Markets again displayed bear market action, opening well, then closing hard upon their lows. The S&P 500 under performed once again, losing its 50 day MA. It also is now on a 4 day losing streak. The Nazz found 50 day support today, and just barely eeked out a gain. A look at some ETFs, namely SDS VXX, are both right up against 50 day resistance. A look at those charts look like they are rounding out a nice bottom. Not particularly good news for indexes. Delving further into some charts, which this week have broken long term uptrends, are CAKE CHRW HON MMM PKI TKR ITW PH ROK FCS WY. All former leaders that have lost their 200 day MAs. To look on the brighter side some leaders that have gapped up recently and are still holding those moves are AAPL IBM BBG RRC PENN. Earnings reactions intraday were mixed with up moves from CAM 9%, COG 7%, CROX 15%, NBL 5%. Stocks moving lower today were WLL 9%, AEM 6%, TWC ROK 5%, CLF 4%. After hours movers on earnings were mostly lower. NXPI lost 11%, NTGR 10%, MSI 5%, ACOM 4%, EMN 3%. QLIK was up 6%, CHK 3%. Tomorrow CVX LYB WY report before the bell and AGP after the close.
Stocks that are showing specific buy points, but must be bought with caution, are: Cup with handles ANF 78.35, WPRT 28.15, ATW 48.94, CVX 108.95, SM 80.91. Double bottom with handles are NKE 94.33, BEXP 34.03, CXO 99.57, EXXI 35.46. APC 85.60 in a cup base, and NBR 28.60 in a double bottom base.
Stocks near 50 day support are AN 36, BBBY 56, PAG 21.45, SBUX 38 (earnings after close), TIF 77, COH 62.40, CHKP 56, CE 51.75, POL 15, DFS 24.95, DISH 30, MTZ 19.95, KSU 57.10, CBS 27.30, ACN 58.10, POT 56, SIVB 58.75, BX 16.60, JOYG 91.50, KEG 17.70, BEAV 39, SCCO 33.85, SWKS 34.25, HSY 56. Stocks that retook their 50 day MAs today were FAST BWA. XRAY can be bought through 38.40, its 50 day MA.
Stocks near 200 day MAs are EAT 23, FL 20, PETM 41.30, YUM 51.50, WLP 67, ZMH 59, ABV 29.40, NUAN 19.05, SIAL 66, CMCSA 22.25, QCOM 53, EMC 25.15, CCK 36, UTX 82.10, ADP 49.80, SAPE 12.95, AGU 87, CAT 98, CMI 104.30, CRZO 34, COP 71, OXY 98, PXD 90, UPL 46.50, CLF 85, FCX 52.75, RIO 69, GPC 52. Stocks that found 200 day support are KMX TITN WDR SWI BG ABB ALTR SLW. Stocks that can be shorted at 200 day resistance are VRSN 34.05 (earnings after bell Thur), KKR 15.50, VMED 27.95, A 43.75, JCI 39, TRW 54. Stocks that met 200 day resistance today were ANN TXRH WRC CAR FTNT PPG DIS DHR JBL MOS TKR ROK. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are DKS 36.75, BDX 82.10, STJ 45.60, VPHM 17.70, LYB 35.75, WDR 36, KMT 38.50, WBC 59.60, XLNX 31.50. Stocks that lost 200 day support today were APD ATI DOV DVN SU OVTI. CTXS retook its 200 day MA today.
Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are CHS 14.85, DLTR 65, BID 41.75, TSCO 64.10, CI 49.70, WPI 65.75, AXP 50.15, SUN 40.30. Stocks that lost their 50 day MAs today were CHD VPHM CMCSA AGCO MS WOR AME COP BTU CLF. Stocks that can be shorted at 50 day resistance are COST 80.20, LTD 38.20, CAH 45, FRX 38, TIBX 27.60, CSX 25.50, EXPD 50, PLCM 30, TDC 56.60, RAX 42, DAR 17.95, HES 74. Stocks that met 50 day resistance today were MW SCSS HRL AGN AGP BAX FRX MYL UNH CRM TIBX SOA FX RJF CNI SOLR JBHT CCK ETN JPM MTL RS ATU MRO.
Good luck.
The author owns FCX DE WNR WOR.
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