Wednesday, June 29, 2011

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.

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