Wednesday, February 1, 2012

Thursday Game Plan

Markets finished the day up, but off the best levels of the day after a mild late day sell off. At the expense of sounding like a broken record the Nasdaq again outclassed the S&P 500 today. Volume was up. Leading stocks added a few more break outs, as BIIB took out a 120.76 cup base trigger, and RL broke out from a 152.10 double bottom trigger (RL volume was just under the greater than 40% daily volume threshold). WFM reclaimed its 74.55 cup base trigger today. EXPE is now up 8% since its 30.50 cup with handle break out, just the type of action you like to see. CBI was up 3% today nearing 4 year highs, after twice retesting its 42.02 cup with handle trigger twice recently. The same can be said of FFIV that was up over 2%, today and also tested its prior trigger twice of 117.40 in its cup with handle base. Other stocks I am watching include FUL which has undergone huge accumulation all through the month of January. Lets see if the stock forms a base in the near term. HD is trading very tightly near 10 years highs which is very bullish. In the process of completing a 3 week tight pattern if it ends within a 1% price range Friday. TMK is also trading very tightly near all time highs in very tight trade. Stocks needing one more day to complete their handles within their cup bases are DE SGY. Stocks building the right sides of their bases and to be included on a watch list are FLS ARW ALB. KBR was up over 4% today as it has found 40 week support numerous times since retaking that line 1/13. After hours action was mixed with QCOM up, and CMG down.

Stocks near specific trigger points include cup with handles JEC 46.54, BA 76.80, RAX 45.55, IP 32.68, RS 57.40, OMC 48.06, EXXI 34.77, OXY 103.93, PXP 39.47, AMP 55.71, ENDP 38.02, TWI 25.21, MHK 66.17, FDX 93.62, TRN 33.02. Flat bases are FTI 54.98, V 104.30. BUD 64.63 in a cup base buy point, TSCO 82.08 in a 3 week tight pattern and ASNA 35.92 in a cup with high handle pattern.

Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are BHP 82.50, LAZ 30.25, WLL 52, DO 64.40. Stocks that retook their 40 week MAs today were TAP NTRS VMW.

Stocks that can be bought at 40 week support are TD 77, MUR 58.25, ARMH 27.80, VMW 92.70, NEM 60.25, FCX 44.10. TCK TIBX enjoyed 40 week support today.

Stocks that can be shorted at 40 week resistance are COG 34, RRC 60.50, ANN 25.50. CVX can be shorted with a sell stop below its 40 week MA at 101.75.

Stocks that can be bought at 10 week support are ARG 77.40, VRSK 39, XOM 82.60, UA 76, COST 83, M 32.85, SBH 20.30, CL 90.05. CPX TROW enjoyed 10 week support today. PM ALGN COST TGT all retook their 10 week MAs today.

Stocks that can be shorted as they lose 10 week support and their sell stop spots are ORLY 79.75, MCD 97.75, CFX 30.05, KSU 67.75.

Stocks that can be shorted at 10 week resistance are NSC 73.90, RAI 40.60, ABT 54.90. Stocks that met 10 week resistance today were CVX MA GBX ED DPZ.

Good luck.

The author is flat. Will be restarting a new portfolio sometime next week. But no worries, I will be providing my blog everyday for my followers.

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