Tuesday, July 26, 2011

Tuesday Recap

Markets suffered another bout of late selling, classic bear market action. The Nazz outperofrmed once again, although it spent most of the day in the black, but lost 0.1%. Big cap tech helped the Nazz with the likes of AAPL GOOG MSFT BIDU all finishing positive. The S&P 500 closed down 0.4%. Both indexes remain above their 50 day support. But recent action has been troubling. During the day the markets have been slow and almost boring. The old adage, "never sell a dull market", almost comes into play. The market seems to move up and down with updates regarding the debt ceiling. We know something will be done, and to be completely honest I am more concerned with the 7/31 MLB trade deadline, and where Beltran may end up (I am a huge Met fan). Important sectors like the transports were very weak today on the back of a poor UPS earnings report. Weak responses from earnings reports are troubling too. UA SIAL MMM SIAL ITW come to mind. UA WPI, both leading stocks, endured even worse action, with outside reversal days today on earnings. Sectors that did outperform were the semis on the back of a surprisingly bullish earnings report from BRCM. Some bank stocks are slowly starting to show some signs of life after hibernating for what seems like forever. GS ADS RJF BX MS SIVB all are putting up a good showing. Steel was hit today with X NUE getting hurt today. But copper was strong with FCX SCCO finishing up. Earnings after the close were a mixed bag with AMZN LVS TPX all up, but JNPR CHRW ILMN trading lower. Tomorrow brings earnings from ATI ARW AN COP HES ICON MCO MYL PX ROC TMO TUP WLP ZMH before the open and AKAM BMC COG CTXS CLF CROX EFX ORLY SPN V WLL after the close.

Stocks offering specific buy points include cup bases ANF 77.75, APC 85.60, NBL 99.09, RDSA 78.07, SLB 95.39, SGY 36.04, NTES 55.10. Cup with handle bases are ACOM 45.28, NUAN 22.50, GG 55.49, RIO 74.10, VPHM 20.44, TXRH 18.50. 3 week tight patterns are AN 40.32 (earnings tom AM), DRI 53.91, PAG 24.04, V 90.93. Double bottom with handles are KMX 34.91, NKE 94.33, SINA 126.37. Double bottoms are EBAY 34.75, NBR 28.60. Cup with high handles are IRM 35.89, WPRT 28.15.

Stocks near 50 day support are EAT 25, DKS 38.15, DLTR 65, M 28.85, MW 33, TXRH 17.05, CHD 41, WYN 33.35, AGP 69, BAX 59.60, CI 50, XRAY 38.15, AXP 50.50, DFS 24.90, NSC 73 (earnings after close), UNP 102, CBS 27.25, BLL 38.70, DD 52.45, IP 29.65, BG 70, WOR 21.20, ATU 25.10, CAT 103.50, KMT 41.25, CRZO 38, OXY 103, BTU 58, AVGO 35, SOLR 14, GILD 41, WCN 31.90. Stocks that found support at their 50 day MAs today were SCSS CL MYL WCG ARBA ALB TROW JBHT VIAB EMC CCK JBL DAR JPM ATI COP. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are AKAM 31.50 (earnings after close tomorrow), MCO 38.40 (earnings before open tomorrow). TIBX MTL retook their 50 day MAs today.

Stocks near 200 day support are TITN 25, WRC 55, CAR 15.50, LVS 44.20 (earnings after close tonight), BDX 82.25, ILMN 66.75 (earnings after close tonight), STJ 45.95, ZMH 59 (earnings before open Wednesday), ABV 29.40, BMC 49.15 (earnings after close Wed), KKR 15.50, CHRW 76.05 ( earnings after close tonight), DIS 39.50, SWI 21.50, HON here, TYC 44.75, A 43.50, DHR 49.25, JBL 19.05, MOLX 24.55, DOV 62, PLL 52, CAM 51, DVN 80.80, SU 39.75, WLL 60.50 (earnings after the close Wed), WMB 30, ALTR 40.15, SMTC 24.30, ABX 49.05. Stocks that received 200 day support today were FTNT (twice now since earnings last week), BID CTXS (earnings after close Wed), DOW ETN HON VMED AGCO SUN JCI. Stocks that can be shorted at 200 day resistance are INTU 50.10, VRSN 34.05, SOA 22.90, PAY 43.15, ARUN 26.50, ADI 37.95. APKT MOS AA all found resistance at their 200 day MAs today. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are CAKE 30.05, ORCL 31.70, APD 89.50, DOW 35.10, PPG 85.50, ROK 79.45, FCS 16.20. Stocks that lost 200 day support today were MMM PKI TKR ITW PH TRW WY (WY looks very bearish here). Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are ARW 38.25 (earnings before open Wed), SWKS 28.20.

Stocks that can be shorted at 50 day resistance are YUM 55, ABV 32, ADSK 39, INFA 56, STT 45.20, CSX 25.40, NTAP 51.75, NTGR 41, RAX 42, TTM 23. Stocks that met 50 day resistance today were LTD IFF BDX HUM ORCL LYB WLK MSI EXPD RAX SAPE DE MT NUE HES (earnings before open Wed). Stocks that can be shorted as they lose 50 day support and their sell stop spots are COST 80.10, FAST 33.40, AGN 82, FRX 37.60, HS 44, UNH 50.10, EMN 101, QCOM 56, PLCM 29.50, TDC 56, EMR 53.70, RS 48.70, BWA 73.50. Stocks that lost their 50 day MA today were CAH STJ PX CNI FDX UTX X DOV PLL.

Good luck.

The author owns FCX DE WNR WOR.

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