Monday, September 12, 2011

Monday Recap

Markets rebounded smartly off their lows Monday as rumors swirled of China mulling some possible purchases of Italian bonds. Volume did not back up the move unfortunately. Both the Nazz and the S&P 500 finished well off their lows and rallied into the close to finish strongly upon their highs. Bullish behavior for sure. Even some more leaders are flashing valid buy pints. GMCR 111.52 in a cup base. ROST 77.78, RAI 37.98, both double bottom with handles formations. Some more merger activity has to be viewed as bullish as BRCM put a bid on NETL. Lots of due diligence is done on these transactions, so when corporations decide to swallow competitors it is a good thing. As we alluded to yesterday bears are becoming bountiful recently. As well everyone knows of Greeces eventual default. Bonds their are pricing in near certainty of the fact. Earnings continue to be quiet.

Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are HSY 57.15, BIDU 145.50, LULU 56.80, FAST 32.20, JWN 46.50, ADS 92.75, COG 71.25, EP 19.30, SM 76, CPHD 34.35, CREE 32.25, MCHP 33.20, SMTC 23.25. Stocks that retook their 50 day MAs today were DECK WYNN AVGO MXIM CLH. Stocks near 50 day support are IACI 38.05, CVI 26, CLH 52.75. Stocks that found 10 week support Monday were MOS SLW KO RL SWI AMZN COST RAI MA V EQT RRC AAPL CERN WCN ARMH GNC.

Stocks near 200 day support are MTZ 18.50, TSU 25.55, CHKP 51. Stocks that found 40 week support Monday were POT AEM CDE UA DSW FAST TIF PM CHK OKE AMT CHKP MHP AET UNH CRS. Stocks that can be shorted at 200 day resistance are COH 57, EBAY 31, TDC 50.25, B 22. Stocks that met 200 day resistance Monday were NKE VMW. EL can be shorted with a sell stop at 92, as it loses it 200 day MA. DAR MCP both lost their 40 week MAs today. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are M 25.85, HS 37.50.

Stocks that can be shorted at 50 day resistance are ANN 24.25, MCD 87, SCSS 15.95, MHP 41.05. LTD PETM both met 50 day resistance Monday. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are DPZ 25.90, GNC 22.75. AGU AG ABV QCOR all surrendered 10 week support Monday.

Good luck.

The author owns WNR CBOE PM. We bought some PM as it found 200 day support Monday.

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