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.
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