to be the strongest once a rally resumes. Among those that fit that bill are TSCO AVGO TUP HS WPI FOSL TIF WCN CBS NSC FTNT INFA N NTGR QLIK PLCM TDC to name a few. Chemicals and restaurants were the groups that bucked Fridays weakness. Among the laggards were the oil and gas group, due to the SPR release. Refiners especially were hit hard. GLD lost its 50 day MA for the first time since early February this year. A contrarian indicator painting a somewhat better picture is the ratio of bullish investment advisers compared to bearish ones. Bullish advisers have fell to lows not seen since last October. Currently that number stands at 37.6%, down from its highs in the 60s. Bearish advisers are rising the fastest also since last October at 28%. NKE reports after the bell Monday and personal income will be released.

Stocks offering specific buy points include: Flat bases are APD 96.10, NSC 75.10, SAPE 15.05, NTGR 43.77. Double bottoms in the chemical sector are FMC 84.92, PX 106.33, ROC 52.86, ARBA 34.05. 3 week tight patterns are AET 45.50, CI 50.94, MSI 47.10. UA 80.10 in a cup without handle base.

Stocks near 50 day support are CE 49, CI 48, HUM 77.95, UNH 49, BBBY 54.90, FAST 32.80, M 28, PAG 20.55, SBUX 36.10, SCSS 16, CBS 26.20, WCN 30.75, INFA 54.25, N 32.15, QLIK 31, RHT 44.60, CRM 140, TMO 61.80, CI 85, EL 98.20, TPX 62, TUP 63.25, PLCM 57.40, AVGO 33.90, MCHP 35.95, DAR 17, BEAV 37.20, ACOM 38. Stocks that found support at their 50 day MAs Friday were PPO AGN AET WLP AMZN WFM ABV CHKP VMW CRZO HOC KEG AEM. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are PPG 89.15, NUAN 20.95, TIBX 28, A 49.75, HP 62.25, DD 53.15, IPI 31.50. ACN DFS retook their 50 day MAs Friday.

Stocks near 200 day MAs are COH 54.10, HBI 26.85, LYB 35, CAR 15.10, WYN 30.80, WCRX 23, DKS 36, JWN 43, PM 62, ABB 23.20, CAT 96, DOV 60.40, ITW 52.95, JOYG 86, ROK 77.80, CTXS 71, SAP 56.25, CHRW 75.20, CSX 23.05, FDX 91, JBL 18.70, KKR 15.05, ATI 59.60, CVX 94.50, CPX 28.25, COP 69.25, CLR 59.25, XOM here, NOV 67.10, OXY 95.75, HK 20.95, SWN 38.50, HON 54.10, IP 27.45, DHR 48.35, MMM 89.90, TYC 43.95, UTX 80.70, ADP 48.80, VCLK 15.45, EMC 24.65, CMCSA 22.85, QCOM 52, NXPI 22.75, VECO 46.05, ARUN 26.05. Stocks that found 200 day support Friday were VPHM ANN TTMI TEL APC CHK XOM DD ADI. Stocks that can be shorted at 50 day resistance are SOA 22.50, DIS 39.15, VRSN 33.80, UPS 71.10, APH 53, AMP 57.85, GTI 19.75, TS 45.75, NE 38.75, PXD 87.75, ETN 50, OPEN 81.45, JDSU 17.05, TXN 33, DNR 20.10. Stocks that met 200 day resistance Friday were IR PAY SUN AA BHP POT. Stocks that can be shorted as they lose their 200 day MAs and their sell stops spots are DOW 34.50, STJ 44.80, SYK 56.40, ANN 25.30, WSM 36.10, KO 64, ARW 36.40, PKI 25.30, SPN 34, RVBD 33.75, FCS 15.70. Stocks that lost their 200 day MAs Friday were CBE PH WN ORCL TKR APA RDC RDSA SLB VLO AAPL MXIM. One stock that finished up on the day displaying relative strength was CLF. Put in a buy stop if it can reclaim its 200 day MA at 88.50.

Stocks that can be shorted at 50 day resistance are DECK 87.50, ALB 67.50, EMN 102, LVS 42, MAR 35.60, RCL 38, AGP 66.75, COST 80.50, LTD 39, BID 43, PLL 55.10, BMC 52.50, ERTS 22.40, UNP 101, ADS 90.50, AXP 49.15, MTL 26.50, HAL 48, SGY 31, CCK 39, BLL 38.05, EMR 54.75, TWC 76. Stocks that met 50 day resistance Friday were ALB FMC JWN PIR DOV CSX A MOLX AXP GSM ATW HLX MRO IFF CTSH RIO MON AGU. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are BAX 57.90, AN 33.50, WFM 60, KSU 55.25, DRC 49.75, IRM 32.35, DISH 27.50. Stocks that lost their 50 day MAs Friday were COH RL ABC COST YUM BMC CNI ADS WNR.

Good luck.

Author 100% in cash.

Thursday Thoughts

Markets staged a huge comeback Thursday, reversing off nasty early losses. Volume expanded giving the move some validity. Both major indexes found support at their 200 day MAs. Week jobless claims had the market reeling early, but news of a Greece bailout plan put the market on a recovery course, which ended with market closing hard upon their highs. Bullish behavior indeed. Recent earnings reports from the likes of FDX yesterday, and CAT JOYG lately, suggest the global economy might not be as fragile as feared. Merger activity continued after hours as a higher bid for SUG sent the stock surging. ETE IP VFC COF all announcing buyouts as of late as well. I am taking a more bullish stance regarding markets. Whichever event you want to give credit for the market rallying, whether it was Greece, oil plunge, the market rallied. The tape can not be ignored. Add the bearish action of some defensive leaders today such as KO CL, and maybe some risk appetite is returning. ORCL was down after hours, while TIBX ACN were up on earnings. Tomorrow not much on the earnings front, but we get the latest take on Q1 GDP and durable goods.

Stocks offering specific buy points in this improving market are BBBY 58.00, XLNX 36.59 in cup bases. Double bottoms are DOV 68.10, ACOM 42.09, RAX 44.81. SBUX 38.31 in a flat base and M 30.10 in a cup with handle.

Stocks near 50 day MAs are UNH 49, AN 33.65, FTNT 23, NSC 71, WNR 16.45. Stocks that found 50 day support today were COH CE AET AGN BAX CI FAST PAG YUM CBS ABV CRM CNI ADS R EL TUP IRM NTGR DISH B SQM DAR. Stocks that can be bought as they retake their 50 day MAs and their buy stop spots are PVH 66.75, WYN 33.25, JWN 46.30, NUAN 20.95, CHRW 78.75, MOLX 26.40, DFS 24.35, GSM 21.55, ATW 42.50, CPX 32.10, COP 74.50, HP 62.50, NOV 72.30, BLL 38.25, MWV 33, UTX 86.45, ACN 56.25 (had earnings after bell), IBM 168, EMC 27.60, QCOM 56.25, ARMH 29, RIO 69.50, ALV 75.40. Stocks that retook their 50 day MAs today were RL PPO WFM RHT FDX RVBD.

Stocks near 200 day MAs are PPG 84, CAR 15.05, STJ 45, WSM 36.40, ROK 77, KKR 15, CHK 28, HON 54, IP 27.40, CMCSA 22.75. Stocks that found 200 day support today were DOW SYK VPHM WCRX ANN DKS CBE JOYG PH ARW JBL PKI TEL ATI TKR CLR XOM RDC RDSA VLO DD FCS MCHP NXPI VECO ARUN. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are IR 45.30, NBL 87, SUN 40.95, ETN 50.25, NTAP 52.50, OPEN 81.75, NVDA 17.25, TXN 33.10, CLF 89, POT 53.30. Stocks that retook their 200 day MAs today were PAY OMC AAPL MXIM. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are KO 63.80, SPN 33.85. Stocks that can be shorted at 200 day resistance are SOA 22.50, EBAY 30.10, ADSK 39.25, VRSN 33.80, APH 53, AVT 32.90, AMP 57.90, BP 44.10, PXD 88, CTSH 72.50. UPS PAYX met 200 day resistance today.

Stocks that can be shorted at 50 day resistance are DECK 87.50, LVS 42, RCL 38, AGP 6.40, LTD 39, BID 43.25, MTL 26.55, HAL 48, CCK 39, EMR 54.90, TWC 76. NKE COST met 50 day resistance today. ERTS EQT CSX all lost their 50 day MAS today.

Good luck. After todays action I am bullish once again and as long as that 1260 line on the S&P 500 holds I will remain so.

Author is 100% in cash.

Wednesday After Market

Markets reversed lower on Wednesday, and closed hard upon their lows. The Nazz managed to find 200 day support, and volume was tamer than the day before. The S&P 500 which 200 day line was never violated on a closing basis is still comfortably ahead of that line in the sand. The Fed said unemployment would likely rise and the economy is weaker than expected. But of course it is TRANSITORY. If I hear that word one more time...... FDX JBL two well received earnings reports, both met resistance right at their 50 day MAs. AAPL found its rebutting right at its 200 day MA. BBBY RHT PAYX were all up after hours on earnings. Today after the bell we have a trio of tech earnings with ACN TIBX ORCL all reporting. Economic reports include home sales and weekly jobless claims.

Some more stocks creating valid buy points include MRO 54.43 in a flat base and WNR 19.60 in a cup base. HOC did manage to break out Wednesday, clearing its 66.65 cup base buy point on a weak tape. ENTG attempted to clear its 9.74 cup base buy point, and it did intraday, but closed just below it.

Stocks near 50 day support are COH 59.25, CE 48.75, ROC 50.30, CI 47.75, M 26.95, SCSS 15.85, YUM 54, CBS 26.05, WCN 30.75, KSU 55.05, UNP 101, ADS 90, CRZO 36.40, DAR 17, KEG 16.35, TUP 63, DISH 27.95, MSI 45.80, B 23.45, SQM 59. Stocks that can be purchased as their reclaim their 50 day MAs and their buy stop spots are KO 67.15, MOLX 26.30, BHI 72.25, CPX 32.10, COP 74.50, HP 62.50, PTEN 29.60, SLB 85, SPN 36.90, ACN 56.25. Stocks that reclaimed their 50 day MAs Wednesday were WCRX ATW NOV WNR.

Stocks near 200 day support are HBI 26.80, CAR 15.05, JOYG 86, PH 85.10, WM 37, ORCL 31.20, ATW 36.50, ATI 59.40, CHK 28, RDSA 68, VLO 24, DD 50.75, APKT 60, CMCSA 22.75, QCOM 52, FCS 15.95, SMTC 23.85, VECO 46, CLF 82, MON 65.50, ARUN 26. Stocks that received 200 day support Wednesday were ROVI TTMI APC OMC ADI RIO SWC ALV. Stocks that can be shorted at 200 day resistance are EBAY 30.05, DIS 39.10, APH 53, IVZ 24, GTI 19.75, TS 45.75, BP 44.05, DVN 79.75, FTI 42.35, NFX 68.10, ETN 49.90, JDSU 17, DNR 20.05. Stocks that met 200 day resistance Wednesday were SOA IR MDRX VRSN UPS AMP PAY CXO NBR NBL PXD CTSH AAPL OPEN MXIM AA. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are VPHM 17.30, ANN 25.30, DKS 35.75, CBE 58.75, NXPI 22.10. Stocks that lost their 200 day MAs Wednesday were NKE BHP POT. FDX NE both reclaimed their 200 day MAs Wednesday and a buy stop can be placed on NBR at 24.80, if it can retake its 200 day.

Stocks that can be shorted at 50 day resistance are DOW 37.10, EMN 102, FMC 83.50, LYB 41, MAR 35.70, COV 54.80, STJ 51, VIAB 49.30, ABB 25.95, TEL 35.95, CAM 49, HAL 48, CCK 39, EMR 54.95, MWV 32.90, ADP 53.40, EMC 27.50, DTV 48.25, VALE 31.50, WSH 40.85. Stocks that met 50 day resistance Wednesday were PPG RCL WYN AGP PIR WFM KO DOV PLL CHKP NUAN CHRW FDX JBL DFS GSM MTL BHI COP OXY PTEN SLB SPN SGY DHR MMM UTX MCO NTAP RIO ALV AGU WAT IPI. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ALB 66.50, ABC 40.90, WLP 76.25, COST 79.80, BMC 52.10, ERTS 22.05, CRM 139.50, BLL 37.55, IRM 32.50. NKE JWN lost their 50 day MAs Wednesday.

Good luck.

Author remains 100% in cash.

Tuesday Recap

Markets Tuesday staged a strong rally, especially the Nasdaq which motored ahead by 2.2%. In the process, it retook its 200 day MA. Volume was heavy, however trade was tame by normal standards Monday. Breakouts, a rarity these days, occurred today. HS cleared a 45.21 flat base buy point. Others tried, but closed just beneath valid buy points. Those included TUP HOC. Retail was strong once again today with leaders in the group potent. LULU FOSL TIF all hit all time highs Monday. Gold and silver stocks surged today. AEM PAAS were both up 7%. SLW up 6%. ARUN was higher by more than 9%. The feel of the market to me was that of short covering, or a dead cat bounce. The violent move of the previous mentioned stocks as well as some big moves in the ag sector, are reminiscent of sharp, volatile bear market moves. Of course we are not in a classic defined 20% lower bear, but the poor action suggests strength should be sold into. That being said the move must be respected. Pick your spots on the charts, keep losses small, and let the winners run. Same as always. ADBE was down after hours, while JBL was flat. Greece Parliament gave their PM a vote of confidence as well after the close. Wednesdays economic reports include oil inventories and interest rate announcement from the Fed. Both are reported during market hours. Earnings announcements tomorrow include FDX before the bell and BBBY PAYX RHT after the close among the stocks we follow.

Buy points now exist for the following: Cup bases are UA 80.10, HOC 66.65, ENTG 9.74. Double bottoms are PX 106.33, ROC 52.86. Flat bases are ABC 42.60, ABV 33.34. EL 104.10 in a square box base.

Stocks near 50 day support are COH 59, COST 80, M 26.80, YUM 54, CBS 26.05, QLIK 30.50, NSC 71, KEG 16.30. Stocks that found 50 day support today were ERTS DAR. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are EMN 102.25, PPG 89.25, WYN 33.15, VIAB 49.30, ABB 25.95, PLL 55.60, NUAN 20.80, SAP 63, CHRW 78.75, PKI 27.35, BHI 72.25, CVX 103.75, CPX 31.85, COP 74.70, CLR 63.95, HAL 48.25, HP 62.40, NOV 72.45, PTEN 29.60, RRC 54, RDSA 71.90, SLB 85, SE 27.65, SUN 40.95, SPN 36.90, WNR 16.65, DD 53.20, HON 59.15, DHR 53.50, MWV 32.95, MMM 94, UTX 86.40, IBM 168, OMC 47.40, EMC 27.55, FCX 51, RIO 69.25, ALV 75.15, WAT 95.15, WSH 40.95. Stocks that reclaimed their 50 day MAs today were APD ALB PPO NFLX AMZN JWN PAG SBUX ARBA BMC CRM VMW CSX KSU A ADS AXP DFS CRZO DC EQT HLX MRO SWN IFF BLL VCLK MSI TWC AVGO XLNX AEM SWC TRW ACOM.

Stocks near 200 day support are PVH 63.25, CAR 15.05, VPHM 17.45, DKS 36, WM 37, ARW 36.70, ATI 59.10, CHK 27.85, VLO 24, CLF 82. Stocks that found 200 day support today were PH KKR RRC FCS MCHP NXPI. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are APC 72.75, NBL 86.50, SU 39.25, UPL 46.25, AGU 86.50. Stocks that retook their 200 day MAs today were SOA WSM JOYG RHT ROVI JBL TTMI TKR EOG OMC ADI MXIM AA BHP ARUN POT SWC. Stocks that can be shorted at 200 day resistance are EBAY 30.05, DIS 39.15, ADSK 39.30, FDX 91 (earnings before bell), UPS 71.60, APH 53, AVT 32.80, IVZ 24, PAY 42, GTI 19.75, TS 45.70, BP 44.10, CXO 89, DVN 79.50, FTI 42.50, HES 75, MDR 20.05, NBR 24.55, NFX 68.05, ETN 49.85, AAPL 329, OPEN 81, JDSU 17, KLAC 41, TXN 32.90, DE 85, DNR 20.05. Stocks that found 200 day resistance today were IR VRSN AMP NE CTSH RVBD.

Stocks that can be shorted at 50 day resistance are HBI 30, DOW 37.10, FMC 83.40, LYB 41, SOA 23.95, MAR 35.60, WYNN 140.75, AGP 66.50, COV 54.75, STJ 51, SYK 60.30, ZMH 65.10, ANF 70.60, ANN 29.05, BBBY 54.75, LTD 39, BID 43.50, KO 67, CBE 63, ITW 56.05, CTXS 80.50, MOLX 25.10, TEL 35.95, COF 52.25, GSM 21.35, MTL 26.75, ATW 42, CAM 49, SGY 31.20, CCK 39, EMR 55, ADP 53.25, DTV 48.20, QCOM 56, ALTR 46. Stocks which met 50 day resistance today were RL RCL HLS WFM GIS PM DOV CHKP OXY MCO IPI.

Good luck.

Still in cash. Although I have missed out on recent gains, I sold all my stocks from prices well North of here. Does not mean I am not kicking myself.

Monday Thoughts

Markets rebounded Monday, albeit in weak volume. Not the type of action you would like to see. On the bright side the S&P 500 continues to find solid support at its 200 day MA, and has closed higher now 3 days in a row. The Nasdaq is living below its 200 day MA now, but the 2600 level seems to be providing ample support, for now. Health care and retail sectors were robust today. Many leaders that hail from the healthcare sector are looking solid (more on that in the next paragraph). Retail, which seems to be benefiting from lower oil, outperformed today. FOSL hit an all time high today, and EL LULU UA NKE all reclaimed their 50 day MAs today. CCL reports before the bell and JBL after the close. Economic reports Tuesday include existing home sales, Redbook, retail sales from major retailers. Tuesday also starts the FOMC meeting.

Some stocks are setting up valid buy points here mostly in defensive sectors. Even though new buys are hardly prudent here, the market can resume its rally at any point here and we must be open to that fact. I do not think that will happen but remember to check your opinions at the door. Health care related stocks that are setting up buy points are cup with handles AET 46.11, BAX 60.60, UNH 51.56. HS 45.21 in a flat base. 3 week tight patterns are HUM 80.93, WPI 65.15, TMO 65.96. Other buy stop buy points are M 30.10 in a cup with handle base. NSC 73.60 in a 3 week tight pattern. And flat bases are TUP 66.92, SAPE 15.05.

Stocks near 50 day support are EXPE 26, AGN 80.25, M 26.75, YUM 53.80. Stocks that found 50 day support today were COH WLP FAST SCSS PM KEG PLCM DISH SQM DAR. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are HLS 26.25, JWN 46.20, SBUX 36.30, DOV 64.50, BMC 52.45, CHRW 78.50, A 49.25, ADS 90.25, DFS 24.25, DRC 50.50, EQT 50.50, SWN 42.25, DHR 53.50, UTX 86.30, VCLK 17.10, TRW 54.40. Stocks that retook their 50 day MAs today were CE AN COST CBS ABV INFA QLIK UNP R IRM BWA B.

Stocks near 200 day support are DECK 77, HBI 26.80, FMC 78.25, LYB 34.50, PPG 84, CAR 15, ABB 23.10, CAT 95, CTXS 70.75, MOLX 24.10, PKI 25.55, GSM 19, KKR 15, CPX 28.10, HK 20.75, RDSA 68, CCK 35, APKT 59.80, CMCSA 22.70, SMTC 23.75, VECO 46, ACOM 32. Stocks that found 200 day support today were DOW VPHM ANN DKS CBE PH ORCL ARW APA CHK CLR SLB VLO QCOM FCS MCHP NXPI MON. Stocks that can be shorted at 200 day resistance are EBAY 30.05, WSM 36.25, DIS 39.15, IR 44.80, VRSN 33.75, JBL 18.50, PAY 42, GTI 19.70, AMP 57.50, IVZ 24, NBR 24.50, OMC 46, RVBD 34, ADI 37.30, KLAC 41, RIO 68, POT 53, ARUN 26, DNR 20.05. WCRX found 200 day resistance today. EOG lost its 200 day MA today. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are SOA 22.25, ATW 38.50, RDC 35.50, SPN 33.75. Stocks that can be purchased as they retake their 200 day MAs and their buy stop spots are JOYG 86.20, ROVI 55.50, TTMI 15.20, TKR 47.75, DD 50.80, BHP 90.25. Stocks that retook their 200 day MAs today were NKE PVH WM TEL ATI IP CLF.

Stocks that can be shorted at 50 day resistance are APD 92.20, ALB 66.40, PPO 62, PX 103.75, ROC 50.15, RCL 38, WYN 33, AGP 66.45, COV 54.85, STJ 51, AMZN 192, BBBY 54.75, LTD 39, PAG 20.50, VIAB 49.10, ITW 56.05, CSX 25.40, KSU 55.10, MTL 26.80, BHI 72, HAL 48, EMR 55, ADP 53.50, TWC 76, XLNX 34, WSH 40.80. Stocks that found 50 day resistance today were RL NFLX ARBA BMC AXP BLL. ERTS can be shorted under 22, when and if it loses its 50 day MA.

Stocks that saw relative weakness on a decent tape today, and it must be noted just as relative strength is on a weak tape, were LYB PCLN LVS ABB TS KKR ANR RIG UPL APKT SWKS VECO TTM ACOM.

Good luck.

The author is still in 100% cash.

Weekend Stock Reflections

Markets Friday sang the same tune they have been singing all week. Opening up, and closing lower. Classic correction behavior. For the week the Nasdaq sank 1%, its 5th consecutive weekly decline. It closed more than 30 points off its intraday high Friday, repelled by its 200 day MA. That is the first time the Nasdaq has closed below that critical line on a weekly basis since last September. It now rests 9.4% from its recent highs, and is now down 1.4% on the year. The 800 lb gorilla of tech, AAPL, is certainly not helping. AAPL itself has now closed below its 200 day MA for a 3rd day in a row. The SMH lost its 200 day MA this week as well. Many in that sector now sit below their 200 day MAs as well including TXN KLAC. A quick look at a recent IPO in that sector shows FSL in free fall. Could Tom Petty have foreshadowed that move with his smash hit back in 1989? The S&P 500 seems to be finding support at its essential 200 day MA. It actually closed "up" 0.1% for the week. Not the type of bounce back you would like to see after 6 down weeks in a row. This week should provide some clarity technically with the S%P 500, for if it loses its uncomfortable flirtation with its 200 day this week, this correction which is becoming a little long in the tooth could get worse. Or could the 7.2% fall from its recent highs be enough of a wash out, and the 200 day support that is has received get stronger? Let the market itself answer that question. A big component of the S&P 500 is energy. Oil lost 6% on the week and the XLE is bracing itself for a 200 day MA battle near 70 as well. Should be an exciting week. All of this talk about the 200 day MA, is prevalent because lots of stocks and indexes are hovering around that line in the sand. It displays that long term secular trends (more on that below in the 200 day paragraph). A look at leading stocks, or should I say former leading stocks in this environment, always a good barometer of market health, looked shaky this week at best. MCO MOS down 12% on the week. CTXS APKT WLT TIBX down 7%. TDC gained 6% on the week hitting an all time high. Watch strong relative strength on a weak tape. When indexes rebound they often outperform handsomely. Not much to report on the earnings front or economic reports for Monday.

Stocks near 50 day support are CROX 21.05, EXPE 26, AET 41.95, AGN 80, CI 47.35, UNH 48.25, WPI 62, M 26.70, YUM 53.80, WCN 30.55. Stocks that found 50 day support Friday were BAX FTNT TMO EQT PLCM DISH SQM DAR. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are HLS 26.25, LULU 94.40, SBUX 36.25, INFA 54.75, A 49.25, AXP 49.25, TPX 61.75, UTX 86.30, TWC 76, BWA 72.85, B 23.45. Stocks that did reclaim their 50 day MAs Friday were FAST SCSS QLIK ROVI NSC KEG.

Stocks near 200 day support are DECK 77, HBI 26.60, APD 88.50, EMN 89.75, FMC 78.25, LYB 34.40, PPG 84, CAR 15, ANN 25.40, JWN 42.90, PIR 10.05, ROK 77, CTXS 70.75, NUAN 18.50, TIBX 23, CHRW 75.05, ARW 36.50, PKI 25.55, KKR 15, XOM 76.25, NOV 66.20, HK 20.75, CCK 35, HON 54, EMC 24.50, APKT 59.75, CMCSA 22.55, CY 18.45, SMTC 23.75, ACOM 32, RAX 34.05. Stocks that found 200 day support Friday were DKS CAT ORCL APA CHK CLR EOG RDSA FCS NXPI MCP TRW. Stocks that can be shorted at 200 day resistance are SOA 22.25, EBAY 30, WSM 36.20, DIS 39.10, IR 44.75, VRSN 33.70, IVZ 24, PAY 42, GTI 19.70, TS 45.55, APC 71.95, BP 44.05, CXO 88, DVN 79.30, FTI 42.50, NE 38.75, NBL 86.10, PXD 87.40, SU 39, SUN 40.55, DD 50.55, ETN 49.75, RVBD 34, JDSU 17, AA 15.25, ALV 74, RIO 68, ARUN 26, DNR 20. Stocks that met 200 day resistance Friday were PVH JOYG WM TTMI TEL ATI TKR UPL IP OMC AAPL ADI BHP POT. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are DOW 34.25, SYK 56.20, CBE 58.50, PH 84.75, MOLX 24, ATW 38.50, RDC 35.75, SLB 80.50, SPN 33.75, VLO 23.50, QCOM 51.40, MCHP 35.30, MON 65.25. Stocks that lost their 200 day MAs Friday were VPHM JBL NBR MXIM CLF. To again demonstrate the importance of a stock losing its 200 day MA, look how poorly the following have performed after sinking below that line of support. ADSK AVT HES MDR WFT WLL JNPR OPEN KLAC LRCX SWKS TXN CMI TTM F DE JPM GS.

Stocks that can be shorted at 50 day resistance are NKE 82, ALB 66.25, CE 48.50, ROC 50.25, WYN 33, COV 54.80, STJ 51, AN 33.55, PAG 20.50, VIAB 49.10, ITW 56.05, ARBA 32, BMC 52.10, CSX 25.40, KSU 55.05, ADS 90, DFS 24, GSM 21.50, MTL 26.85, DRC 50.10, HAL 48, PTEN 29.45, IFF 62.85, ADP 53.25, VECO 51, XLNX 34, AEM 64, SWC 20, WAT 94.25, WSH 40.85. Stocks that met 50 day resistance Friday were CE COST CBS ABV PM VMW UNP R MRO OXY SWN EL TPX TUP BLL MSI XLNX BWA WSH. Stocks that can be shorted as they lose their 50 day MA and their sell stop spots are ABC 40.75, HUM 76, WLP 75.50, ERTS 21.80, NTGR 37.75. Stocks that lost their 50 day MAs Friday were UA NFLX AVGO VECO.

Good luck.

The author remains 100% in cash.

Thursday Recap

Markets gyrated Thursday after a nice open, a selloff following a negative Philly Fed, then rallying late in the session. The Nasdaq performed the poorest, as it now rests firmly below its 200 day MA. That index is now negative on the year. A tug of war seems to be developing with the S&P 500 and its 200 day. Today it found support on that line and finished in the black. Sectors that took a beating today included ags, semis (SMH lost its 200 day MA), and chemicals. The days outperformers included the defensive groups of food and utilities. When they rear their ugly heads it rarely is a good thing. Volume was soft. More former leaders are falling by the wayside. Today ACN EMC joined the list. Some stocks that showed solid strength Thursday were CROX COG. They both hit 52 week highs. RIMM fell 14% after hours on a dismal earnings outlook. Markets are on pace for a seventh consecutive decline. Tomorrow no earnings reports to talk about and consumer sentiment and leading indicators are reported just after the bell rings.

Stocks near 50 day support are AET 41.75, BAX 57.75, HUM 76.15, UNH 48.10, WPI 62, YUM 53.50, SAPE 13.50, BEAV 37.05. Stocks that found support at their 50 day MAs today were VFC NFLX HS M MCK WCN FTNT TMO KEG MCO PLCM DISH VECO. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are AGN 80.40, FAST 32.80, QLIK 30.60, DFS 24.25, OXY 103.75, UTX 86.30, VCLK 17.10, ACOM 37.60.

Stocks near 200 day support are DECK 76.50, APD 88.35, EMN 89.50, LYB 34.40, ROC 42.40, CAR 15, SYK 56.50, AN 29.60, JWN 42.80, PIR 10, PAG 17.50, KO 64, ABB 23.05, DOV 60, BGC 36.50, SAP 56, TIBX 23, CHRW 75, CSX 22.95, KSU 49.75, ARW 36.40, CHK 27.70, CRZO 32, COP 69, XOM 76.25, HLX 14, NBR 24.40, RES 19.50, SE 25.50, SPN 34, WMB 26.30, CCK 35, HON 53.95, MMM 89.50, APKT 59, CMCSA 22.55, QCOM 51.55, CY 18.40, SMTC 23.65, RAX 34. Stocks that found 200 day support today were HBI FMC PPG WYN VPHM CAT PH ROK PKI KKR APA CLR EOG RDC RDSA FCS MCHP CLF TRW MON. Stocks that can be shorted at 200 day resistance are SOA 22.25, IR 44.70, WM 36.90, VRSN 33.70, AMP 57.60, IVZ 23.95, TS 45.55, DVN 79.50, FTI 42.25, NE 38.70, NBL 86, PXD 87, SU 39, SUN 40.65, DD 50.55, IP 27.25, OMC 46, RVBD 34, OPEN 81, RIO 68, DNR 20. Stocks that met 200 day resistance today were PVH WCRX TTMI TKR UPL AAPL ADI BHP. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are WYN 30.25, ANN 25.10, CBE 58.50, JBL 18.30, GSM 18.80, ATW 38.45, SLB 80.50, VLO 23.65, MCP 46.25, BWA 67. Stocks that lost their 200 days today were DOW DKS ORCL TEL PAY ATI APC MXIM POT.

Stocks that can be shorted at 50 day resistance are NKE 82, ALB 66.10, LULU 94, COST 80, CBS 26, ITW 56.05, ARBA 32, BMC 52.10, CHKP 54, INFA 54.25, ADS 89.85, AXP 48.90, MTL 27, BHI 72, DRC 50.25, HAL 48, PTEN 29.50, TPX 61.25, TUP 62.50, BLL 37.95, XLNX 33.95, SWC 20. Stocks that met 50 day resistance today were UA CE ROVI UNP MRO EL VCLK NTAP MSI AVGO. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are NFLX 246, ERTS 21.80, N 33.50, TDC 53.50. Stocks that lost their 50 day MAs today were ABV CRM NSC WSH.

Good luck.

The author is still 100% in cash.

Wednesday After Market

Markets plunged Wednesday as volume picked up. The losses were broad, and the market finished near session lows. No sector was immune. The Nasdaq finished clearly below its 200 day MA. The S&P 500 closed right upon that line of support. That 200 day MA is considered to be the long term trendline and a break below that line usually signals further weakness. More former leaders which charts look to have been broken today include EMN AGP COV EBAY NFX ADP CTSH. Economic news provided a perfect negative superfecta today. Housing data, CPI, Industrial Production, Empire State Index all disappointed. A silver lining to the days miserable action was sentiment among investment professionals. Bearish managers are rising quickly. A contrarian indicator can sometimes anticipate a market bottom. As always let the markets action and volume dictate your moves, and check your own opinion at the door. As I watch the market pundits on TV, a healthy majority are saying the market correction is over and its time to buy. Perhaps we are headed lower than we think! Thursday brings more economic reports with housing starts, jobless claims and the Philly Fed survey. PIR reports tomorrow morning, among the companies we follow.

Stocks near 50 day support are VFC 99.60, AET 41.50, BAX 57.50, HUM 76, WPI 62, M 26.55, TIF 69, ERTS 22, HOC 59.25, MCO 38, NTGR 38, PLCM 55.80, DISH 27.30, SQM 59. Stocks that found 50 day support today were YUM ABV WCN NSC KEG MON WSH. CE retook its 50 day MA today.

Stocks near 200 day MAs are HBI 26.75, APD 88.50, WYN 30.50, SYK 56.40, LTD 32.75, JWN 42.80, PAG 17.50, SBUX 32.50, WFM 52.10, KO 64, CAT 95, DOV 60, ITW 52.50, PH 84.25, SAP 56, TIBX 23, CHRW 75, KSU 49.50, ARW 36.40, MOLX 24, PKI 25.50, COF 46.05, KKR 14.95, ATI 59, CHK 27.75, COP 68.75, XOM 76.10, HLX 14, NBR 24.40, RDSA 67.85, SPN 34, CCK 35, HON 53.80, MMM 89.55, UTX 80.10, APKT 59, CMCSA 22.50, QCOM 51.50, MCHP 35.55, SMTC 23.60, CLF 81.90, POT 53. APC APA CLR DOW found 200 day support today. Stocks that can be shorted at 50 day resistance are DS 39.10, IR 44.75, RHT 43.50, APH 53, PXD 87, OMC 46, KLAC 41, TXN 32.70. Stocks that found 200 day resistance today were TTMI AMP NE DD OPEN AGU ARUN. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are FMC 77.70, PPG 83, VPHM 17.20, DKS 35.50, CBE 58.25, ROK 76.50, ORCL 31, JBL 18.10, TEL 33.75, ATW 38.50, EOG 101.50, RDC 35.75, VLO 23.70, MXIM 23.80, TRW 51.75. Stocks that lost their 200 day MAs today were PVH SOA WSM JOYG WM VRSN PAY TS TKR DVN NBL SU SUN IP OMC RVBD AAPL JDSU ADI AA BHP RIO.

Stocks that can be shorted as they meet 50 day resistance are COST 80, VIAB 49.10, UNP 100.50, ADS 89.75, AXP 48.90, GSM 21.60, MTL 27, ARMH 29, CY 21.05. Stocks that met 50 day resistance today were LULU AMZN SCSS DRC HAL PTEN SLB TPX VCLK TWC XLNX IPI. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are HS 41, UNH 47.70, WLP 75.35, TMO 60.50, FTNT 22.10. Stocks that lost their 50 day MAs today were ACN MSI CNI UNP A BHI OXY SWN EL TUP BLL ABB BMC CHKP CTXE INFA NUAN VMW COH NKE UA ALB AGN AGP CBS PM.

Good luck.

Author still in 100% cash.

Tuesday Recap

Markets roared back Tuesday on good data regarding industrial production in China and retail sales here and as well in China. Unfortunately, volume did not accompany the move higher today. Indexes did give some gains back into the close as well. The Nasdaq did have a strong move off 200 day support yesterday, and it outperformed the S&P 500 by a small margin. Although I am still skeptical of todays rally we must respect the days move. Perhaps the near 10% correction from the recent highs was enough. As we noted about some stocks that displayed relative strength in Mondays weakness, it is also important to recognize relative weakness on a bullish tape. Today PCLN EBAY SPRD AXP COF CTSH lagged. Some leading stocks are setting up valid buy points, but they are few and far between. Many others are getting ready for 50 and 200 day MA tests. Lets see how they respond to these tests and watch for volume to pick up on the major indexes. Not in much of the way in earnings tomorrow, but Wednesday has plenty of economic data being reported. CPI, industrial production, and Empire State Manufacturing Index.

Stocks setting up valid buy points, but caveat emptor in this environment, are EXPE 28.40, MON 71.37 both double bottom with handles. Cup with handles are AET 46.11, BAX 60.60, NSC 75.06, HOC 66.65. Flat bases are TUP 66.92, ACN 58.31, TDC 56.68. HS 45.21 in a square box base.

Stocks near 50 day support are COH 58.50, VFC 99.50, APD 99.25, ALB 66, M 26.50, WCN 30.55, BMC 52.05, ERTS 22, FTNT 22.30, BLL 37.90, DISH 27.25, WSN 40.85. Stocks that received 50 day support today were AGN CBS ABV CTXS INFA CNI VECO. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CE 48.75, EMN 102.60, PPO 61.30, HLS 26.25, AMZN 192.25, BBBY 55, PIR 11.80, PH 90.60, ARBA 32.40, CHKP 54.25, SAP 63.25, CHRW 78.30, JBL 20.25, MOLX 26.25, TEL 36, DFS 24.25, NOV 73.50, RDSA 72.25, SLB 86, SUG 29, SUN 41.45, WNR 17, TPX 61.50, ACOM 37.75, DHR 53.60, MMM 94, TYC 49.15, IRM 33, VCLK 16.95, EMC 27.60, QCOM 56.25, ARMH 29.25, XLNX 34.20, RIO 70, B 23.30, TRW 54.60, WAT 94.50, AGU 87.25, POT 55.80. Stocks that retook their 50 day MAs today were UA ALB SCSS YUM MKC PM ABB NUAN QLIK CRM A BHI CPX OXY EL BEAV.

Stocks near 200 day support are PVH 63, DOW 34.30, PPG 83.75, VPHM 17.30, KO 64, ORCL 31.05, TIBX 23, PKI 25.50, KKR 14.95, ATI 59, TS 45.45, APC 71.25, APA 116, CHK 27.65, FTI 42.25, NBR 24.40, RDC 36, VLO 23.95, IP 27.20, AAPL 327, CMCSA 22.50, ADI 37.05, MXIM 24.05, MCHP 35.55. UPL RVBD FCS all found 200 day support today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are NKE 83.50, DVN 79.75, DD 50.75, OPEN 81.25, KLAC 41.25, TXN 32.75, FCX 52. Stocks that retook their 200 day MAs today were FMC SOA WCRX NBL SU AA JDSU. Stocks that can be shorted at 200 day resistance are DIS 39.05, IR 44.55, MDRX 17.90, ADSK 39.05, RHT 43.50, APH 53, AVT 32.70, TTMI 14.80, IVZ 23.95, BP 44, HES 74.50, MDR 20, NFX 68, PXD 86.25, ETN 49.50, PAYX 30.55, SWC 20.25, ARUN 26, DNR 20. Stocks that met 200 day resistance today were WM AMP GTI TKR CXO DVN NE DD OMC OPEN KLAC TXN JPM. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are DKS 35.50, WSM 35.75, PAY 41.50, ATW 38.35.

Stocks that can be shorted at 50 day resistance are PX 104, ROC 50.25, MAR 35.80, WYN 33.05, COV 54.75, ZMH 65, LULU 94, COST 79.80, FAST 32.80, PAG 20.55, SBUX 36.05, VIAB 49.10, ITW 56.05, PLL 55.95, CSX 76.10, KSU 55.15, ADS 89.75, DRC 50.60, HK 25.30, RRC 54, WMB 31, IFF 63, CCK 39, HON 59, ADP 53.40. Stocks that met 50 day resistance today were BBBY GSM MTL CRZO DRC HAL PTEN TPX MWV ADP IRM QCOM TWC CY IPI ACOM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ABC 40.60, UNH 47.75.

Good luck.

The author is still flat but looking to start buying tomorrow.

Monday Thoughts

Markets, in classic bearish mode, opened near their highs and spent the rest of the session in retreat. On Mondays, a traditional day of recent strength, not particularly good action. Merger news gave the markets an early bounce this morning with VFC announcing plans to purchase TBL. Both stocks rose nicely on the news. The Nasdaq lost its 200 day MA today ever so slightly, while the S&P 500 still is hovering just above it. The calls for a lengthy correction are becoming deafening so perhaps it will not happen. But we must trade the market we have, and right now its telling us to proceed with caution. Energy sectors took a beating today, as crude closed down by $2. Silver lost more than 4%, gold a bit more than 1%. Among oil and gas stocks that bucked the trend were RDSA WNR. Ags were weak today as well, with SQM finishing up on the day. Keep an eye on relative strength in a weak market. When the market turns around, they could be the first to shoot out of the gate higher. Former leaders PCLN WYNN lost more ground today, both down near 2% each. VIABs uptrend uptrend seems to have been brought to a halt today. Other former leaders that were butchered today included MDRX IR HK NFX SGY FCS SLW to name a few. Plenty of economic reports tomorrow with PPI, retail sales, business inventories. BBY reports earnings before the bell.

Stocks near 50 day support are AET 41.25, BAX 57.20, HUM 76, UNH 48, M 26.50, ERTS 22, TMO 60.50, PLCM 55.25, DISH 27.15. Stocks that found 50 day support today were ABV WCN BMC FTNT NSC COG EQT KEG CL TDC VECO WSH. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are UA 69.50, MKC 49, NUAN 20.75, TEL 36, EL 98, ACN 56.40, IRM 33, ARMH 29.30, XLNX 33.95. AGN UNP both retook their 50 day MAs today.

Stocks near 200 day support are DECK 76, HBI 26.75, DOW 34.35, WYN 30.50, SYK 56.20, VPHM 17.25, ANN 25.25, SBUX 32.50, CBE 58.50, DOV 60, ITW 52.30, PH 84.25, CHRW 75, KSU 49.20, ARW 36.15, JBL 18.20, MOLX 24, PKI 25.50, AMP 57.20, KKR 14.80, CHK 27.60, CPX 28, COP 68.75, EOG 101.50, XOM 76, HLX 14, NBR 24.30, NOV 66, SLB 80.40, IP 27.10, MMM 89.50, UTX 80, CMCSA 22.50, ADI 37, MXIM 24, MCHP 35.50, NXPI 22.15, CLF 81.75, POT 53. Stocks that found 200 day support today were PPG WSM CAT JOYG ORCL ATI TS APC APA ATW CLR RDC AAPL BHP MCP. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are SOA 21.70, DKS 35.25, CBS 25.40, BGC 36, JOYG 84, ROK 76, PAY 41.35, TS 44.90, SPN 33.50, VLO 23.50, BWA 66, TRW 51, BEAV 35.75. Stocks that lost their 200 day MAs today were FMC EBAY VRSN CXO DVN NFX NE NBL PXD SU SUN UPL CTSH RVBD JDSU FCS AA ARUN DNR. Stocks that can be shorted at 200 day resistance are WCRX 23, DIS 39.05, ADSK 39, IVZ 23.95, GTI 19.60, TKR 47.10, PAYX 30.50, OPEN 80.25, KLAC 40.80, RIO 68. TTMI DD TXN all found 200 day resistance today. PVH JWN retook their 200 days today.

Stocks that can be shorted at 50 day resistance are ALB 66, CE 48.20, PPO 62, AGP 66.25, COV 54.80, ZMH 65, BBBY 54.60, COST 79.75, YUM 53.25, ARBA 32.10, CHKP 54, INFA 54.15, CNI 75.50, AXP 48.75, BHI 72, IFF 63, CCK 39, QCOM 56, IPI 32, WAT 94.15. Stocks that found 50 day resistance today NKE AGP HS YUM QLIK A MTL EL TPX RVBD AGU ACOM. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are COH 58, VMW 91.75, COG 54.10, TUP 61.70, BLL 37.50, AVGO 32.95. Stocks that lost their 50 day MAs today were ABC CHKP CTXS INFA ROVI CRM BHI CRZO CPX DRC HAL OXY PTEN SUG SWN CY.

Good luck.

The author remains 100% in cash.

Weekend Warrior

Markets continued their weekly slide Friday. The Nasdaq fell 1.5% Friday and the S&P 500 1.4%. Volume increased. For the week the Nasdaq lost 3.3% and the S&P 500 2.2%. The Nasdaq now sits 8% off its recent highs, while the S&P 500 sits almost 7% below its early May highs. The indexes are now testing 200 day support. The Nasdaq did on Friday and it held for now. The S&P 500 looks poised to test its 40 week moving average at 1260. If some of the more important individual components of these indexes are a harbinger, it does not look pretty. Friday, HES KLAC TXN OPEN RIO ARUN all pierced their 200 day MAs to the downside. To be balanced AAPL RVBD ORCL did all hold, but support looks tenuous. More disconcerting has been the action of the markets leading stocks. This week PCLN WYNN took a turn for the worse. APKT BIDU have both stumbled recently as well. Pick your poison for the reasons why we sold off Friday, global slowdown fears, concern over Greek debt, dollar strength. Who cares. We remain in correction and as traders, opportunities will arise, but defense remains the name of the game. The strong greenback on Friday did create havoc for some commodities, as gold, oil and silver fell between 1-3%. Obviously energy backed off, but machinery and transport sectors also took a bruising. Referring to the transports we made the point earlier this week about FDX UPS piercing their 200 day MAs last Friday. The assault continued for those with FDX losing 5% and UPS almost 4% this week. Regarding employment, a Mark Twain quote comes to mind. "There are lies, damn lies, and government statistics." We all know the real unemployment rate in this country is most likely in the high teens, not 9.1%. All you have to do is look at the stocks of PAYX, which lost its 200 day this week. Or ADP which chart looks like it has taken a turn for the worse this week, losing its 50 day. Or even an MWW, whose chart resembles a nightmare. All this being said negativity is reaching a boiling point, and could these indexes bounce off their 200 day lines and continue their advance. Of course they can. Thats why its prudent to keep your opinions in check, and an eye on buying opportunities all the time. Respect the markets moves. We get paid on that criteria, not our personal assumptions. Earnings announcements and economic data for Monday is very quiet.

Stocks near 50 day support are COH 58.10, AET 41.10, CI 47, HUM 45.95, UNH 48, WPI 61.40, WLP 75.40, M 26.45, TIF 68.25, CBS 25.95, ABV 31.05, ERTS 21.95, TMO 60.25, COG 54.50, KEG 16.05, SWN 41.95, BLL 37.85, DISH 27.05, MON 67.40, SQM 58.75. Stocks which received 50 day support amidst the wreckage Friday were WCN BMC CTXS FTNT INFA CRM NSC BHI OXY PTEN SUG CL AVGO CY VECO WSH.

Stocks near 200 day support are DECK 75.50, HBI 26.50, UA 58.75, VFC 89.10, PPG 83.50, PX 96, CAR 15, WYN 30.50, SYK 56.10, VPHM 17.25, WFM 52, YUM 50.20, KO 63.90, CAT 94.50, CBE 58.40, DOV 60, BGC 36.25, ITW 52.20, JOYG 85, SAP 55.85, TIBX 22.85, CHRW 74.80, KSU 49.25, ARW 36.10, MOLX 24, PKI 25.45, TEL 34, COF 46, ATI 58.75, APC 71.75, ATW 38.50, CHK 27.55, COP 68.50, CLR 58.50, DVN 79, XOM 76, HLX 14, NBR 24.20, NBL 86, RDSA 67.70, SLB 80.20, UPL 45.95, HON 53.50, IP 27.05, MMM 89.30, UTX 80, VCLK 15.05, EMC 24.40, CMCSA 22.50, ADI 37, MXIM 24, MCHP 35.50, NXPI 22.10, SMTC 23.50, BHP 89, POT 52.75, BEAV 35.90. Stocks that found 200 day support Friday were SOA EBAY CXO NFX NE SU SUN JDSU AA TRW DNR. Stocks that lost their 200 day MAs were PVH JWN DIS IR WM TKR BP FTI WLL. MDRX OMC both met 200 day resistance Friday. Stocks that can be shorted at 200 day resistance are HOT 58, WCRX 23, ADSK 39, APH 53, AVT 32.60, AMP 57.50, IVZ 23.95, GTI 19.55, DO 70.60, SWC 20.20. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are DOW 34.05, FMC 77.75, ANN 25.05, DKS 35.20, EBAY 29.60, WSM 35.70, PH 84, ROK 76, VRSN 33.40, JBL 18.05, PAY 41.40, TS 45.05, APA 114.75, PXD 86, RDC 35.75, CTSH 71.75, RVBD 33.15, BWA 66.30.

Stocks that can be shorted at 50 day resistance are CE 48.25, PPO 62, AGP 67, ZMH 65, PAG 20.55, SBUX 36.15, VIAB 49.15, MKC 48.85, AXP 48.70, EL 98, IFF 63, DTV 48.15, QCOM 56, ALTR 46, VALE 32. Stocks which met 50 day resistance Friday were NKE APD EMN COV LULU AMZN AN BBBY COST VIAB A MTL EOG RRC TPX CCK MWV ACN XLNX. Stocks that can be shorted as they pierce their 50 day MAs to the downside and their sell stop spots are ABC 40.60, HS 40.75, BMC 51.70, INFA 53.55, ROVI 52.50, NSC 70, TUP 61.75. Stocks that lost their 50 day MAs Friday were AGN AGP HLS YUM PM CHKP QLIK CNI UNP HK TDC MSI QCOM TWC.

Good luck.

The author remains 100% in cash.

Thursday Recap

Markets rallied back Thursday as it believed stocks were oversold. Indexes gave back some out their low volume gains by the close. Not the type of action you would like to see after a 6 consecutive day loss. The ag and machinery group powered ahead today on a bullish crop report and a earnings beat by TITN. Semis were among the groups lagging today. Economic reports were mixed with better trade deficit data, while jobless claims disappointed. Interestingly AAPL again did not attend the party today, finishing in the red which it has done 5 of the last 7 sessions. MCO hit a new 3 year high Thursday in robust trade. LULU which declared a 2/1 stock split later this month will report earnings before the bell Friday.

Although I believe the market remains weak, things can change quick, and we must pay attention to leaders with valid buy points with the possibility of a breakout. Some of these stocks are TUP 66.92 in a square box base. Double bottom with handle bases are MON 71.37, EXPE 28.40. Cup with handles bases are AET 46.11, BAX 60.60. Cup base is BHI 79.34 and ABV 33.34 in a cup with high handle formation.

Stocks near 50 day support include COH 58, HS 41.25, CBS 26, WCN 30.50, BMC 52, ERTS 21.90, FTNT 22.25, INFA 54, N 33, QLIK 30, CRM 138.50, ATLS 24, BHI 72, KEG 16.05, PTEN 29.55, SWN 42, BLL 37.75, AVGO 33.15, WSH 40.80. Stocks that found 50 day support today were ALB AGN HLS WLP YUM PM ABB BMC CHKP CTXS CNI NSC UNP CRZO CPX DRC OXY HK SUG TWC VECO. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are CE 48.40, AMZN 192.50, NUAN 20.70, KSU 55.60, A 49.40, EOG 112, NOV 73.90, RDSA 72.40, SLB 86.85, SUN 41.80, CCK 39.30, WAT 94.90. Stocks that retook their 50 day MAs today were ACN BEAV APD AGP ABC HAL.

Stocks near 200 day support are DECK 75.50, VFC 89, DOW 34.30, HUN 16, PPG 83.50, CAR 14.95, SYK 65.10, DNR 20, DKS 35.50, EBAY 30, WFM 52, CBE 58.40, DOV 60, PH 84.15, ROK 76.50, ORCL 31, CHRW 74.75, MOLX 24, KKR 14.85, TS 45.25, TKR 47, APC 71, CLR 58.35, DVN 79, NE 38.50, NBL 86, RDC 36, SU 39, UPL 45.90, MMM 89.30, CTSH 72, VCLK 15.10, RVBD 33.75, ADI 37, FCS 15.50, MXIM 24, MCHP 35.50, AA 15.15, BHP 89, CLF 81.50, MCP 46, DNR 20. Stocks that found 200 day support today were HBI FMC JWN DIS BGC WM PAY ATI CXO FTI HES PXD SUN WLL DD OPEN JDSU KLAC TXN RIO BWA TRW DNR. ETFs XLB XHB also found 200 day support. MDRX AMP GTI SWC ALV all met 200 day resistance today. Stocks that can be shorted at 200 day resistance are HOT 58, JCP 33, ADSK 39, RHT 43.35, APH 53, AVT 32.50, TTMI 14.75, IVZ 23.90, DO 70.60, MDR 20, TCK 52, ETN 49.25, PAYX 30.55, SLW 35. Stocks that an be shorted as they lose they 200 day MAs and their sell stop spots are SOA 21.75, ANN 25, IR 44.25, VRSN 33.25, NFX 67.25, WLL 59, ARUN 25.60 Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are JOYG 94, MTL 28, AGU 86. Stocks that retook their 200 day MAs today were PVH BP OMC.

Stocks that can be shorted at 50 day resistance are UA 69.25, PX 104, WYN 33.05, ZMH 65, BBBY 54.45, LTD 39, SBUX 36.25, SCSS 15.10, VIAB 49.25, ITW 56.05, ADS 89.50, MRO 52, SGY 31, WMB 31, EL 97.75, IFF 63, DHR 53.50, UTX 86.25, ADP 53.35, EMC 27.45, DTV 48.25, PCS 17.25, ALTR 46, VALE 32. Stocks that met 50 day resistance today were RVBD XLNX SLB EL TPX CCK IRM VCLK TEL ADS AXP MTL NOV RRC NKE EMN AN COST PAG VIAB. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are QCOM 55.40, MSI 45.20, TDC 53, UNP 99.50, CROX 20.50. PPO UPL both lost their 50 day MAs today.

Good luck.

Was able to find an internet connection out here so I bring you my dedicated work! The author is flat. 100% cash.

Tuesday Recap

Markets attempted to recoup some recent weakness Tuesday, but that rally faded by the end of the day. The action was the hallmark of a bearish move with indexes opening upon their highs and closing hard on their lows. Both the Nasdaq and S&P 500 closed fractionally lower, but gave up intraday gains of almost 1%. Further evidence of the weakening economy was witnessed by the follow though losses on FDX and UPS. Both of which pierced their 200 day MAs yesterday, a very negative sign (and more of this topic discussed below), and continued their slide today closing down nearly 1%. Big caps have joined the chorus of poorly performing stocks with AAPL ORCL WYNN BIDU IBM feeling the pain. We can certainly see a snap back dead cat bounce, but this market seems destined to move lower. So do not short blindly, here. Pick your spots and utilize your discipline as always. PLL reports earnings Wednesday after the close and the Fed reports its Beige Book at 2pm.

Stocks near 50 day support include COH 58, AET 41, AGN 79, BAX 57, HUM 75, WLP 75, CBS 25.90, ABV 31, AB 25.60, BMC 52, ERTS 21.75, INFA 54, QLIK 29.90, VMW 91.25, TMO 60, BHI 72, EQT 50.05, KEG 16, MSI 45.40, VECO 51, SQM 58.25. Stocks that found 50 day support today were HS WCN CTXS ROVI CNI NSC ATLS PTEN SUG ACN VCLK TDC ALTR AVGO SMTC.

Stocks near 200 day support are HBI 26.75, PVH 62.75, VFC 89, DOW 34.10, HUN 16, PX 96, SOA 22, CAR 14.80, VPHM 17.15, ANN 25.05, EXPR 17.45, FAST 29.50, WFM 52, CBE 58.20, DOV 60, IR 44.20, JOYG 85, PLL 50 (earnings Wed after close), PH 84, ROK 76, WM 36.75, ORCL 31, MOLX 24, R 48, ATI 58.30, TKR 46.75, APC 71, CHK 27.50, COP 68.20, DVN 78.50, XOM 76, HLX 13.95, NBR 24, NBL 86, RDSA 67.20, SLB 80, WLL 59.25, MMM 89.10, UTX 80, AAPL 324, JDSU 16.90, MCHP 35.30, TXN 32.30, AA 15.10, CLF 81, RIO 67.65, POT 52.75, ARUN 25.95, BEAV 35.75. Stocks that found 200 day support today were AVT TTMI BP CXO DD KLAC. Stocks that found 200 day resistance today were WCRX MDRX PAYX GTI MDR SWC CMI ALV AGU. EBAY SUN both retook their 200 day MAs, while BGC AMP lost their 200 days today. Stocks that can be shorted at 200 day resistance are NKE 82.50, JCP 33, RHT 43.10, EXPD 51, APH 52.85, IVZ 23.85, TROW 61, MTL 27.80, DO 70.50, ETN 49.25, OMC 45.60, SPRD 18, SLW 35. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are FMC 77.75, HOT 56.90, DKS 35.10, WSM 38.70, DIS 38.75, APA 114.50, CLR 57.80, FTI 41.40, HES 73.50, NFX 67, PXD 86, CTSH 71.65, VRSN 33.05, BWA 66, TRW 51. Just to demonstrate how important the 200 day support line is (its often referred to as the last line in the sand) lets look at some stocks that recently lost their 200 day MAs and which became weaker and weaker. They include WRC LVS RCL BID NUE X ANR ACI CAM MUR BTU TCK RIG WFT EMR JNPR LRCX ABX PAAS VALE JPM GS MOS F TTM. And a lot of these were soft even before this recent pervasive weakness.

Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are CROX 20.40, ALB 65.10, WYN 32.75, AGP 66, UNH 47.40, JWN 42.10, YUM 53, CHKP 53.50, KSU 54.75, UNP 99.50, COG 53.75, QCOM 55.70. Stocks that lost their 50 day MAs today were MAR WYNN ZMH ANF SCSS VIAB PM NUAN ADP EMC. Stocks that can be shorted at 50 day resistance are ROC 50.75, SYK 60.80, ANF 70.50, BBBY 54.10, COST 79.10, VIAB 49.05, SAP 63, CHRW 78, A 48.35, ADS 89.25, SGY 31, IFF 63, APKT 75, MXIM 26.50. Stocks that met 50 day resistance today were CE EMN ABC COV AMZN AN PAG SBUX ITW JBL MOLX CRZO EOG MRO OXY HK SUN EL CCK NTAP DTV PCS ARMH ADI TRW WAT.

Good luck.

I will be vacationing in Montauk for the rest of the week, so no blog posts will be written.

The author owns HK TIBX.

Monday Thoughts

Markets again took a fall to start the week today. Both the Nasdaq and S&P 500 both fell slightly more than 1%. The Nasdaq itself is down almost 5% this month alone, just 4 days long thus far. Recent strong groups were hit hard today including chemicals and healthcare. Semis outperformed. NFLX an important leader this year hit an all time high today then had an ugly outside reversal day closing down over 4%. AAPL reversed today and also had an outside day. Economic bellwhethers FDX UPS plunged below their 200 day MAs today. After the close a glimmer of good news, being IP making an unsolicited buy out offer for TIN. Interestingly both IP and TIN were up after hours. Not much in the way of earnings reports Tuesday and we get retail sales figures and consumer credit data.

Stocks near 50 day support are COH 58, AET 40.95, BAX 57, CI 46.50, HUM 75, WPI 60.80, M 26, CBS 25.90, DPS 39.55, ABV 31, PM 68, ABB 25.55, WCN 30.40, BMC 52, CHKP 53.80, CTXS 79.80, FTNT 22.05, INFA 54, QLIK 29.85, EQT 50, KEG 16, PTEN 29.25, BLL 37.50, MCO 37.10, VCLK 16.55, MSI 45.45, SQM 58.20. Stocks that found 50 day support today were PPO CNI NSC XPX HK SUG BHI ADP RVBD EMC TDC AVGO SMTC XLNX MON.

Stocks near 200 day support are HBI 26.70, PVH 62.50, VFC 89, APD 88, DOW 34.05, HUN 16, PPG 83, PX 96, CAR 14.75, SYK 56, VPHM 17.10, ANN 25, DKS 35.45, EXPR 17.60, FAST 29.50, JWN 42.15, WFM 52, WSM 36, CAT 94, CBE 58.20, DOV 59.75, IR 44.10, JOYG 85, PLL 50, PH 84, MTW 15.45, ROK 76, ADSK 39, ORCL 31, CSX 68, JBL 18.05, MOLX 24, PKI 25.30, DFS 20.25, KKR 14.75, PAY 41.20, APC 70.80, CHK 27.45, CXO 87, COP 68.20, CLR 58.10, DVN 78.50, EXXI 28.50, XOM 75.85, NBR 24, NE 38.30, NBL 86, PXD 86.25, RDSA 67.20, SLB 80, SU 38.85, VLO 23.55, WLL 59.20, MMM 89.15, CTSH 72, CMCSA 22.30, JDSU 16.80, OVTI 28.90, TXN 32.25, AA 15.05, BHP 88.75, POT 52.50. Stocks that found 200 day support today are DD KLAC DIS BGC AVT TTMI AMP BP HES. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are FMC 77.50, SOA 21.50, VRSN 33.05, APA 114.50, FTI 41.65, OPEN 79.25, BWA 66, ARUN 25.50. Stocks that lost their 200 day MAs today were HOT WCRX EBAY MDRX ROVI GTI DO MDR OMC PAYX SPRD SLW ALV. Stocks that can be shorted at 200 day resistance are JCP 33, EXPD 51, TROW 61, ANR 52. Stocks that met 200 day resistance today were LVS APH FCX BTU SWC CMI.

Stocks that can be shorted as they lose their 50 day MAs and their sell stops are CROX 20.40, ALB 65, MAR 34.60, WYN 31.75, WYNN 140, AGN 78.50, AGP 66, UNH 47.25, WLP 74.25, ANF 70, SCSS 14.70, YUM 52.80, VIAB 48.70, KSU 54.75, UNP 99.50, AXP 48.10, COG 53.75, TUP 61.75, QCOM 55.50, TWC 74.50. Stocks that lost their 50 day MAs today were CE HLS HS ITW NUAN ADS R DRC HAL NFX OXY EL RKT IRM NTAP APKT DTV PCS AEM WAT. Stocks that can be shorted at 50 day resistance are NKE 81.20, EMN 101, ABC 41, COV 54.50, AMZN 191, AN 34, BBBY 54, COST 79, PAG 20.65, CHRW 78, ADS 89, COF 53, MRO 52.10, SGY 31, WMB 31, TPX 60 MWV 32.55, ADI 39.80, VALE 32.05. Stocks that met 50 day resistance today were EMN SBUX TS ATW HOC NOV RRC ACN ARMH ALTR TRW AGU. Stock charts whose smooth uptrends now look broken recently are ROC TPX DTV PCLN.

Good luck.

The author owns TIBX HK.

Weekend Warrior

Markets again weakened Friday putting a week to rest where both the S&P 500 and Nasdaq both lost 2.3%. The S&P 500 has now lost ground for 5 consecutive weeks. That has not happened since June-July of 2008. Friday brought a dismal employment report, which put the market on the defensive big time before the open. Other developments during the week, included another warning from Moodys concerns about US Debt, weak auto sales, poor retail figures, slowing ISM data, faltering consumer confidence all of which contributed to the market fragility. Indexes tried to rally midday but it was not to be. Sellers returned in the afternoon, with markets ending right at their lows for the session. The Nasdaq took the worst of it Friday dropping almost 1.5%. AMZN COST ALTR joined the list of leaders piercing their 50 day MAs Friday. NFLX, bucked Nazz weakness and hit an all time high Friday. Even some defensive names which have outperformed recently lost their mojo. GIS MKC lost their key 50 day MAs Friday as well. Educational stocks, is one defensive group that seems to be acting well. Sectors taking the brunt of the selling Friday were transports, retail and semis. Oil stocks held up relatively well. Not much on the earnings front or economic data Monday.

Again buying leading stocks breaking out of bases is a frivolous game. Same as the pundits saying buy defensive groups. Silly? A loss of 5% in a defensive name compared with a 10% loss in a higher beta security is still a loss. Better to build cash reserves and wait for a better market complexion. Obviously never abandon a watch list of leading stocks because the market can change its colors very quickly. Some to watch which have held up decently during this malaise are EXPE, which has a 3 week tight buy point of 28.40. WYNN 151.83 in a flat base, ABV 33.34 in a cup with high handle formation and ATW 45.20 in a double bottom base.

Stocks near 50 day support are WYNN 141.45, AET 40.75, AGP 66.10, BAX 57, HLS 26, HS 41, WPI 60.75, WLP 74.50, ZMH 64.55, ANF 70, FOSL 97.50, SCSS 15, YUM 33, CBS 25.75, VIAB 49, DPS 39.50, PM 68, WCN 30.35, BMC 51.95, CHKP 53.50, CTXS 79.40, FTNT 22.05, INFA 54, NUAN 20.50, QLIK 29.50, EQT 50, HAL 48.20, KEG 16, PTEN 29.10, HK 25.10, CL 83.50, TUP 62, BLL 37.50, VCLK 16.50, EMC 27.50, TDC 53, PCS 17.15, QCOM 55.95, VECO 51, SQM 58. Stocks that found 50 day support Friday were ALB PPO ITW TTWO CNI NSC UNP TEL COG CPX NFX OXY RES SWN ADP AVGP SMTX XLNX MON. Stocks that can be bought if they can reclaim their 50 day MAs and their buy stop spots are APC 78.25, CHK 32.25, EOG 112, NOV 74.50, SLB 87.25, WMB 31.30. UPL AEM both retook their 50 day MAs Friday.

Stocks near 2oo day support which are becoming numerous with this ailing market are PVH 62.60, APD 88, DOW 34.05, FMC 77.75, PPG 83, SOA 22, VPHM 17.10, ANN 25, DKS 35.25, JWN 42.10, WSM 36, KO 63.50, CBE 58.05, DOV 59.50, IR 44.05, JOYG 84, ROK 76, ADSK 39, ORCL 30.90, ROVI 54.50, VRSN 33.40, AVT 32.25, PKI 25.35, GTI 19.50, TKR 46.90, APA 115, CXO 88, COP 68, DVN 78.25, DO 70.20, FTI 42, HES 74, MDR 19.85, NBL 85.85, PXD 86, RDSA 67.10, MMM 89.10, UTX 79.50, CTSH 72, OPEN 80, CMCSA 22.25, ADI 36.90, MCHP 35.20, TXN 32.25, AA 15, BHP 88.45, POT 52.95, ARUN 25.65. Stocks that found 200 day support Friday were WCRX MDRX BP SU DD OMC PAYX NTAP RIO SLW ALV AGU. Stocks that lost their 200 day MAs Friday were JCP EXPD FDX UPS APH ETN TIN CMI DE. ANR BTU FCX all encountered 200 day resistance Friday. Stocks that can be shorted at 200 day resistance are LVS 43.15, BID 43, RHT 43.05, TROW 61, MTL 27.75, NUE 43, TCK 51.50, LRCX 48.10, SWC 20, JPM 42.50. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are EBAY 29.45, DIS 37.70, BGC 35.75, PH 83.75, TTMI 14.30, AMP 56.75, KLAC 40, SPRD 17.50, BWA 66. SUN can be bought thru 40.60, its 200 day MA.

Stocks that can be shorted at 50 day resistance are DECK 90, HBI 30, UA 69.50, EMN 102, ABC 40.90, AN 34, EXPR 21.10, FAST 33, ARBA 32.75, CSX 77, COF 53, DFS 24.30, HP 64, NBR 29, WNR 17, IP 30.50. Stocks that found 50 day resistance Friday were PCLN TS HOC MRO MCP. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are CE 47.75, ROC 49.50, WYN 31.70, KSU 54.75, ADS 88.75, AXP 48.05, EL 97, TPX 59, RKT 70, IRM 32.25, AAPL 341, DTV 48, WAT 93.40. Stocks that lost their 50 day MA Friday were ACN ADI MXIM OVTI B TRW JBL MOLX R CCK MWV NKE LYB COV SYK CHRW A.

Good luck.

The author owns HK TIBX.

Thursday Recap

Markets turned in a mixed performance Thursday. Not the kind of reaction you would like to see after yesterdays rout, which was the worst since last August. Perhaps it just biding its time before tomorrow mornings big jobs report. Volume was soft, compared to the first two trading days of the week. Todays winning groups hailed from the education, machinery and ag sectors. Autos were weak, retail faltered again with stocks like COH CROX NKE PVH VFC ANN just to name a few. Even some defensive names such as KO GIS K CL lagged. Be patient here, and let the market reassert itself before making any meaningful purchases. Very few leading stocks look poised to breakout here too. No real earnings tomorrow but beware the employment report at 830am. ISM Non-Manufacturing is reported Friday at 10am.

Keep a watchlist now with stocks that are treading water and acting well during the correction. They could be the first to emerge as the next leaders when the market rally resumes. A few to keep an eye on are WYNN 151.83 buy point in a flat base. HS 45.21 in a 3 week tight pattern. WAT 100.04 in a flat base, and AET 46.11, MOLX 28.20 both cup with handles.

Stocks near 50 day support are ALB 65, CE 48, PPO 61.50, WYN 33, AGP 66, HLS 26, ZMH 64.50, SCSS 15, YUM 53, CBS 25.75, VIAB 49, PM 68, ITW 56, WCN 30.25, BMC 52, FTNT 22, NUAN 20.50, QLIK 29.50, CHRW 78, KSU 55, NSC 70.50, TEL 35.50, ADS 89, COG 54, EQT 50, HAL 48.10, KEG 16, PTEN 29.10, HK 25, SUG 28.50, TPX 60, TUP 62, MWV 32.50, ACN 56, ADP 53, EMC 27.30, TDC 53, DTV 48, PCS 17.10, ALTR 46, SMTC 26.95, XLNX 33.70, MON 68. Stocks that found 50 day support today were EMN LYB ROC COV SYK AMZN CNI A JBL BHI MRO NFX OXY SWN CCK MXIM B. TS managed to retake its 50 day today, stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are EOG 112, NOV 74.50, ARMH 29.25.

Stocks near 200 day support are HBI 26.60, APD 88, DOW 34, FMC 77.75, PPG 83, STJ 44, VPHM 17.05, WCRX 23, ANN 25, JWN 42.05, WSM 36, DIS 39, CBE 58, DOV 59.50, BGC 36, PH 84, ADSK 39, ORCL 30.75, FDX 90.55, UPS 71.30, TTMI 14.50, AMP 57, BP 43.90, CXO 87, HES 74, MDR 19.85, RDSA 67, SU 38.80, WLL 59, DD 50, MMM 89.05, TIN 21.95, CTSH 72, OMC 45.50, PAYX 30.50, NTAP 52, OPEN 80, KLAC 40.10, SPRD 17.90, BWA 66. Stocks that found 200 day support today were MDRX RHT EXPD RIO CMI DE AGU. Stocks that can be shorted at 200 day resistance are LVS 43.10, MTL 27.75, MUR 68.80, SUN 40.25, RIG 71, LRCX 48, FCX 51.40, JPM 42.50. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are HOT 57.50, APH 52.10, SLW 34, ALV 72.50. ANR lost its 200 day today, and BTU SWC found 200 day resistance. TCK can be bought thru 51.80, as it reclaims its 200 day MA.

Stocks that can be shorted at 50 day resistance are DECK 89.80, UA 69.50, HUN 19.05, PCLN 520, CAR 18.05, RCL 39.50, EBAY 32, FAST 33, IR 49, ARW 43.60, AVT 35, DFS 24.30, VLO 27.90, DHR 53.40. Stocks that found 50 day resistance today were PVH EXPR ARBA. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are NKE 80.50, COV 54, COST 78.50, UNP 99.50, EL 97, AVGO 32.70. Stocks that lost their 50 day MAs today were PX K PKI COF HOC IFF IBM.

Good luck.

The author owns HK TIBX.

Wednesday After Market

Markets slumped Wednesday, with indexes closing lower by more than 2%. They finished near session lows, just the opposite of yesterday, in higher than average volume. They pierced their 50 day MAs today, a day after the market gave signals that buys were again prudent. Traders however, need to be flexible and able to change their minds when the circumstances arise. Many leaders themselves, the strongest ones during this recent correction which held above their uptrends, gave up today. DHR UTX TYC all looked to have changed their complexion today for the worse. Sectors hurt the hardest today were banks, transports and commodities. Tech was not immune either. JNPR plunged 10% today, losing its 200 day MA. We first thought it was a CSCO thing, but apparently we were wrong. Some leaders tried to breakout today only to leave ugly negative reversals, such as VMW. Many former leaders also lost their 200 day MAs today. FCX IVZ TROW DE to name a few. Economic news was again weak today as it was yesterday, but the market reaction was obviously very different. ISM data was weak with the index coming close to the magic 50 number. Private job creation came in well below forecasts. Tomorrow brings jobless claims, factory orders and productivity numbers. Earnings reports come from JOYG before the bell, and PAY after the close.

Perhaps we were lucky to close out our profitable positions yesterday in FCX and BTU. But it was intuition as well. Put the buys on hold until the market can assert itself. Instead looks for key moving averages support. Stocks near 50 day support are AGP 66, TDC 53, ADP 53, DTV 48, EL 97.25, MWV 32.40, WAT 93, TRW 54.40, XLNX 33.65, EMC 27.45, MON 68, SYK 60.95, ABB 25.50, MOLX 26, TEL 35.50, HK 25, ANF 70, SMTC 26.90, ABV 30.55, PPO 61, YUM 53, WCN 30.25, TTWO 15.90, HAL 48.15, PCS 17.05. BHI COF found 50 day support today. If these levels do not hold, and they lose their 50 day MAs in big volume cut your losses quickly and even consider shorting.

Stocks near 200 day support are EBAY 29.65, ADSK 39, RDC 35.50, DKS 35.10, DIS 39, ORCL 30.80, NBL 84.75, MM 89, PAYX 30.50, TXN 32.10, FMC 77.40, VPHM 17.05, CBE 58, TTMI 14.50, APA 115, HES 74, NBR 24, RDSA 67, SLB 79.25, SU 38.55, DD 50, AA 15, BHP 88.25, RIO 67.10, DOW 34, ANN 25, JOYG 83.50 (earnings before bell Thursday), MDX 19.65, JWN 42, UPL 45.50, IP 27, TIN 21.90. MOS LVS MAR all found 200 day resistance today. Stocks that lost their 200 day MAs today were TCK WRC RHT BID MUR SUN SWC JPM. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are HOT 57.50, PH 83.50, FDX 90, APH 52.15, DO 69.50, FTI 41.60, ETN 48.70, KLAC 40, SPRD 17.50, JCP 32.50, VRSN 33. Stocks that can be shorted at 200 day resistance are PAAS 34.65, RIG 71.

Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ACN 55.75, TWC 74.25, PX 102.80, AN 33.70, NSC 70, ABC 40.30, COV 54, BBBY 53, AAPL 340, AVGO 32.50, APD 91.50, UNH 47, CHRW 77.50, WYN 32.75, PKI 27, MXIM 26.05, ROC 50, LTD 38.10, A 47.50, CCK 38.60. Stocks that lost their 50 day MAs today were numerous and include MCHP IP IFF JWN IR JDSU WMB APKT MMM APKT CMCSA TXN GM HBI ARBA WNR EXPD AVT SBUX FAST APC CLR SGY POT RRC DECK SOA PAG FDX GSM NBL. Stocks that can be shorted at 50 day resistance are FAST 33, DFS 24.20, FCS 19, VFC 99.85, CMCSA 25, SAP 63, CHK 32, VLO 28, UA 69.70. Stocks that met 50 day resistance today were PLL HON BRCM EXPR RL VFC KO ORCL TS SE MCP ANR ATW TRN ATI APA CVX EOG XOM HP NE SPN VALE HUN.

Good luck.

The author owns HK TIBX.