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.