Markets Friday ended the week on a decent note, climbing into the close. Volume was mixed. For the week the Nasdaq fell 2.45%, and is quietly only 3.4% off its 52 week high. The Nasdaq found 50 day support on Thursday. The S&P 500 lost 2.06% for the week, and now rests 4% off its 52 week high. The S&P 500 eased below its 50 day MA Thursday on a closing basis, but managed to regain that line Friday. Behavior of leading stocks, a wonderful gauge of market soundness, was mixed on the week. Some breakouts did emerge this week, especially from the energy sector, boosted by BHP takeout of HK. NBL PXP RRC SM all took out trigger points in various bases on strong volume. PVH, a retail leader broke out Thursday from a cup base and tacked on another 1.35% Friday. AAPL hit an all time high Friday as well. Stocks trading very tightly, amidst a sea of recent volatility (very bullish), are NKE DRI JWN. LVS is clinging to its 200 day MA, much like AGU has been doing. Others like INFA WLP look like they have broken beautiful uptrend chart lines. Others that had intraday negative reversals from ALL time highs were COH 7/17, VFC 7/13, PLCM 7/7. As always its a stock pickers market. Utilize your discipline. We did have some decent earnings reports this week, notably from GOOG JPM. There was some M&A activity as well, demonstrating that some savvy investors see certain equities as undervalued. ARJ CLX HK all apparently fit that bill this week. Monday kicks off a big earnings week with HAL CHKP before the bell, and IBM WYNN MOS NTGR after the close.
Stocks offering specific buy points include: Cup with handles are ANF 75.03, SLB 90.99, JOYG 99.41, NUAN 22.50, DD 56.30, RVBD 41.93, AME 46.69, LTD 41.28, AGN 85.67, BDX 89.85, VPHM 20.44, WTI 27.81. 3 week tight patterns are MCD 86.56, CAH 47.16, CI 52.60, CRL 42.30, EL 107.20, SQM 67.22, IBM 177.87. Double bottoms with handles are EXXI 35.46, KMX 34.91, FMC 89.92, CAT 112.75, APC 80.68, BHI 75.70, CVX 107.02, FCX 56.22. Cup with high handles are KMT 45.36, UTX 91.93, MMM 98.29, CAKE 34.17, KO 68.99. Cup bases are ACOM 45.89, POT 61.90, XRAY 40.26. Double bottoms are XOM 83.85, NBR 28.60.
Stocks that are near 50 day support are AMZN 199, SBUX 38.05, CAH 45, EAT 25, EBAY 31.15, FAST 33.50, LTD 38.90, M 28.50, MW 33.10, SCSS 16.70, TIF 78, AGN 82, HS 44, FRX 37.30, UNH 50.10, WCG 50.20, HLF 55, TPX 63.75, GR 90.30, ARBA 33, CERN 60.10, FTNT 24.75, DISH 29.45, CBS 27.05, VIAB 50, TRN 33, ADS 92, AXP 50.25, DFS 24.55, RAX 42, BLL 38.70, PLCM 29.80, RDSA 70, AEM 63.10. Stocks that found 50 day support Friday were HNZ MW PETM CHKP ERTS NUAN CNI FDX KSU UPS WDR RAX MWV DOV ITW AVGO APA OXY BTU WY. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots RAI 38.25, DGX 59, ARUN 28.50, BG 70.60, CCK 39.20, JBL 20.40, TMO 63.55, ABB 26, PH 88, X 44.30, MTL 25.65, RS 49.85. ATI NBR PXD WMB all retook their 50 day MAs Friday.
Stocks near 200 day support are ABV 29.25, LVS 44.10, WYN 31.05, SYK 57.50, LYB 36, CTXS 72, ORCL 31.90, SAP 57, QCOM 52.90, CHRW 76, WDR 36.20, AGU 87.50, ETN 50.90, HON 55.10, CTAS 29.50, JBL 19.05, SMTC 24.30, SUN 41, MCP 50, RIO 69. Stocks that found 200 day support Friday were BID STJ ORCL SAP FDX KKR ARUN ETN CXO SU. Stocks that can be shorted at 200 day resistance are JCP 34, DOW 35.20, SOA 22.95, GD 72, INTU 50.25, STT 45, ARW 38, OPEN 83, CBE 60, NXPI 23.75. Stocks that met 40 week resistance Friday were DIS IR ATML EOG AA. Stocks that can be shorted as they lose their 200 day MAs and their sell stop spots are ANN 25.75, CAR 15.40, TEL 35.40, VLO 24.25. VMED lost its 200 day Friday. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are CRUS 17.60, CAM 51.25, TCK 53.30, ABX 49.50, PAAS 35.30. NBR PXD both retook their 40 week MAs Friday.
Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are KO 66.75, YUM 54.75, HUM 79.35, TWC 76.75, EMR 53.75, TDC 55.75, AVGO 34.50. Stocks that lost their 50 day MAs Friday were ILMN INFA TIBX QLIK CHRW ADP. Stocks that can be shorted at 50 day resistance are ABV 32, COST 80.40, EMN 102, NOC 65.60, BMC 53.85, TIBX 28, MSI 46, UNP 102, TROW 60, CTAS 32.10, A 49.50, EMC 27.30, MT 33.05, ARMH 28.20, MUR 66. Stocks that met 50 day resistance Friday were ABV AET AGCO STT MOS SAPE DVN.
Good luck.
The author owns DE FCX WNR.
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