Thursday Recap

Indexes sold off hard in huge volume Thursday. A late day mini rally lets the averages finish off intraday lows. At one point the S&P 500 and Nazz were down almost 5%. They both closed lower by just more than 3%. Obviously some leaders took a hit today. PCLN lost its 50 day MA today on big volume. BIDU lost its 200 day MA, plunging 11%. WYNN lost almost 6%, but bounced right of its 200 day MA. EBAY found exact 200 day support today as well. Leaders that managed to find exact 50 day support were UA BBBY GMCR TSCO AVGO CHD. Today was a dismal day no matter how you slice it however. Ags were slaughtered with the likes of DE MOS both down 6%, DAR 9%, AGU 8%. Steel was battered with ATI down 13%, X 11%, NUE 5%. And these are all intraday, not monthly moves!! Oil down 8%, continued its onslaught with APA COG CHK DVN EOH HES NBL all down by 8%. Miners were hit today with gold off 4%, silver 10%! SLW down 13%, PAAS 10%. ABX was down 8%, BVN 11%. New issues ARCO lost 8%, NLSN 9% today. Media was hit hard, with VIAB down 9%, CBS 7% I thin you get the picture. It was a broad selloff. The all important IYT lost its August lows today. Not a good sign. Taggart Transcontinental times under the idiot James Taggart. (Atlas Shrugged reference!). Some stocks that did show semi bullish behavior today closing upon their highs were KO HANS HSY RL CBOE NDAQ HUM. USB, a bank stock was up today. After hours NKE TIBX were both higher on earnings reports. FDX lowered guidance before the bell, heightening the concern of a future global recession.

Stocks near 50 day support are DECK 91.50, VFC 115, IACI 38.50, CMH 313, DPZ 26.45, FAST 33, TJX 54.10, CPHD 34.50, FE 43.20. Stocks that found 50 day support today were SBUX RAI ADS MA V NDAQ MXIM HSY.

Stocks near 200 day support are CVI 22.10, IBM 164.50, IRM 30, WCN 31.30. Stocks that found 200 day support today were KO DSW TIF EL TPX EXPE LVS TDC AMT CHKP GTLS CRS INTC. EL can be shorted under 93, its 200 day MA. Stocks that lost 200 day support today were GG SLW ABX COH ANF AN CVS FOSL M ABV AXP HFC SM AET BAX GILD ARMH. EP can be shorted at 17.90, its 200 day resistance.

Stocks that lost 50 day support today were AEM BVN LULU MCD JWN SCSS TGT HLF IFF LVS CHKP ORCL CLH BRCM KLAC MCHP SMTC LLTC IT.

Good luck.

The author owns CBOE.