Wednesday, July 13, 2011

Wednesday After Market

Markets continued their bearish action Wednesday, opening well, then closing hard upon their lows. Just the opposite of what healthy markets do. China's strong GDP report gave the markets their early boost and in the process had the S%P 500 reclaim its 50 day MA. But it was up as much as 1.3%, finishing up only .3%. The Nasdaq saw a 1.6% gain, shrivel away to a .5% advance. Action among leading stocks was again weak. GSM broke out of a 24.90 cup base, but gave up most of the days gains to close exactly at the trigger. IRM attempted to break out of its 35.60 cup base only to finish the day below it. ALXN took out a 51.08 double bottom buy point and finished above it but volume was soft and gave back the majority of its intraday gains. Semis were among the week sectors, while gold and silver equities outperformed. Their are still some beacons of strength amid the impotent markets. AGU looks good hugging 200 day support and trading tightly. WOR ACN still are holding their gap ups. SCCO looks like it has broken its major downtrend this week. But proceed with caution here. Remember the third year of bull markets are notoriously bumpy. After hours Moodys put USA debt rating on possible downgrade. Futures dropped. YUM jumped after hours on a benign earnings report. Tomorrow JPM FCS report before the bell and GOOG after the close. Also weekly jobless claims, business inventories, retail sales and PPI are all reported.

Stocks offering specific buy points include: Cup bases are POT 61.90, ACOM 45.89, XRAY 40.26. BHI 76.75 in a double bottom base. WTI 27.81 in a cup with handle. Cup with high handles are UA 81.55, JAZZ 36.57.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are SYK 60.50, DIS 40.25, IR 47.20, X 44.60, MT 25.65, BTU 59.30, AA 16.20. ABB BHP PAAS all retook their 50 day MAs today. Stocks near 50 day support include EAT 25, FAST 33.45, LTD 38.75, M 28.30, MW 33, PETM 44.30, CAH 45, CI 49.50, HS 44, UNH 50.05, VPHM 18.50, APD 92.60, QLIK 32, TIBX 28, CBS 27, CHRW 78.75, CNI 76.80, FDX 92, UTX 86.50, SAPE 14.50, NTGR 41, PLCM 29.90, TDC 56, DOV 64.50, APC 75, RDSA 70, NBL 88.20. Stocks that found 50 day support today were ILMN ASH ERTS KSU WDR DAR ROP TKR KLAC APA.

Stocks near 200 day support are KMX 32.15, CTXS 71.75, SAP 57, ORCL 31.75, UPS 72, ETN 50.50, HON 55.05, JBL 19, MCP 50, TEL 34.95. ATI TRW CXO SUN all found 200 day support today. Stocks that can be shorted at 200 day resistance are ANN here, JCP 34, BID 44.05, CAR 15.45, DOW 35.15, INTU 50.25, VRSN 34, KKR here, PAYX 31, ARW 38, CBE 60, MXIM 24.95, NVLS 34. MAR DIS EMR ARW FCS CAM PXD all found 200 day resistance today. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are STJ 45.20, GD 71.50, VMED 27.30, PH 85.80, ATML 12.60. INTU OPEN NXPI all lost their 200 day MAs today. Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are CRUS 17.60, NBR 25.25, TCK 53.25, ABX 49.40. IR retook its 200 day today.

Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are HNX 53, COST 80.25, YUM 54.70, HUM 79.40, ALB 67.65, EMN 101, NOC 65.50, BMC 53.40, INFA 55.75, NUAN 20.75, VIAB 49.70, RAX 41.75, MOS 66, MWV 32.70, ADP 53.10, DHR 52.75, ROK 82.50, ARMH 27.75, AVGO 34.60, SGY 29.70. Stocks that lost their 50 day MAs today were DGX EMN QCOM COF TYC CTAS NTAP. Stocks that can be shorted at their 50 day MAs are CAR 17, RCL 37.90, WLP 78.05, LYB 39.90, FLIR 34.25, TXT 22.95, MSI 46, COF 52, CTAS 32.10, A 49.60, APH 53, SMTC 27, XLNX 35, MUR 66, WMB 30. Stocks that met 50 day resistance today were ARUN DE CCK HON TMO EMC ABV AET ORCL EXPD TROW AKAM MT X RS CY OXY HK VLO.

Good luck.

The author owns FCX DE WNR.

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