Thursday, September 29, 2011

Thursday Thoughts

Markets acted as if they were on a yo yo string today. Starting out surging, and appearing to roll over late in the day once again, the indexes caught a bid late in the day. The Nasdaq finished in the red, while the S&P 500 rose. The S&P 500 was higher by .8% and appears to be in no mans land. A move above 1200, its 50 day MA, would greatly inspire some confidence. The Nazz has had trouble with its 50 day MA recently and was lower by .4%. Losses by such heavy components as WYNN BIDU AAPL BIDU AMZN weighed down the composite. Of those previously mentioned only AAPL displayed somewhat bullish action by finding support at its 10 week MA. Leaders for the most part were lower today and volume overall was strong. Some retail stocks shined today in a weak sector showing. COH TIF FOSL all were lower by at least 6%. But others were higher on the day including BBBY (which is still sporting a 61.01 cup with high handle buy point), M WSM PETM. Others found exact 50 day support after heavy losses intraday. They were DECK NKE RL TJX. Keep a close eye on stocks demonstrating good relative strength. Banks were higher today with MS up 6.5%, GS JPM both up more than 3%. Rails were rolling along well with both CSX KSU both up more than 4%. DE held its 66 low for the third straight time today. Bullish indeed. Pick your spots and be disciplined.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are XOM 74.30, WFC 25.50, CHKP 55.50, SAP 53.75, ADP 49.15, HON 47.25, DHR 45.25. KO retook its 50 day MA today. Stocks near 50 day support are NEM 61, IACI 39, AMZN 212, DPZ 26.70, FAST 33, ORLY 64, WFM 64, AAPL 385, ACN 54, BAX 55.05. Stocks that found 50 day support today were K CMG MCD PETM PCP ADS ARBA IRM PAYX UAN NDAQ HUM WCN AKRX. Stocks that can be shorted as they lose 50 day support and their sell stop spots are HLF 55.50, UAN 23.50, JAZZ 39.60. Stocks that lost 50 day support today were COH ANF GMCR SBUX CMCSA UNH MCHP. Stocks that can be shorted at 50 day resistance are COH 56.25, CROX 27.30, RAX 36.25, GMCR 101.50, CVS 35.05, ABV 31.95, UPS 66, WAT 80, TXN 27.40. Stocks that met 10 week resistance today were WSM DEO AXP EXPE LVS TWC TIBX MCO MCK ADI NVLS.

Stocks near 200 day support are DSW 44, SBUX 36, JWN 45, AMT 52, INTC 21.45. Stocks that found 200 day support today were UA CBOE CHKP UNH AVGO. Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are TGT 51.50, PM 65.15, MTZ 19, HS 38, KSU 54. Stocks that can be shorted as they lose 200 day support and their sell stop spots are ANF 63.50, EXPE 24.75. Stocks that lost 200 day support today were COH EBAY FOSL PCLN WYNN GTLS ARMH. Stocks that can be shorted at 200 day resistance are AN 33.90, EBAY 31.10, TIF 67.50, TPX 55.10, PCLN 488, AET 38.50, JBL 19.50. EP ARBA both encountered 200 day resistance today.

Good luck.

The author owns CBOE POT. We initiated a position in POT today and we will use todays low as a stop.

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