Thursday, September 15, 2011

Thursday Recap

Markets acted well, gaining for the 4th consecutive day. The S&P 500 outperformed the Nazz, a rarity these days with a 1.7% gain compared to a 1.3%. The Nazz did manage to close above the 2600 level, an area of recent resistance. It did stop its advance right at 50 day MA, however. Volume once again was soft. A couple of more stocks broke out today with MA WFM taking out buy points on decent volume. Stocks that hit ALL time highs today were MA ALXN CL HSY. A slew of other stocks are setting up legitimate bases and exact buy points. A bullish picture is being painted in that regard. Valid bases are HSY 59.55, TJX 56.78 in flat bases. Cup bases include IACI 43.90, SM 85.65, CHKP 61.56, CLH 59.45, AAPL 404.60, V 90.93, FAST 36.90, BBBY 60.65. Double bottom bases are COST 83.55, LTD 41.25, ROST 81.82, EP 21.28, NDAQ 26.42, ARMH 31.08, MXIM 26.33. CVS 37.56 in a double bottom with handle and DPZ 28.55 in a 3 week tight pattern. Markets did again react positively to some bearish economic news Thursday. Could we be putting in a bottom here? Time will tell and so far this week the Nazz is up almost 6%, the S&P 500 5%. The last couple of Fridays have been very weak with traders not wanting to take weekend risk. The Nazz is certainly being helped by the recent strength in the semis and the SMH did reclaim its 50 day MA today. After hours RIMM was much lower, and NFLX was hit intraday.

Stocks that can be bought as they reclaim their 10 week MAs and their buy spot spots are RAX 38.40, DSW 48.75, WSM 34.25, DEO 79.10, PM 69, CVX 100.60, ORCL 29.20, VIAB 47.15, BAX 56.35, GILD 40.10, EXPD 46, KSU 54.90, NSC 70.30, GDI 78.30, B 23, CBI 36.50, DHR 46.80, ALTR 38.90. Stocks that retook their 50 day MAs today were COH M TJX CMCSA VMW PX HS VPHM IP CRS CMI. Stocks near 50 day support are COH 58.25, M 27, MCD 87, HLF 56, TPX 62, RRC 61, MTZ 20, AET 40, HS 39.50, WCN 32.80, CREE 32, KLAC 38.05. Stocks that received 50 day support today were AGCO

Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are AGU 88, TGT 51.95, IFF 59.55, FTI 44.30, QCOM 54, ARBA 29.80, ACN 54.15, ADP 50.80, CBS 24.15, SMTC 24.65, XLNX 32.45. EBAY NCR NDAQ B all retook their 40 week MAs today. Stocks that can be shorted at 40 week resistance are GR 88.15, HOG 38.45, MCO 33.10, CE 45.60. AGU CVX PENN all met 40 week resistance today. DAR can be shorted under 15.10, as it loses 200 day support. Stocks near 200 day support include GG 48.25, EBAY 31, NCR 18. Stocks that found 40 week support today were SLW AEM WNR TDC VPHM MXIM.

Stocks that can be shorted at 50 day resistance are ANF 68, STJ 44.90. Stocks that met 50 day resistance today were MON DKS APC COG WYNN KSU UPS ALTR. AN can be shorted under 37.50, if it loses its 50 day support.

Good luck.

The author owns CBOE MXIM. Will add to MXIM if it takes out its double bottom buy point of 26.33 in healthy volume.

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