Markets sold off to start a new week Monday. They started lower after the debt ceiling woes lingering from last Friday, made a mid day move upward, then sold off into the close. The Nazz made it back to UNCH at one point only to slide into the close. Nazz volume was softer, lessening the blow, but S&P 500 volume expanded, raising concerns. Caution is certainly the name of the game here. However stocks that showed some relative strength amidst the wreckage were MSFT ADS CHRW UNP AAPL ROP CAT CPX FDS. Chemicals and transports outperformed with gold and silver stocks slid. Gap ups still holding up, and therefore grant inculsion on your watchlist are GR HOG PM AAPL BBG ACN RRC IBM. New highs on both the Nazz and S&P 500 were strong, but only slightly so. After hours BRCM was up 8% on earnings. We flagged it reclaiming its 50 day MA recently and looking like its changed its trend to a more positive tone. BIDU was up 10%, and NFLX was off 10%. Tomorrow earnings come from AME HSY NOV OXY SIAL UA UPS WDR WAT WPI before the open and AMZN CHRW ERTS GILD ILMN JNPR LVS NBR NSC QCOR TPX after the close. MMM TROW also report.
Stocks offering exact buy points include: Cup bases SLB 95.39, NBL 99.09, RDSA 78.07, CLR 73.58, JOYG 102.27, XRAY 40.26, POT 61.90, CVX 109.70, WTI 28.89, APC 85.60 (earnings). Cup with handles are TXRH 18.50, VPHM 20.44, DD 56.30, AME 46.69, RIO 74.10. 3 week tight patterns are AN 40.32, PAG 24.04, KMT 45.76, FCX 56.78. Double bottom with handles are ETN 53.25, EXXI 35.46, DKS 40.95, NKE 94.33. Double bottoms are NBR 28.60, KLAC 46.28, EBAY 34.75, TCK 53.72. Cup with high handles are MMM 98.29, WPRT 28.15, UTX 91.93. TMO 65.96 in a flat base.
Stocks near 50 day support are TXRH 17.50, VPHM 18.55, IRM 33.50, DLTR 65, FAST 33.50, M 28.75, TSCO 64.50, KO 67, CHD 41, HLF 55.60, WYN 33.25, AGP 68.75, BAX 59.70, CAH 45, CI 50, FRX 37.80, HS STJ here, WCG 50.75, ERTS 23.50, AXP 50.50, WDR 37, DTV 50, QCOM 56.10, CNI 77, JBHT 46, UNP 102, VIAB 50, IP 29.65, WAT 95.50, MS 22.95, ATI 63, DOV 64.50, BWA 73.50, JCI 39, CRZO 38, COP 73.10, BTU 58, WMB 30, AVGO 35, SOLR 13.95, GILD 41, WCN 31.90, GPC 54. Stocks that met 50 day support today were MMM HNZ PETM CL MYL ARBA PX TROW CMCSA EXPD BLL CCK EMR UTX JPM X CAT ITW. Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are AKAM 31.60, TYC 48.25, MCO 38.40, DE 83, MTL 25.60, TKR 49.30. Stocks that retook their 10 week MAs today were ALB DOW GS PH.
Stocks near 200 day support are TITN 25, WRC 55, CAR 15.50, BMC 49.15, CTXS 72, FTNT 20, ORCL 31.80, QLIK 26.90, APD 90, LYB 36, KKR 15.50, UPS 72, DIS 39.50, SWI 21.50, HON 55.10, A 43.50, DHR 49.40, JBL 19, PKI 26, AGCO 50, ABB 23.55, CAM 50.80, SUN 41, UPL 46.50, WLL 60.50, ALTR 40.10, SMTC 24.30, ABX 49.05. Stocks that found 200 day support today were KMX BID FDX ATU PH CMI. Stocks that can be shorted at 50 day resistance are DISCA 41.75, SYK 57.50, INTU 50.05, VRSN 34, PAY 43, ARUN 26.50, CBE 60, HES 76, ADI 37.90, MXIM 24.90. Stocks that met 40 week resistance today were RJF ARW TTMI MOS BTU. Stocks that can be shorted as they lose their 40 week MAs and their sell stop spots are ANN 25.80, CAKE 30.10, APKT 60.75, VMED 27.50, MOLX 24.35, FCS 16.25, WY 20.75, AA 15.45. Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are EXPD 51.75, JPM 42.85, RS 51.25. DOW AGCO both retook their 200 day MAs today.
Stocks that can be shorted at 50 day resistance are AET 43.75, FL 23.50, YUM 55, HUM 80, ABV 32, ADSK 39.10, INFA 56, EFX 35.50, MSI 45.70, NTAP 51.80, RAX 42, APH 52.15, ADP 53.10, PAYX 30.75, TRW 55. Stocks that met 50 day resistance today were ABV SAP TIBX LYB MSI CSX PLL. Stocks that can be shorted as they lose 50 day support and their sell stop spots are AGN 82, DAR 17.55, EAT 24.80, COST 80.20, MW 32.75, ORLY 61.40, SCSS 16.60, IFF 62.30, TPX 64, UNH 50, PPG 87.60, EMC 27.05, TDC 56.10. Stocks that lost 50 day support today were ANN LTD ILMN RAX AEM.
Good luck.
The author owns FCX DE WNR WOR.
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