Monday, June 27, 2011

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.

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