Markets displayed sweet resilience Wednesday after a pop at the open, the a fall, then a nice push into the close finishing near highs for the day. The S&P 500 closed higher by 1.1%, the Nazz by .5%, impressive given AMZNs 13% loss (its accounts for 3% on the Nazz composite). Volume which had been absent as of late came back yesterday. As we have always discussed here one of the keys to good market health is the action of leading stocks. Not only leaders, but ones that are breaking out and how they perform post break out. UA has now added to its 80.90 cup with handle breakout, and its RS line is at a new high before the stock itself was. Bullish. TPX has rallied further after its 64.70 breakout from a double bottom basis on 10/21 on a closing basis. TSCO keeps getting better after its 70.20 cup with handle breakout on 10/20. The days lagging groups were utilities and discount retail, just what you would like to see if the market is to have some strength behind it. The transports have continued to show muscle. CNI was the latest from the group to report solid earnings. UNP KSU NSC have previously. Other stocks which have proven the merits of technical analysis were PX which post earnings found exact 200 day support and rallied ahead. HES did the same except it was its 50 day MA. GS retook its 50 day MA in a big way Wed up 6%. FFIV retook its 200 day MA post earnings. AKAM continues to swim very comfortably above its 10 week line after reclaiming it 10/5. ATHN has been a disappointment down another 3% Wed on a strong tape. It has been acting poorly and hitting 50 day resistance ever since having a huge outside day 10/21 post earnings. Earnings Thursday include CTXS XRAY DOW XOM KMT MCO OXY SWI TWC before the bell and ARBA BIDU CERN CLF DECK EMN LVS NTGR SWN after the close. BMY also reports Thursday.
Stocks near exact buy points in double bottom bases are ANN 28.61, TIF 77.94, YUM 55.80, K 56.49, SAP 64.93, AET 41.95, RDSA 75.66.
Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are HSIC 68.20, PLL 52.50, JOYG 88.50, DHR 49.50, AVT 32, COP 72.60, TXN 32.25, LLTC 32.40, ADI 37.25, XRAY 36.25 (earnings today), AET 39.25, MCO 34.25, R 49.75, FISV 60, RAX 39.40, BUD 56.75. Stocks that retook their 200 day MAs today were FFIV WLP VZ PPG XOM CBI IFF. Stocks that can be bought near 200 day support are SWI 23 (earnings today), AVGO 33, XOM 80.20, PAG 19.60. Stocks that received 200 day support Wednesday were AMZN ANN DKS YUM KO MDRX ORCL AZN CBS DTV PX APC SWN UNP AON. Stocks that can be shorted at 40 week resistance are ABX 49, DMND 67, DFS 23.70, HFC 31. Stocks that met 200 day resistance Wednesday were GG RAX NDAQ MCO LLTC GRA LVS TYC. Stocks that lost their 200 day MAs Wed were JNY EBAY and LMT ADP post earnings.
Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are AA 11, DAR 14.30, EXXI 30.50, BTU 42.25, SLB 70.50, COP 72.50. Stocks that retook their 50 day MAs Wed were FCX SCCO AGU VIAB TCK FWLT. Stocks near 50 day support are FE 44, IACI 39.50, AAPL 390, NVDA 14, JPM 33, WFC 24.90, TCK 36.75. Stocks that received 50 day suport Wed were BHP EBAY YUM DE NDAQ QCOM SWKS CE DOW BHI CRZO SUN. Stocks that can be shorted at 50 day resistance are LULU 53.60, JAZZ 41.25. RIO LULU BID BIDU COG MMM all met 10 week resistance Wed. Stocks that can be shorted as they lose 10 week support and their sell stop spots are MAKO 36, BSFT 31.75. HSY lost its 50 day Wed and 3% in the process.
Good luck.
The author owns FCX DE.
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