Thursday, July 7, 2011

Thursday Recap

Markets continued its winning ways Thursday as some early economic news gave the markets a boost. Strong retail sales and a benign employment report sent the indexes thru some recent buy points. The Nasdaq led the way with a 1.36% gain, in the process taking out its double bottom trigger point at 2835.44 on good volume. The S&P 500 also took out its double bottom buy point of 1345.30. It rose 1% on less convincing volume. A couple more leading stocks broke out today from cup bases. UTX @90.77 and KEG @19.03. Retail was strong today with the strong sales number alluded to earlier. Stocks in the sector that hit all time highs today included BBBY LULU NKE RL TIF VFC. FOSL COH also hit all time highs intraday only to have negative reversals and finish in the red. Chips were strong today with the SMH up 2.24% and retaking its 10 week MA. KLAC rose 7% in the group. Software was hot today as well, with both SAP ORCL rising more than 4%, and both reclaiming their 50 day MAs today. FDX hit a 52 week high. Leisure stocks also outperformed with WYNN hitting an all time high, and PCLN HOT strong Thursday. Not much on the earnings front Friday, but AA NVLS kick off the traditional start to the earnings season Monday, both reporting after the close. Of course the big employment report comes out Friday am at 830.

Stocks offering specific buy points include: Double bottoms ABB 27.19, ALTR 49.01, MCHP 39.77, APC 80.85, BHI 76.75, CXO 97.42, XOM 83.85, NBL 94.11, OXY 109.09, PXD 94.99, SGY 32.99, AA 16.93, KMX 35.10, EBAY 34.75, ALXN 51.08, LYB 44.31, ORCL 34.40, APKT 77.61, EXPD 53.20, AGCO 52.50, EMR 61.39, TYC 51.90, PAYX 32.40, VCLK 18.27, APH 57.44, JBL 21.78. Cup bases are CRL 42.94, VPHM 22.26, PVH 71.91, QCOM 59.94, TRN 38.10, DD 57.10, HON 62.38, IRM 35.60, A 55.43, WAT 100.10, RVBD 44.80, AME 47.10, JOYG 102.27, GSM 24.90, ARMH 32.28, COP 81.60, HP 70.56, PXP 40.16, RRC 59.74, SPN 41.11, WTI 28.69. ALB 71.89 in a flat base.

Stocks that can be bought as they retake their 10 week MAs and their buy stop spots are RAI 38.40, ANN 28.25, ADSK 41.15, RJF 34, AKAM 32.25, JNPR 34.30, IR 47.40, NUE 42, TXN 33.75, SCCO 33.90. Stocks that retook their 10 week MAs today were CAR SYK ZMH DOW LYB WLK FLIR AGCO BG DE DVN VLO. Stocks near 10 week support are ABV 32, PETM 44.05, RCL 38, XRAY 38.05, ILMN 73.25, UNH 50, CBS 27, ACOM 39.75, IPI 31, EMC 27.30, PH 88, X 44.50, SMTC 27, SU 40.25. CCK IP ADI HK.

Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are MAR 38.20, EFX 35.95, TROW 62.60, AVT 33.25, NBR 25.30. Stocks that retook their 40 weeks MAs today were LVS HOT ADSK DE MT KLAC TXN DVN TCK. Stocks near 40 week support are KKR 15.20, AGU 87, ATI 60.20, CAM 50.80. EOG UPL both found 40 week support today. Stocks that can be shorted at 40 week resistance are TXT 24.15, JDSU 17.20. TROW HES NBR BTU WLL all met 40 week resistance Thursday.

Stocks that can be shorted as they lose their 10 week MAs and their sell stops are HNZ 52.75, COST 80.30, YUM 54.50, AET 43.25, WLP 77.60, OPEN 86, WMB 30. AEM lost its 10 week today. Stocks that can be shorted at 10 week resistance are STJ 49.90, INTU 52.70, VMED 31.30, LAZ 38, ARW 42, MTL 25.95, FCS 17, MUR 66.95. Stocks that met 10 weeks resistance today were INTU VRSN AMP DAR ARW MXIM NXPI.

WOR has now held its bullish gap up tightly for 4 days, as did ACN recently. Good action.

Good luck.

The author owns DE FCX.

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