Thursday, September 8, 2011

Thursday Recap

Markets fell Thursday, after Bernanke failed to give the markets anything bullish, and before Obamas speech tonight. Again much attention has been made about tonights address, however it is all nonsense. The markets whether it is European concerns, domestic debt problems, etc. the market always is looking ahead. Just pay attention to the markets volume and price action. Today indexes sank and finished near their lows, on increased volume, a bearish sign. MA attempted a rare breakout today from a flat base with a 340.52 flat base buy point, but failed. Others are still setting up valid bases. They include cup base ABX at 55.84, COST 83.55 in a double bottom base, DPZ 28.53 in a cup with handle base and VPHM 20.38 in a double bottom with handle pattern. The dollar ETF UUP gained again today and is bracing for a 200 day test around 21.90. If it can break through their could spell trouble for energy and commodity sectors. Keeping an eye of stocks that demonstrated solid relative strength on a weak tape today were LULU HANS CMG TSCO DPZ EBAY GMCR CHK ATHN ARMH. Also always keep an eye on recent IPOs as a potential source of future winners. Today some that outperformed were ARCO GNC NLSN. Earnings again are quiet Friday.

Stocks near 50 day support are MCP 56.25, HSY 57, IACI 38.05, SWI 23.30, SINA 105, BBBY 56.20, MCD 86.75, SBUX 38.50, V 86, HLF 56.25, COG 70, FTI 43, HFC 35.30, EXPE 29.40, MTZ 20, CPHD 34.10, QCRO 28.50, WCN 32.50. Stocks that found 50 day support today were BIDU TGT PM PCP AXP CHK SM WYNN SOHU BRCM CREE. Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are NLSN 29.45, CLH 53, AVGO 33.60. Stocks that retook their 50 day MAs today were MCP DECK TSCO ARMH.

Stocks near 200 day support are UN 31.55, JWN 44.75, CHKP 51, IBM 163, GSK 40.55. Stocks that found 200 day support today were AGU ANF M B GDI. Stocks that can be shorted at 200 day resistance are COH 57, ACOM 35, RAX 37.90, EBAY 31, COV 50.75. Stocks that met 200 day resistance were DEO GR ATW ACN CBS CBI. Stocks that can be shorted as they lose their 200 day support and their sell stop spots are ANF 62.45, PENN 37.05, VMW 89.70, BAX 54.10. Stocks that lost 200 day support today were TDC VIAB COV.

Stocks that can be shorted at 50 day resistance are AGCO 44.25, BG 66, MON 69.10, SCCO 32.95, CROX 27.20, ANN 24.50, DSW 49, PETM 42.95, SCSS 16, TJX 54, TAP 43.95, EL 100, APC 75, RIG 58, UNH 48.10, XLNX. Stocks that met 50 day resistance today were numerous and include DAR SCCO NKE CROX CMG FAST JWN ROST ADS CVX CXO GPOR EP VLO WNR QCOM IRM MHP AET GILD MCK STJ UNH CLH B MCHP MXIM. Both DE HUM lost their 50 day MAs today.

Good luck.

The author owns WNR CBOE. We slashed our position in WNR today as it was repelled by 50 day resistance.

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