Markets finished off a very strong October Monday in a very weak fashion. Both the Nazz and S&P 500 lost their respective 200 day MAs they just recaptured last Thursday. The Nazz lost 2% today while the S&P 500 lagged with a 2.5% loss. For the month the Nazz finished higher by 11.1%, and the S&P 500 by 10.8%. Volume was lighter than average today and leaders managed to escape serious damage. A stronger greenback because of Japanese intervention selling yen put a damper on commodities. XLE found stiff 200 day resistance with APC EOG NOV all fell by 6%. Ags were hit today with both POT MON down by 5%. Banks were seized lower, pun intended, with GS JPM B all lower by 5%. Semis were weak today with the SMH falling 2.5% and headed for a test of 200 day support near 31.35. ASML ARMH were both down 4%. KLAC AVGO XLNX showed strong action despite the weak tech tape. Retail did outperform with some in the group even finishing higher on the day. They included BBBY PIR TIF. Discount retailers also finishing in the green were ROST DG DLTR. Recent gap ups that outperformed today were ORLY SWI MCD. Today being the last day of the month could certainly had something to do with the days weakness. Some leaders consolidating recent gains is bullish price action. Also many could be in the process of forming handles. Potential double bottom with handles are ANN WSM YUM AXP AET RDSA. Potential handles forming in cup bases are DSW CHKP ASML MXIM BEAV PAG. HLF was lower after hours on earnings. APC FMC were up slightly after hours on their earnings. Tomorrow earnings reports come from AMT ABC BHI FE HSIC WPI before the open and EOG FISV JAZZ SIMO after the close.
Stocks that held up well displaying good relative strength today and near specific buy points include NC 25.96 in a double bottom with handle formation. MKC 49.94 in a cup with handle base. SBUX 43.53 in a 3 week tight pattern and AET 41.95 in a double bottom base. Many times stocks that breakout will fly ahead quickly only to retreat back to their original buy points. Stocks which have broken out very recently and are now back near buy points include PM which is now 1.5% below its 70.88 double bottom buy point. M is now a less than 1% below its 30.72 cup base buy point. TIF held its 77.94 double bottom breakout nicely today. TSCO is still 1% above its 70.20 cup with handle buy point. WMT is just above its 56.49 double bottom with handle buy point and COG is 1% below its 78.75 double bottom buy point.
Stocks near 200 day support which could pose a good buying opportunity are ABX 49, ANN 26, MON 69.90, BIDU 134, FFIV 98, R 49.30, CTXS 70, ORCL 31.70, SAP 58.40, ADP 51, MCO 34, AET 39.50, XRAY 36, CBS 24.75, AMT 54.15, VZ 36.50, LLTC 31.95, NVLS 33.55, XLNX 32.45, GRA 40.10, PPG 84.50, PX 100.45, APC 76, NBL 88.25, SWN 40.10, PAG 19.75, KMT 38.50, CBI 36, IFF 60. Stocks that found 200 day support today were NTGR AZN ARMH AVGO TYC. Stocks that can be shorted at 200 day resistance are JNY 11.95, BAX 55.50, DTV 46.35. JNY WLP BSFT CMCSA WYNN all met 200 day resistance Monday. A bunch of stocks lost their 200 day MAs today and included BUD DMND DFS FISV CRM ADI CE CLR FMC EXXI XOM HFC NOV OXY VLO WNR UPS DHR JOYG PLL PH CMI JBHT. ATHN can be shorted under its 200 day MA with a sell stop of 49.50. Buy stops can be placed on JOYG @88.20, PAY 44.15 if they can climb through their respective 200 day MAs.
Stocks near 50 day MA support are BHP 76.20, NEM 64, RIO 53.50, FCX 38.50, ED 57, FE 44.20, DE 73, CELG 62.50, BMY 31, NVDA 14, BBT 22, JPM 33, WFC 25, BTU 42. ABX KO MAKO HAL ABB FWLT X all found 50 day support today. HANS retook its 50 day MA today. Stocks that can be shorted as they lose 50 day support and their sell stop spots are LULU 53.75, IACI 39.75, QCOM 51, MMM 77.50. AA DAR WPI CVI CHK all surrendered 50 day support today. Stocks that can be shorted at 50 day resistance are HSY 58.50, WPI 67.70. GG AMZN DFS all encountered 50 day resistance today. CMG had an outside day and could have formed a double top with today and 9/20 day. Late stage bases more prone to failure.
Good luck.
The author owns FCX DE. We sold our CVX this morning in the pre market for a $2.40 loss. The first loss is usually the best one to take. Looking to add to FCX DE near 50 day support.
Monday, October 31, 2011
Saturday, October 29, 2011
Weekend Warrior
Markets were basically UNCH Friday, but the full week told the full story. Thanks to Thursdays banner day, both the Nazz and S&P 500 recaptured their crucial 200 day MAs, and went positive YTD (the Nazz is up 3.2%, S&P 500 up 2.2% for the year). Interestingly both the Nazz and S&P 500 were up exactly 3.8% for the week. The simple fact that Friday saw no surrender of Thursdays enormous gains has to be painted bullish. Perhaps strength was demonstrated in front of Mondays normally bullish tone. More leading stocks broke out of bases this week, confirming the current market uptrend. They included this week HLF TIF JBL SWI UA. Stocks hitting all time highs Friday from such diverse sectors were COG DECK NKE ISRG ORLY SPRD. Overlooking the broad power of sectors participating in the rally are telling. First XLF had a wonderful 7% gain for the week. GS higher by 13%, JPM 10%. KKR was up 13%, PAY 11%. V has to be respected given its last 3 weeks of tight trading near all time highs. Even MCO had a 14% weekly gain. The IYT had a strong 4% upside move. The ETF is setting up for a 200 day test near 91. Put in a buy stop above that line. In the group KSU had a 9% upside weekly move. CNI up 8%, FDX 6%. The greenback came under pressure this week as the Euro rose back above its 200 day MA, as seen on the FXE, giving commodities a boost. Energy ETF XLE retook its 200 day MA Friday as oil was up 7% on the week. If XLE can hold its 200 day MA here has to be construed well. NOV was up 15% on the week, COG 14%, BHI 12%. SLX, illiquid as it is, rose 17% on the week. Thanks to X upside move Friday through its 50 day MA. JJC rose by 15% this week, giving giants like FCX a 17% weekly gain. Gold rose 7%, bringing up the miners with the metals advance. That has not happened in sometime but NEM is now nearing multi year highs and both GG ABX retook their 50 day MAs Friday. Global growth equities had a massive week. JOYG DOV up 11%, CAT 10%. Semis had a nice week with the SMH up 6% for the week and retaking its 200 day MA Thursday. KLAC rose 9%, ASML 8%. Retail lagged somewhat, giving other groups a chance to play catch up and diversify the breadth of sectors in the current move upward. XRT was up just under 3%, but some big movers in the group included UA up 17%, LULU 15%, DECK 14%, COH 10%. Stocks finding support on earnings at critical moving averages Friday included CERN SWN, which both found major support at their 40 week MAs before catching material bids. Earning reports Monday come from APC HLF FMC SM after the bell. ED BID also report.
Stocks near exact buy points include cup bases HSIC 75.08, CNI 81.36, ASML 44.89, MTZ 23.27, ACN 63.76, RAX 46.27, TIBX 31.55, COH 69.30. Double bottom bases are XOM 85.51, CVX 109.85, PPG 93.95, AET 41.95, SAP 64.93, ORCL 34.23, YUM 55.80, ANN 28.61, LULU 61.90. 3 week tight patterns are SBUX 43.53, CELG 68.35, AMT 57.38. Double bottom with handle is GNC 25.96 and FE is in a flat base with a buy point of 46.61. Stocks can often be purchased after they breakout as many retreat their original buy point before resuming higher. Therefore M can be bougth back near its 30.72 cup base buy point. TSCO can be purchased close to its 70.20 cup with handle buy point. A stock that demonstrated just this Friday was TIF which fell to its 77.94 double bottom base buy point only to find buyers and head back higher.
Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are JNY 12.25, AGU 86.25, KKR 15.20, PAY 44.15, EMC 25.60, QCOM 54.40, ALTR 41.25, NVDA 17.25, BBT 25.25, PNC 57.25, WFC 28.40, DO 69.35, EXPD 48.50, FDX 87.25, HON 54.40, A 42.80, CAT 98.25. ETFs that can be bought through 200 day resistance are XLE 73.40, IYT 91.10. Stocks that retook their 200 day MAs Friday were GG DMND NTGR CRM CE CLR OXY WNR. Stocks that can be bought at 40 week support are BUD 56.40, WSM 36.85, NTGR 34, FISV 59.60, R 49.50, CTXS 70, AZN 48, CBS 24.60, ARMH 27.95, ADI 37.05, LLTC 32, XLNX 32.45, CLR 61.75, EXXI 30.30, XOM 80, NOV 72, UPS 70.60, DHR 49.60, JOYG 88, PH 82.60, KMT 38.45, JBHT 43, FMC 80. Stocks that found 40 week support Friday were ABX BUD CERN EXXI SWN PLL PH CMI. Stocks that can be shorted at 40 week resistance are GMCR 77, DTV 46.40, URI 25. Stocks that met 40 week resistance Friday were BSFT PXD PXP CAT URI. DFS can be shorted with a sell stop @23.70, as it loses 40 week support. Stocks that lost their 40 week MAs Friday were WLP DTV COP AVT.
Not much to discuss with stocks near their 50 day MAs. Ones that are and can be purchased at 10 week MAs are AA 10.95, ED 56.95, BBBY 58.05, BMY 31. GG ABX DFS X all retook their 50 day MAs Friday. Stocks that can shorted at 50 day resistance are HANS 87.75, HSY 58.55, LMT 77.50, POT 51.55, JAZZ 41.75. POT WYNN both met 50 day resistance Friday. Stocks that can be shorted as they lose 50 day MAs and their sell stop spots are IACI 39.50, MAKO 36.10. SWKS lost its 50 day MA Friday.
Gap up stocks are always imperatve to put on your watchlist. Once a stock gaps up strongly from a previous strong chart, let it consolidate and hold that gap up for 4 days. MCD is a great example of that. Stocks that had bullish gap ups this week and warrant inclusion on your radar are DECK ORLY SWI QCOR KSU SCSS.
Good luck.
The author owns FCX DE CVX. Bought a little CVX as it passed its double bottom buy point of 109.85. Volume was mediocre at best and we will flatten out of that one of weakness of 2%. It has bumped up against this 110 level now 4 times, so good chance it will take out that level soon.
Stocks near exact buy points include cup bases HSIC 75.08, CNI 81.36, ASML 44.89, MTZ 23.27, ACN 63.76, RAX 46.27, TIBX 31.55, COH 69.30. Double bottom bases are XOM 85.51, CVX 109.85, PPG 93.95, AET 41.95, SAP 64.93, ORCL 34.23, YUM 55.80, ANN 28.61, LULU 61.90. 3 week tight patterns are SBUX 43.53, CELG 68.35, AMT 57.38. Double bottom with handle is GNC 25.96 and FE is in a flat base with a buy point of 46.61. Stocks can often be purchased after they breakout as many retreat their original buy point before resuming higher. Therefore M can be bougth back near its 30.72 cup base buy point. TSCO can be purchased close to its 70.20 cup with handle buy point. A stock that demonstrated just this Friday was TIF which fell to its 77.94 double bottom base buy point only to find buyers and head back higher.
Stocks that can be bought as they retake their 200 day MAs and their buy stop spots are JNY 12.25, AGU 86.25, KKR 15.20, PAY 44.15, EMC 25.60, QCOM 54.40, ALTR 41.25, NVDA 17.25, BBT 25.25, PNC 57.25, WFC 28.40, DO 69.35, EXPD 48.50, FDX 87.25, HON 54.40, A 42.80, CAT 98.25. ETFs that can be bought through 200 day resistance are XLE 73.40, IYT 91.10. Stocks that retook their 200 day MAs Friday were GG DMND NTGR CRM CE CLR OXY WNR. Stocks that can be bought at 40 week support are BUD 56.40, WSM 36.85, NTGR 34, FISV 59.60, R 49.50, CTXS 70, AZN 48, CBS 24.60, ARMH 27.95, ADI 37.05, LLTC 32, XLNX 32.45, CLR 61.75, EXXI 30.30, XOM 80, NOV 72, UPS 70.60, DHR 49.60, JOYG 88, PH 82.60, KMT 38.45, JBHT 43, FMC 80. Stocks that found 40 week support Friday were ABX BUD CERN EXXI SWN PLL PH CMI. Stocks that can be shorted at 40 week resistance are GMCR 77, DTV 46.40, URI 25. Stocks that met 40 week resistance Friday were BSFT PXD PXP CAT URI. DFS can be shorted with a sell stop @23.70, as it loses 40 week support. Stocks that lost their 40 week MAs Friday were WLP DTV COP AVT.
Not much to discuss with stocks near their 50 day MAs. Ones that are and can be purchased at 10 week MAs are AA 10.95, ED 56.95, BBBY 58.05, BMY 31. GG ABX DFS X all retook their 50 day MAs Friday. Stocks that can shorted at 50 day resistance are HANS 87.75, HSY 58.55, LMT 77.50, POT 51.55, JAZZ 41.75. POT WYNN both met 50 day resistance Friday. Stocks that can be shorted as they lose 50 day MAs and their sell stop spots are IACI 39.50, MAKO 36.10. SWKS lost its 50 day MA Friday.
Gap up stocks are always imperatve to put on your watchlist. Once a stock gaps up strongly from a previous strong chart, let it consolidate and hold that gap up for 4 days. MCD is a great example of that. Stocks that had bullish gap ups this week and warrant inclusion on your radar are DECK ORLY SWI QCOR KSU SCSS.
Good luck.
The author owns FCX DE CVX. Bought a little CVX as it passed its double bottom buy point of 109.85. Volume was mediocre at best and we will flatten out of that one of weakness of 2%. It has bumped up against this 110 level now 4 times, so good chance it will take out that level soon.
Thursday, October 27, 2011
Thursday Thoughts
Markets screamed higher today on GDP growth and European optimism. The S&P 500 sprung up 3.4% and the Nazz 3.3%. Volume rose significantly, and both indexes rose above their 200 day MAs. More breakouts today lend credence to the move higher. Today TIF JBL KSU all broke out. Many more stocks are setting up valid base buy points. Risk on is back on with the dollar plunging. Commodities rose smartly with FCX RIO both up 9%. BHP rose 7%. Banks exploded, a key component in a continuing strong market. MS alone was up 18%. GS 10%. Semis were strong with the SMH up 3.5%. ARMH was up 8%, ASML up 6%. Transports rose once again with the IYT up 4.3%, but meeting 200 day resistance. Put a buy stop in on that ETF above 91, if it reclaims that 40 week MA. NSC was up 8%, KSU 6%, UNP CNI 5%. UNP retook par. The healthy retail sector was up smartly, as the XRT was up almost 4%. Big gainers in the sector were FOSL up 9%, LULU 8%. Some stocks which met technical resistance today on earnings were LMT which met stiff 200 day resistance on a very strong tape. HANS which lost its 50 day yesterday, hit resistance again today despite the huge move upward. POT did as well after posting a smart earnings beat. Moral, pay attention to moving averages. ATHN again was lower as we flagged yesterday, today falling 1%. Also weak today was PCP which had a bad outside day from an all time intraday high, just like the aforementioned ATHN did 10/21. BIDU was up 8% after hours on earnings. Earnings tomorrow come from AON BIIB CVX WY before the open. BWA also reports.
Stocks near exact buy points are double bottoms LULU 61.90, ANN 28.61, YUM 55.80, ORCL 34.23, SAP 64.93, AET 41.95, WFC 29.73, CVX 109.85, DO 73.25, XOM 85.51, RDSA 75.66. Cup bases are COH 69.30, DSW 46.00, IFF 65.34. Flat base is FE 46.61. Cup with handle is DELL 16.75. 3 week tight pattern is BMY 33.30.
Stocks that can be bought as they reclaim 40 week resistance and their buy stop spots are AGU 86.25, ARUN 26.65, NTGR 34.25, PAY 44.10, ROVI 53, CRM 135.50, EMC 25.60, VIAB 46.50, QCOM 54.35, ALTR 41.25, TXN 32.25, BBT 25.30, PNC 57.30, PXP 34.20, EXPD 48.50, FDX 87.50, UTX 81.50, A 42.75, CAT 98.25, NUE 42.25, URI 25.50. Stocks that retook their 40 week MAs today were BUD BIDU RAX FISV NDAQ R CTXS MCO WLP ADI LLTC NVLS CE GRA COP CLR DO EXXI HFC NOV TOT UPS LVS TYC DHR JOYG PLL PH CMI HSIC KMT JBHT. Stocks near 40 week support are BUD 56.50, WLP 69.50, DTV 46.25, ADI 37, LLTC 32, COP 72.25, UPS 70.50, DHR 49.40, AON 49. Stocks that found 200 day support today were CBOE. Stocks that can be shorted at 40 week resistance are GG 49, DMND 67, KKR 15. Stocks that met 40 week resistance today were ABX DMND CRM BSFT TXN OXY PXD WNR WYNN HON AVT CAT. AVGO can be shorted below 32.75, its 200 day MA.
X can be bought as it takes out 25.50, its 10 week MA. Stocks that retook their 50 day MAs today were AA RIO LULU BID KO DAR BIDU DFS IBN CVI CHK HAL HFC BTU WNR LVS. Stocks that can be bought near 10 week support are AA 10.95, NEM 64, CELG 62. MA found 50 day support today. Stocks that can be shorted as they lose 10 week support and their sell stop spots are TAP 41.20, IACI 39.40, MAKO 36. HSY CERN both lost 50 day support today. Stocks that can be shorted at 10 week resistance are HANS 87.50, CERN 66.40, JAZZ 41.50. Stocks that met 50 day resistance today were ABX HANS POT WYNN X.
Gap up, which are extremely bullish are back. Says a lot about the health of the overall market. Watch for them to hold their gap up for 3 days. Recent gap ups include QCOR yesterday and today SWI COG both up 16%, XRAY up 10%, ORLY 9%, KSU 6%.
Good luck.
The author owns FCX DE.
Stocks near exact buy points are double bottoms LULU 61.90, ANN 28.61, YUM 55.80, ORCL 34.23, SAP 64.93, AET 41.95, WFC 29.73, CVX 109.85, DO 73.25, XOM 85.51, RDSA 75.66. Cup bases are COH 69.30, DSW 46.00, IFF 65.34. Flat base is FE 46.61. Cup with handle is DELL 16.75. 3 week tight pattern is BMY 33.30.
Stocks that can be bought as they reclaim 40 week resistance and their buy stop spots are AGU 86.25, ARUN 26.65, NTGR 34.25, PAY 44.10, ROVI 53, CRM 135.50, EMC 25.60, VIAB 46.50, QCOM 54.35, ALTR 41.25, TXN 32.25, BBT 25.30, PNC 57.30, PXP 34.20, EXPD 48.50, FDX 87.50, UTX 81.50, A 42.75, CAT 98.25, NUE 42.25, URI 25.50. Stocks that retook their 40 week MAs today were BUD BIDU RAX FISV NDAQ R CTXS MCO WLP ADI LLTC NVLS CE GRA COP CLR DO EXXI HFC NOV TOT UPS LVS TYC DHR JOYG PLL PH CMI HSIC KMT JBHT. Stocks near 40 week support are BUD 56.50, WLP 69.50, DTV 46.25, ADI 37, LLTC 32, COP 72.25, UPS 70.50, DHR 49.40, AON 49. Stocks that found 200 day support today were CBOE. Stocks that can be shorted at 40 week resistance are GG 49, DMND 67, KKR 15. Stocks that met 40 week resistance today were ABX DMND CRM BSFT TXN OXY PXD WNR WYNN HON AVT CAT. AVGO can be shorted below 32.75, its 200 day MA.
X can be bought as it takes out 25.50, its 10 week MA. Stocks that retook their 50 day MAs today were AA RIO LULU BID KO DAR BIDU DFS IBN CVI CHK HAL HFC BTU WNR LVS. Stocks that can be bought near 10 week support are AA 10.95, NEM 64, CELG 62. MA found 50 day support today. Stocks that can be shorted as they lose 10 week support and their sell stop spots are TAP 41.20, IACI 39.40, MAKO 36. HSY CERN both lost 50 day support today. Stocks that can be shorted at 10 week resistance are HANS 87.50, CERN 66.40, JAZZ 41.50. Stocks that met 50 day resistance today were ABX HANS POT WYNN X.
Gap up, which are extremely bullish are back. Says a lot about the health of the overall market. Watch for them to hold their gap up for 3 days. Recent gap ups include QCOR yesterday and today SWI COG both up 16%, XRAY up 10%, ORLY 9%, KSU 6%.
Good luck.
The author owns FCX DE.
Wednesday Thoughts
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.
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.
Wednesday, October 26, 2011
Tuesday Recap
Markets gave back some recent gains Tuesday on some poor earnings reports and continued focus on Europe. The Nazz lost 2.26%, and its 200 day MA it had recaptured the day before. The S&P 500 lost 2%. Volume was softer on the Nazz, and up a tad on the S&P 500. The market may perhaps retreat, which is healthy, until the SDS approaches 200 day resistance to the upside near 22. Earnings news dominated the day with MMM falling 6%. CMI lowered gudiance and fell 5%, but found solid 50 day MA support. X plunged 10% on a weak earnings report, while rival NUE gave up just 3%. NUE recently recovered its 50 day MA, while laggard X has not. Weakness is to be sold among poor performers. YTD NUE lower by 25%, while X is lower by 65%!!. Chemicals had a bifurcating day as ALB was up 5% on upbeat earnings, while GRA EMN were lower by 5%. Refiners got destroyed with oil prices rising. HFC lost 10%, and its 200 day MA. CVI lost 9%, and its 50 day. WNR lost 10%, and its 200 day as well. Regarding WNR, that is why technicians wait for price confirmation to pull the trigger and not before. It had a 17.87 double bottom with handle buy point. Big integrated oils continue to have trouble with 200 day resistance including XOM COP. Some relative strength to take note of on a bad tape were the semis. The SMH was able to hold its 200 day MA, and many semis were actually up on the day. They included INTC ARMH KLAC NVLS. Transports bounced off 200 day support today and came off their lows. They were CNI NSC UNP. Some individual names that have now given you definitive stops if you care to go long them are UPS BTU. Both came smartly off their lows Tuesday in a soft market. Put sell stops ion Tuesdays lows. GNC managed to finish up as well, not surrendering its 24.90 double bottom buy point. Nice job. AMZN was lower after hours by 13% Tuesday on earnings. It is right near critical 200 day support. Todays earnings include ADP BEAV COG COP EXXI GMCR HES NSC NVLS ORLY PX SO JNY V WLP.
Stocks near 200 day support are SWN 40 ANN 26, PIR 10.75, WSM 36.60, LMT 77.50, ORCL 31.55, SAP 58.20, ADP 51, ABC 39.05, CMCSA 23.70, DTV 46.15, MTZ 19.25, ASML 39, AVGO 33, PX 100, APC 76, RDSA 69.40, CHRW 74.10, JBL 19.35, PAG 19.70. Stocks that found support at their 40 week MAs were JNY JNJ CBS SWN CNI NSC BWA BEAV. Stocks that can be shorted at 40 week resistance are GG 49, ABX 49, DFS 23.60. Stocks that met 40 week resistance are AET BAX PPG COG XOM TYC CBI URI. Stocks that can be shorted as they lose 200 day support and their sell stop spots are KO 66.40, CVI 22.40. Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are ADI 37.25, LLTC 32.20, NVLS 33.90, JOYG 88.25. ARMH retook its 200 day Tuesday.
Stocks near 50 day support are NEM 63.60, ED 56.55, FE 44, SO 42, EBAY 31, SBUX 39, AKAM 22, V 88, NVDA 13.95, BBT 21.60, JPM 33, MS 15.95, WFC 24.90, APA 93, EOG 84.50. Stocks that found 50 day support Tuesday were BHP DE VZ CE BHI CRZO DOV. Stocks that can be shorted as they lose 10 week support are AAPL 389, MA 326, CERN 65.75, MAKO 35.75, WPI 66.75, BSFT 31.75, QCOM 50.90, DOW 26. Stocks that lost their 10 week MAs Tuesday were RIO FCX BID BAX VIAB CBOE EMN COG MMM FWLT. Stocks that can be shorted at 10 week resistance are LULU 53.10, HANS 87.30, VIAB 43.50, IBN 36.20. Stocks that met 10 week resistance Tuesday were SCCO TAP AGU BIDU ATHN GS SLB TCL LVS.
Good luck.
The author owns FCX DE.
Stocks near 200 day support are SWN 40 ANN 26, PIR 10.75, WSM 36.60, LMT 77.50, ORCL 31.55, SAP 58.20, ADP 51, ABC 39.05, CMCSA 23.70, DTV 46.15, MTZ 19.25, ASML 39, AVGO 33, PX 100, APC 76, RDSA 69.40, CHRW 74.10, JBL 19.35, PAG 19.70. Stocks that found support at their 40 week MAs were JNY JNJ CBS SWN CNI NSC BWA BEAV. Stocks that can be shorted at 40 week resistance are GG 49, ABX 49, DFS 23.60. Stocks that met 40 week resistance are AET BAX PPG COG XOM TYC CBI URI. Stocks that can be shorted as they lose 200 day support and their sell stop spots are KO 66.40, CVI 22.40. Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are ADI 37.25, LLTC 32.20, NVLS 33.90, JOYG 88.25. ARMH retook its 200 day Tuesday.
Stocks near 50 day support are NEM 63.60, ED 56.55, FE 44, SO 42, EBAY 31, SBUX 39, AKAM 22, V 88, NVDA 13.95, BBT 21.60, JPM 33, MS 15.95, WFC 24.90, APA 93, EOG 84.50. Stocks that found 50 day support Tuesday were BHP DE VZ CE BHI CRZO DOV. Stocks that can be shorted as they lose 10 week support are AAPL 389, MA 326, CERN 65.75, MAKO 35.75, WPI 66.75, BSFT 31.75, QCOM 50.90, DOW 26. Stocks that lost their 10 week MAs Tuesday were RIO FCX BID BAX VIAB CBOE EMN COG MMM FWLT. Stocks that can be shorted at 10 week resistance are LULU 53.10, HANS 87.30, VIAB 43.50, IBN 36.20. Stocks that met 10 week resistance Tuesday were SCCO TAP AGU BIDU ATHN GS SLB TCL LVS.
Good luck.
The author owns FCX DE.
Tuesday, October 25, 2011
Monday Thoughts
Markets resumed their rally ways with "Merger Monday" today. ORCL CI were some of the latest acquirers who just felt that equities were mispriced and undervalued, and proceeded to take advantage of the dislocations. The Nazz led the way today with a 2.3% gain, recapturing its 200 day MA in the process. The S&P 500 rose 1.3%, and volume on both exchanges was lower compared to Fridays elevated levels due to options expiration. Breadth was strong today and we continue to see more breakouts each day. The true barometer to the health of any market is how its leaders and breakouts are progressing. Today saw M break out from a 30.72 cup bas, and GNC take out its 24.90 double bottom buy point, which it attempted to do Friday. Todays laggards were stocks which hailed from defensive groups such as utilities and tobacco. Good signs indeed. Also safer names like WMT KO were both down today as the risk appetite returns. JJC rose 6.66%, today enabling 8% gains from FCX. More good things to see today included CATs stellar earnings report, and even TXN which was trading slightly up in the after market, even as it lowered guidance. Good action to bad news always must be considered bullish behavior. The SDS and UUP continue to move farther away from the 200 day lines they breached not to long ago. Tomorrow we get earnings from AMZN CHRW CE CBI COH FFIV NOV BTU QCOR RRC R TROW UA UPS X GRA.
Stocks at exact buy points include cup with handles UA 80.90, ACN 58.93. Cup bases are DSW 46.00, CHKP 61.56 KSU 62.86. Double bottoms are ANN 28.61, TIF 77.94, AXP 50.63, ORCL 34.23, AET 41.95.
Stocks that can be bought as they reclaim 50 day resistance and their buy stop spots are AA 11.15, IBN 36.60, CHK 29.25, BTU 42.15, SLB 70.30, TCK 37.40, X 26. Stocks that retook their 50 day MAs today were NEM BHP RIO FCX BID AGU DE DFS GS CE EMN PCLN FWLT. Stocks near 50 day support are FE 44, CERN 66. CBOE ALB BHI COG all found 10 week support Monday. Stocks that can be shorted as they lose their 10 week MAs and their sell stop spots are LULU 53, CVI 25, HFC 31.60. JAZZ can be shorted at 41.25, its 10 week MA.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are BUD 56.80, FISV 59.90, R 49.60, CRM 135.50, MCO 34.20, AET 39.40, XRAY 36.20, WLP 69.75, QCOM 54.25, ARMH 28, ADI 37.25, LLTC 32.25, PPG 85.15, COP 72.60, CLR 62.15, EXXI 30.50, XOM 80.65, AVT 32, DHR 49.60, JOYG 88.40, PLL 52.50, HSIC 68.15, URI 25.40. Stocks that retook their 40 week MAs Monday were JNY FOSL LMT RAX DFS TWC GRA SWN UPS BWA BEAV KMT CBI. Stocks that can be bought at 200 day support are JNY 12, GRA 40.25, NBL 88.25, RDSA 69.40, SWN 40.15, UNP 96, BEAV 36.20, CBI 36. ANN EBAY NDAQ SAP DTV MXIM IFF all found 200 day support today. Stocks that can be shorted at 200 day resistance are GMCR 76, BIDU 133.50, BSFT 36.25. Stocks that met 40 week resistance Monday were ARMH PPG COP XOM TYC JBHT URI. FOSL can be shorted under 95, its 200 day MA.
Good luck.
The author owns FCX DE. We sold WNR for a 5% profit early in the day, and we sold KLAC today as well. We locked in a 5% gain on that as well. Did not like the lack of volume accompanying the breakout from its 44.69 double bottom with handle breakout.
Stocks at exact buy points include cup with handles UA 80.90, ACN 58.93. Cup bases are DSW 46.00, CHKP 61.56 KSU 62.86. Double bottoms are ANN 28.61, TIF 77.94, AXP 50.63, ORCL 34.23, AET 41.95.
Stocks that can be bought as they reclaim 50 day resistance and their buy stop spots are AA 11.15, IBN 36.60, CHK 29.25, BTU 42.15, SLB 70.30, TCK 37.40, X 26. Stocks that retook their 50 day MAs today were NEM BHP RIO FCX BID AGU DE DFS GS CE EMN PCLN FWLT. Stocks near 50 day support are FE 44, CERN 66. CBOE ALB BHI COG all found 10 week support Monday. Stocks that can be shorted as they lose their 10 week MAs and their sell stop spots are LULU 53, CVI 25, HFC 31.60. JAZZ can be shorted at 41.25, its 10 week MA.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are BUD 56.80, FISV 59.90, R 49.60, CRM 135.50, MCO 34.20, AET 39.40, XRAY 36.20, WLP 69.75, QCOM 54.25, ARMH 28, ADI 37.25, LLTC 32.25, PPG 85.15, COP 72.60, CLR 62.15, EXXI 30.50, XOM 80.65, AVT 32, DHR 49.60, JOYG 88.40, PLL 52.50, HSIC 68.15, URI 25.40. Stocks that retook their 40 week MAs Monday were JNY FOSL LMT RAX DFS TWC GRA SWN UPS BWA BEAV KMT CBI. Stocks that can be bought at 200 day support are JNY 12, GRA 40.25, NBL 88.25, RDSA 69.40, SWN 40.15, UNP 96, BEAV 36.20, CBI 36. ANN EBAY NDAQ SAP DTV MXIM IFF all found 200 day support today. Stocks that can be shorted at 200 day resistance are GMCR 76, BIDU 133.50, BSFT 36.25. Stocks that met 40 week resistance Monday were ARMH PPG COP XOM TYC JBHT URI. FOSL can be shorted under 95, its 200 day MA.
Good luck.
The author owns FCX DE. We sold WNR for a 5% profit early in the day, and we sold KLAC today as well. We locked in a 5% gain on that as well. Did not like the lack of volume accompanying the breakout from its 44.69 double bottom with handle breakout.
Saturday, October 22, 2011
Weekend Warrior
Markets finished the week strong Friday heading into a weekend looking toward Europe. The S&P 500 rose 1.1% for the week. It cleared and closed above recent resistance near the 1235 on good volume, most likely due to options expiration. The S&P 500 s now down 1.5% YTD and is lower 9.7% for the year. The Nazz finished the week lower by 1.1% (exact bifurcation from the S&P 500), but managed to close in the upper half of its weekly trading range. That 2600 level looks to have become support as it had been in mid March and mid June. It is now down .6% YTD and is 8.7% off its 52 week high. The S&P 500 displayed better strength than the Nazz this week because of four strong sectors. The financials look to have been resurrected as the XLF gained more than 4% this week, and has now been living comfortably above its 50 day MA which it has not done since losing it for good back in early March. MS gained 12% for the week, BK 9%, JPM 5%, as all regained their 50 day MAs in the process. AXP was up 5% for the week regaining its 200 day MA. Energy and the XLE, which has now gained 10% in 3 weeks looks poised for a 200 day test soon near 72.50. EOG gained 8% on the week and DVN 6%, as both retook their 50 day MAs. APC gained 12%, NBL 8% as both of those recaptured their 200 day MAs. The transports had a nice week as the IYT was up close to 3% on the backs of good earnings buy UNP KSU. Even FDX was up 4% Friday, on a downgrade (not a typo). And finally the utilities had a great week. XLU hit a 2 1/2 year high Friday. SO broke out from a 43.19 3 week tight pattern this week. FE on the weekly chart looks to be constructively building the right side of a long cup base dating back to June of '08. Both these pay a sweet dividend. Their yields are SO 4.3%, FE 4.8%. Concerning the Nazz's relative weakness we lok at the weekly losses for the heavyweights of the index. AAPL down 10%, BIDU 11%, WYNN 7%, QCOM 6%, AMZN EBAY 5%. And all these were down or basically UNCH (AMZN was up .5%) on a strong tape Friday to boot. Concerning indeed. We had some breakouts this week which were lacking and desperately needed. DPZ MCD TSCO SO ISRG all broke out from and hailed from some diverse sectors. Stocks hitting all time highs this week were BBBY NKE MCD ED TSCO. Copper rallied 5% Friday, a dead cat bounce or a bottom? Maybe FCX will make the final call, as it was UNCH for the week as JJC was lower by 5%. Earnings reactions are more and more positive this week with the nice action of CMG MCD KSU UNP. Of course AAPL IBM were off and Friday leader ATHN had a very bearish outside day on massive volume, post earnings. Earnings announcements Monday include CAT HXL TXN VFC.
Stocks near exact buy points include double bottoms AXP 50.63, CNI 75.02, SM 80.92, RDSA 75.66, TIF 77.94. Cup with handles are ACN 58.93, KSU 59.77, JBL 20.74. Double bottom with handles are KLAC 44.69, WNR 17.87, SWI 24.77. CHKP 61.56 in a cup base, HXL 25.78 (earnings Monday). BMY 33.30 in a 3 weeks tight pattern. M is building a handle in its potential cup base. Wait for confirmation. Buy point may be 30.47. TGT continues to look great building its right side. Watch list candidate.
Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are BHP 76.50, KO 68.70, DE 72.75, CE 40.25, EMN 37.80. Stocks that retook their 50 day MAs Friday were MA ALTR JPM APA CRZO A ABB. Stocks near 50 day support are ABV 32.70, CERN 65.80, XRAY 32.95, QCOM 51, NVDA 13.95, DOW 26.25, COG 68.50, DO 60, HFC 32.10, SU 29, MMM 78. Stocks that can be shorted at 50 day resistance are TAP 42, BID 33.80, ATHN 60, JAZZ 41.70, PCLN 500, FWLT 21.25. Stocks that met 50 day resistance Friday were NEM KO AET ALB BHI. AAPL must hold near its 50 day here or it could be shorted under 387 on its way to 200 day support.
Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are BUD 56.85, LMT 77.75, CRM 135.50, TWC 71.65, LLTC 32.25, GRA 40.30, PPG 85, COP 72.25, CLR 62, XOM 80.50, JNY 12.20, BWA 72.50. Stocks that retook their 200 day MAs Friday were WSM MDRX SAP ABC AZN CBS BRCM MXIM NBL CHRW. Stocks near 200 day support are SWI 23, ORCL 31.60, ADP 50.90, AZN 48.10, DMND 67, CMCSA 23.75, MTZ 19.25, AVGO 33, PX 100, CNI 73.05. Stocks that received 200 day support Friday were DTV CMCSA. Stocks that can be shorted at 200 day resistance are FOSL 95.40, GMCR 75.50, DFS 23.80, BSFT 36.30. Stocks that met 200 day resistance Friday were ANN RAX TWC COP XOM SWN UPS PCLN BWA. LULU can be shorted under 48, its 200 day MA. BSFT lost its 200 day Friday.
Good luck.
The author owns FCX DE KLAC WNR.
Stocks near exact buy points include double bottoms AXP 50.63, CNI 75.02, SM 80.92, RDSA 75.66, TIF 77.94. Cup with handles are ACN 58.93, KSU 59.77, JBL 20.74. Double bottom with handles are KLAC 44.69, WNR 17.87, SWI 24.77. CHKP 61.56 in a cup base, HXL 25.78 (earnings Monday). BMY 33.30 in a 3 weeks tight pattern. M is building a handle in its potential cup base. Wait for confirmation. Buy point may be 30.47. TGT continues to look great building its right side. Watch list candidate.
Stocks that can be bought as they reclaim their 50 day MAs and their buy stop spots are BHP 76.50, KO 68.70, DE 72.75, CE 40.25, EMN 37.80. Stocks that retook their 50 day MAs Friday were MA ALTR JPM APA CRZO A ABB. Stocks near 50 day support are ABV 32.70, CERN 65.80, XRAY 32.95, QCOM 51, NVDA 13.95, DOW 26.25, COG 68.50, DO 60, HFC 32.10, SU 29, MMM 78. Stocks that can be shorted at 50 day resistance are TAP 42, BID 33.80, ATHN 60, JAZZ 41.70, PCLN 500, FWLT 21.25. Stocks that met 50 day resistance Friday were NEM KO AET ALB BHI. AAPL must hold near its 50 day here or it could be shorted under 387 on its way to 200 day support.
Stocks that can be bought as they reclaim their 200 day MAs and their buy stop spots are BUD 56.85, LMT 77.75, CRM 135.50, TWC 71.65, LLTC 32.25, GRA 40.30, PPG 85, COP 72.25, CLR 62, XOM 80.50, JNY 12.20, BWA 72.50. Stocks that retook their 200 day MAs Friday were WSM MDRX SAP ABC AZN CBS BRCM MXIM NBL CHRW. Stocks near 200 day support are SWI 23, ORCL 31.60, ADP 50.90, AZN 48.10, DMND 67, CMCSA 23.75, MTZ 19.25, AVGO 33, PX 100, CNI 73.05. Stocks that received 200 day support Friday were DTV CMCSA. Stocks that can be shorted at 200 day resistance are FOSL 95.40, GMCR 75.50, DFS 23.80, BSFT 36.30. Stocks that met 200 day resistance Friday were ANN RAX TWC COP XOM SWN UPS PCLN BWA. LULU can be shorted under 48, its 200 day MA. BSFT lost its 200 day Friday.
Good luck.
The author owns FCX DE KLAC WNR.
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