Wednesday, September 28, 2011

Wednesday After Market

Markets continued their bearish behavior Wednesday, opening upon their highs and closing upon their lows. The Nazz led the way down, finishing lower by 2.2%. The S&P 500 was down 2.1%. If there was a sliver lining, volume was weak. But I remember a quote by a salty trader, "you can go broke on low volume." The Nasdaq once again ran into 50 day resistance Wednesday. The SDS reclaimed its 50 day MA today. Markets may be on the verge of entering bear market territory, (our overseas counterparts started the week off well into bear market mode with Russia down 31%, Brazil and India down 30%, Germany down 26%, China 25%), but certain stocks here at home are well into bear markets of their own. Examples of stocks that have been cut in half, without the benefit of a stock split, are CLF AA MCP BTU WLL X RVBD. Commodities were killed today with Dr. Copper leading the way. Both FCX SCCO were slashed by 7%. Oil was down 4%, gold 2%. Ags continued to fall with the likes of AGU POT MON lower by 5%. MOS was lower by 2%, as of this writing on earnings after the close. The SMH lost its 50 day MA today, and after the close AMD, almost an irrelevant semi, cut 3rd quarter numbers. Earnings reports are quiet Thursday.

Stocks near 50 day support are NEM 61, NKE 86, UA 69.25, IACI 39, FAST 33, M 26.30, MCD 87.50, SBUX 38.10, V 86.40, HLF 56, AAPL 385, ORCL 28.30, ED 55, HUM 74.75, KLAC 37.80, LLTC 28.50, AKRX 7.95. Stocks that found 50 day support today were K TIBX BAX WCN AVGO MCHP TXN IT. Stocks that can be shorted as they lose their 50 day MAs and their sell stop spots are ANF 66.25, CMG 311, DPZ 26.50, GMCR 100.50, ADS 91.75, MA 321, CMCSA 21.80, ARBA 27.80, IRM 31.80, BIIB 94.65, UNH 47. Stocks that lost 50 day support today were KO CROX ANN SCSS WSM DEO IFF RRC EXPE QCOM TWC VPHM CLH ADI BRCM LRCX NVLS SMTC ARCO. Stocks that can be shorted at 50 day resistance are LULU 55.75, CVS 35.25, ABV 32, XOM 74.25, ADP 49. Stocks that met 50 day resistance today were TIF AXP EL XOM PCLN WFC CHKP SAP MCO NLSN PAYX WAT PX HS MCK CRS.

Stocks near 200 day support are DSW 44, EBAY 31.05, JWN 45, CVI 21.50, AMT 52, CHKP 52, AVGO 32.05, INTC 21.45. Stocks that received 200 day support today were ACN CRS ARMH. Stocks that can be shorted as they lose 200 day support and their sell stop spots are COH 56.75, FOSL 93, PETM 41.95, TIF 67.50, TPX 54.75, WYNN 134, GTLS 45.75. Stocks that lost 200 day support today were DEO AXP EL EP SM LVS MTZ NDAQ AET VPHM. Stocks that can be shorted at 200 day resistance are AN 34, JBL 19.50. Stocks that met 200 day resistance today were DKS TGT PM HFC HS KSU JBL.

Good luck.

The author owns CBOE.

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