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.
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