Markets again acted very bearishly Thursday, opening well, and closing very poorly. Just the reverse of what occurs in strong bull markets. Volume rose, and the S&P 500 lost its 50 day MA today while the Nasdaq found tenuous support there. The SDS, a double inverse bearish S&P ETF, looks like it has bottomed and is now right up on 50 day resistance at 21. A push above that line would obviously not be a good thing. Strong recent sectors also were weak Thursday. Software stocks were soft, with ADSK BMC ARBA CTXS INFA TIBX ORCL all behaving poorly. Credit card companies did the same with DFS COF AXP all under performing. Transports were off today with CSX UNP both surrendering 50 day support today. More weak earnings reactions continued today with MAR losing 6.6% today, piercing its 50 day MA. It met stiff 200 day resistance to the penny yesterday. Their was a bearish reversal in COP today, after announcing it would split into two companies. Leaders such as BMC NTGR DHR WBC BHP all lost their 50 day support today as well. Some stocks did manage to break out Thursday on this feeble tape, including JAZZ @36.57, CBI @40.30. KEG is now back above its 19.13 cup base buy point. GOOG was surging 12% higher after hours on its earnings forecast. It should give the market an early boost Friday. Let see if the early gains fade as they have now done everyday this week. Not much in the way of earnings on companies we follow tomorrow but Monday brings earnings reports from HAL before the bell if you are holding the company overnight into the weekend and IBM MOS WYNN NTGR after the close Monday. Economic reports Friday include CPI, industrial production, consumer sentiment, Empire State Manufacturing Survey.
Stocks that are offering exact buy points (many have formed handles after 5 days) are: Cup with handles LTD 41.28, AGN 85.67, BDX 89.85, CRL 42.30, VPHM 20.44, TRN 37.45, DD 56.30, RVBD 41.93, AME 46.69, JOYG 99.41, HP 69.83, PXP 39.64, SM 76.25, WTI 27.81. Double bottoms with handles are KMX 34.91, BID 49.00, FMC 89.92, BIDU 148.54, ETN 53.25, CAT 112.75, BWA 82.08, BHI 75.70, CVX 107.02, CLR 68.60, FTI 46.09, GPOR 32.50, NBL 92.70, FCX 56.22. Cup with high handles are KO 68.99, CAKE 34.17, UA 81.55, MMM 98.29, UTX 91.93, KMT 45.36, NOV 82.00. Cup bases are XRAY 40.26, ACOM 45.89. As always demand heavy volume (greater than 40%) on the break out.
Stocks near 50 day support are EAT 25, DKS 38.55, EBAY 31.10, FAST 33.50, SCSS 16.70, YUM 55, HS 44, FRX 37.20, UNH 50.10, HLF 55, APD 92.50, PX 104.10, GR 90.30, CERN 60, CHKP 55, QLIK 32, CBS 27, FDX 92, NSC 72.60, UPS 72.25, AXP 50.10, R 54, DOV 64.50, JCI 39, APC 75, COG 59.75, CAM 47.80, XOM 80.95, PTEN 29.70, RDSA 70.05, AEM 63. Stocks that found 10 week support today were MW ERTS CHRW WDR RAX BBG OXY WY. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are RAI 38.40, DIS 40.25.
Stocks near 200 day support are WYN 31.05, SYK 57.40, LYB 36, CTXS 72, ORCL 31.75, SAP 57, APKT 62, QCOM 52.60, UNP 96, AGU 87.60, HON 55.05, IP 28, CTAS 29.50, JBL 19, PLL 52, ARMH 25, ALTR 40.10, SMTC 24.25, APA 118, HK 21.45, SGY 26, WY 21, BHP 91.75, MCP 50, RIO 69. LVS SAP CMI VLO all found 200 day support today. Stocks that could be shorted at 200 day resistance are DOW 35.20, MXIM 24.95, NXPI 23.60. INTU PAYX ARW ABX all met 40 week resistance today. Stocks that can be shorted as they lose their 40 week MAs and their sell stop spots are CAR 15.30, STJ 45.20, AMT 51.45, VMED 27.25, ARUN 26.30, BG 67.70, TEL 34.60, ROK 79.10, ATI 59.75, TKR 48, ATML 12.50, TRW 53, VLO 24.40. GD AGCO IR PH KLAC CXO SU AA all lost their 200 day MAs today. Put a buy stop in on NBR @25.25, if it can retake its 200 day today. ANN KKR both reclaimed theirs today.
Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are KO 66.50, CPO 54.70, HNZ 53, MW 32.75, PETM 44.20, HUM 79.50, TPX 63.40, ASH 62.10, INFA 55.75, NUAN 20.75, TIBX 27.75, TWC 76.10, CNI 76.25, KSU 56.10, BLL 38.40, MWV 32.70, ADP 53, VCLK 17, PLCM 29.50, ITW 56.20, AVGO 34.70, CRZO 36.75. Stocks that lost their 50 day MAs today were COST WYN ALB NOC AGCO DAR MOS ROP TYC SAPE ABB PLL ROK TKR APA SGY. Stocks that can be shorted at 50 day resistance are ABV 32.10, ANN 27.75, CAR 17, DGX 58.70, WLP 78.05, EMN 101.50, TXT 22.85, KKR 16.40, TROW 60, CCK 39, A 49.70, TMO 63.10, XLNX 35, WMB 30. Stocks that met 50 day resistance today were ABV AET QCOM EXPD UNP STT ARUN BG EMC CBE IR PH X RS ARMH CY FCS HK PXD.
Good luck.
The author owns DE FCX WNR.
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