Tuesday, September 13, 2011

Tuesday Recap

Markets finished near highs for the second consecutive day, however volume tapered off compared to yesterdays levels. The Nazz has continued its out performance leading the way with a 1.5% gain compared to the S&P 500s .9% advance. Although stronger volume would give the recent strength some credence, leading stocks are behaving better. More stocks are setting up valid buy points, and are coming from more diverse sectors besides defensive ones. DPZ 28.55 in a 3 week tight pattern, ROST 77.78 in a double bottom with handle buy point and BVN 49.55 in a cup with handle base. V is also setting up a 90.93 cup base buy point. ATHN gained almost 9% today after last weeks breakout. GMCR broke out earlier today from a 111.52 cup base but closed below that mark by the end of the day. Looked much like MA did last Thursday, after breaking out, and closing below the actual buy point. Sectors that demonstrated solid relative strength today were transports, health care and retail. Retail gains were all the more impressive since the consumer accounts for 2/3s of GDP growth. Names such as VFC DECK COH LULU all rose more than 3% each today.

Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are DAR 16.50, DE 78.15, MCP 55.75, NKE 87, BIDU 145.50, ANN 24.50, JWN 46.50, SCSS 16, TIF 73.45, HLF 56.45, TPX 62.30, COG 71.20, EP 19.35, SM 76, RIG 57.80, MTZ 20.25, QCOM 52.85, ORCL 29.25, IRM 32.60, JBL 17.60, ADI 34.15, KLAC 38.35, NVLS 30.30, SMTC 23.25, XLNX 31.95. Stocks that retook their 50 day MAs today were HSY UA LULU FAST LTD PETM ABV MHP AET CPHD HUM MCHP. Stocks near 10 week support are SLW 38, KO 68.30, AET 40, ARMH 27.10, AVGO 33.05. Stocks that found 50 day support today were GG AN EXPE PCLN WYNN AMT GNC.

Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are MOS 73, COH 57.40, TGT 52.15, IBM 164, KSU 53.60, B 22.15, MXIM 25.15. VMW HS both retook their 200 day MAs today. Stocks that can be shorted at 200 day resistance are RAX 38, EBAY 31, GR 88.20, PLCM 25, TDC 50.25, NSC 67.95, CBI 36. Stocks that met 40 week resistance today were MCP M IBM. Stocks that found 40 week support today were FOSL AXP EL WNR TSU. CHKP can be bought at 51.30, its 200 day MA. SWI lost 40 week support today.

Stocks that can be shorted at 50 day resistance are AGCO 44, CROX 27.20, ANF 68, DKS 35.40, MCD 87, TJX 54.05, WSM 34, VLO 23, CMCSA 22.50, ARBA 29.15, STJ 45. Stocks that found 50 day resistance today were POT BIDU CMG SBUX TIF ADS TPX CHK HFC MTZ UNH WPI BRCM. CVI lost 50 day support today.

Good luck.

The author owns WNR CBOE PM.

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