Tuesday, July 5, 2011

Tuesday Recap

Markets finished little changed Tuesday after a long holiday weekend. It must be considered bullish that the market refused to yield any of the huge gains they amassed last week. The Nasdaq even closed in the black, extended its streak to 6 consecutive sessions of gains. Volume was lower once again. A look at leading stocks, always a good barometer to market health, drew a very benign picture. NFLX ILMN both emerged from bases today, staging powerful breakouts. Other leaders that hit all time highs today, not just 52 week highs, were LULU AMZN CMG DLTR FOSL MCD SBUX TIF TSCO NFLX HS WPI WCG HLF CE COH IBM. A diverse bunch. GOOG, which reclaimed its 50 day MA Friday after spending almost all of this year below that line, tacked on an additional 2% today. Takeovers were in the news today as well as BLUD rocketed higher after announcing its being taken private. NOV also reported it will be acquiring AMN. Gold and silver producers were among the winners while banks lagged. Not much on the earnings front, but the day is filled with economic reports. ISM, Challenger job cuts, Redbook, Goldman retail chain sales all are announced Wednesday.

Stocks offering specific buy points include: Double bottoms KMX 35.10, WYN 35.34, ALXN 51.08, DECK 93.74, APKT 77.61, RAX 44.81, MON 74.56, MWV 34.12, AAPL 352.23, EMC 28.70, APA 125.54, APC 80.85, BHI 76.75, CVX 105.31, NBL 94.11, OXY 109.09, PXD 94.99, SGY 32.99, WMB 31.83, AA 16.93. Cup bases are CAKE 34.10, NUAN 23.03, ACOM 45.89, AH 30.75, IRM 35.60, AME 47.10, HP 70.56, NOV 80.75, SPN 41.11. Flat bases CPO 58.01, VRX 55.10.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are RAI 38.40, DOW 37.05, LYB 40.55, WLK 55.25, FLIR 34.65, CTXS 81.85, INTU 53.05, ORCL 33.50, SAP 62, DIS 40.60, AGCO 50.80, BG 71, DE 86.30, CBE 62, PAAS 32.40, SCCO 34.10. Stocks that retook their 50 day MAs today were ANF LTD ALXN APKT WDR MOS OPEN ARMH CXO PXD ABX. Stocks near 50 day support are HNZ 53, PAG 21, SHW 84, RCL 38, AET 43.50, XRAY 38, DGX 58.25, VPHM 18.50, WLP 78, ALB 68, EMN 102.50, CBS 26.90, CSX 25.50, UPS 72.50, BLL 38.25, HON 58.90, ROP 82.25, A 49.60, APH 53.40, DHR 53.50, JBL 20.10, TMO 63, WAT 96, ITW 56.55, PH 88, ALTR 46.25, SMTC 27, XLNX 35, WBC 68, HK 25, RDSA 70.80, WY 21.50, BHP 93.40. Stocks that found 50 day support today were DKS CAR CCL ENDP COF CCK MCO AB CY CMI WLT WMB.

Stokcs that can be bought as they retake their 200 day MAs and their buy stop spots are LVS 44.50, ADSK 39.85, IPI 33.50, AVT 33.50, DVN 80.75, BTU 61.75. Stocks that retook their 200 day MAs today were HOT VRSN TCK. Stocks near 200 day support are JCP 34, DIS 39.50, EXPD 51.30, KKR 15.25, STT 44.70, AGU 87, EMR 56.55, IR 45.10, ATI 60, MXIM 24.60, MCHP 36.10, SUN 41. JCP PAYX found 200 day support today. Stocks that can be shorted at 200 day resistance are RJF 33.75, RS 50.75. JDSU AMP MT KLAC CAM DVN NBR. ANN can be shorted as it loses its 200 day with a sell stop at 25.60.

Stocks that can be shorted at 50 day resistance are STJ 50, ZMH 65.60, VMED 31.50, AKAM 32.40, NUE 42, RIG 66, VLO 26. Stocks that met 50 day resistance today are SYK SOA INTU ORCL LAZ TROW DAR DE VCLK MS ARW NXPI TXN MUR SU AEM MCP. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are PEP 69.40, COST 80.40. TXT MSI IP ADI.

We sold XOM for a $4 gain today as it met 50 day resistance. However, I leave impressed with XOM strength after the weekend news of a pipeline spill in the Yellowstone River.

Good luck.

The author owns FCX DE.

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