Tuesday, November 22, 2011

Wednesday Game Plan

Markets closed slightly lower Tuesday on quiet volume. The S&P 500 has now closed lower for 5 consecutive days. The Nasdaq managed to finish UNCH and find support at the big round number of 2500. Volume was light, confirming the recent trend. The SMH has now also finished in the red for 5 straight days and has after losing its 10 week MA yesterday met resistance there again today. NVLS lost 5% today ADI 3%, but leaders INTC KLAC although both falling managed to find support at their 10 week MAs. The XLE closed right at 10 week support. Stocks in the group not so lucky to hold 50 day support were APA DVN XOM. Stick with the leaders as always which include COG and two finds today FTI INT. IYT also found 10 week support at the close, although it looks rather ominous. Some action in the sector has been troubling. UNP Monday was off 3.5% in heavy volume, although its handle is still intact. Again follow the leaders such as KSU, trading near all time highs. One more industry that was noteworthy today were the utilities. XLU pierced 10 week support today in big volume. My favorite in that group remains FE which is destined for a 40 week test near 42. Both SO ED surrendered 10 week support today. DE reports earnings Wednesday.

Stocks setting up specific buy points in valid bases are cup with handles INT 42.22, RAX 45.56, BEAV 40.14, FTI 50.30 (needs one more day to complete its handle). Double bottom with handles include BUD 59.57, MDRX 21.20, CPO 53.13, CBS 26.94.

Stocks that can be bought near 40 week support are SM 72.05, CLR 62, URI 24.40, CELG 59.05, GIS 37.35, CPO 50, TIBX 26, NUAN 20.50, UNP 96.25, JBHT 43.05, CNI 74.05, ABV 31.15, FE 42.10, KLAC 42.10, TIF 70, LTD 38, HD 35.50, FL 21.40, DKS 37.75, BEAV 36.10. Stocks that found 200 day support today were WFM QCOM RAX CBOE CPO NBL. Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are PAG 20.20, MDRX 19.40.

Stocks that can be bought near 10 week support are NUE 35.95, JOYG 78.25, CAT 86, PPG 80, FMC 76.25, CE 40.10, HON 49, EMR 47, SAP 56, RHT 46, PMTC 18.20, JKHY 31, WMT 55.10, SBUX 41, MCD 90.50, M 29, DPZ 30. Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are COH 60.50, DECK 104. ALXN NEM both retook their 10 week MAs today.

Stocks that can be shorted as they lose 10 week support and their sell stop spots are DG 38.40 (negative reversal on earnings today), TJX 57.75, TRN 25.75, IBM 179.50, ADSK 30.75, INFA 43.75, IP 26.40, APC 73.75, COP 67.50, ECL 52.40, NUS 45.20. Stocks that lost 10 week support today were HXL SO PAYX PNC CLF DE SU X.

Stocks that can be shorted at 10 week resistance are VFC 131, BBBY 60, COST 83, DLTR 78, ULTA 69, TXN 29.50, EMC 23.05, INTU 51, ORCL 31, HANS 89.80, JAZZ 40, ADS 97, SU 29.50. Stocks that met 10 week resistance today were XRAY TROW EMN MON UA DLTR TIF ED INTU.

Stocks that can be shorted at 40 week resistance are MAKO 30, CPHD 32.75, DFS 24, LULU 50.10, AMZN 200, KO 67.05, AMGN here. WSM ACN CHKP AMGN MAKO EFX EXXI PXD all met 40 week resistance today. Stocks that can be shorted at 40 week resistance and their sell stop spots are VMW 90.75, HRL 28.35 (negative reversal on earnings). NVLS MON both lost 40 week support today.

Good luck.

We flattened out today closing out DE with a decent profit as it lost 10 week support and has earnings Wednesday and COG was sold for a 1.60 profit today. Of course it did not violate its 78.75 double bottom buy point that I bought it against, and I will probably end up regretting it.

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