Monday, September 19, 2011

Monday Recap

Markets lost ground Monday, but managed to recoup about half of their losses. The Nazz outperformed as usual today, recovering almost 50 handles from its intraday lows. It also managed to close above its 50 day MA it retook Friday. The S&P 500 closed lower by almost 1%. Volume was much lower than Fridays boosted option expiration day. A look under the hood today actually yielded some positive points. Breakouts from leading stocks continued with AAPL breaking out from a 404.60 cup base buy point. WPI took out a 68.74 cup with handle buy point. CMG broke out as well today. The indexes seem to be climbing that proverbial wall of worry. Among leaders that performed really nicely were LULU and SBUX both up 5%. WFM and WYNN were both up over 4%. A diverse group of stocks hit all time highs on a poor tape as well. They were ALXN AAPL NEM COST. However the SDS held its 200 day MA it hit on Friday. ORCL reports after the close tomorrow among the companies we follow.

Stocks at exact buy points include: Cup bases are AVGO 39.55, CPHD 41.08, ADS 101.61, FAST 36.90, LULU 64.59, IACI 43.90, VFC 131.40. Cup with handle is SLW 41.46, double bottom with handle is CVS 37.56 and double bottom is LTD 41.25.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are DHR 46.50, ACN 56, XOM 76.25, CVX 100.60, DSW 48.70, MCP 55.50. Stocks near 50 day support are KO 68.50, M 26.95, NCD 87.05, COG 71, AET 39.80, JBL 17.05. Stocks that found 50 day support today were PAAS COH CROX LULU ANF ANN CVS CMG SCSS ABV ADS IFF TPX SM RIG PCLN WYNN CMCSA IBM VPHM WCN JBL CMI ARMH KLAC NVLS XLNX.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are ANN 26.30, APC 76.25, SWN 40.30, QCOM 54.20, CRM 137.50, IP 28.50. Stocks near 200 day support are EBAY 31, CHK 30.50, MTZ 18.75, TSU 25.75, CBS 23.90. Stocks that found 200 day support today were AEM TGT CHK ARBA VMW ACN ADP VIAB GILD NSC MXIM. IT retook its 200 day MA today while POT KSU lost their 200 day MAs. CDE met 200 day resistance and CBI can be shorted at 36, its 200 day MA.

Stocks that can be shorted at 50 day resistance are WSM 34, EXPE 29.50, TDC 53, QCOR 28.90, EXPD 45.50, HON 49.10. Stocks that met 50 day resistance today were DKS AN WSM TDC HS DHR ALTR GNC. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are MOS 67.70, TPX 61.30. Stocks that lost their 200 day MAs today were AGU PM EXPE BAX KSU NSC LRCX.

Good luck.

The author owns MXIM CBOE TGT. We bought TGT as it found 200 day support after bursting through it Friday.

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