Markets ended the week Friday basically flat. If you hibernated this week, you would not have thought you missed much with the benchmarks trading very tight. But a look under the hood gave some fuel to both the bull and bears. I like to get the bad news out of the way first, the bears rejoiced with the guidance debacles of BBBY FDX KSU. Even ORCL gave lukewarm guidance. Stocks such as CRUS IT SYMC VCI all had bearish outside days. The good news was the indexes for the most part yawned and shook it off. We had a couple of breakouts yesterday with ALKS taking 0ut a 20.09 flat base trigger, and MA a 456.76 cup with handle trigger. Other leaders acted beautifully as well notably INXN rising 10% for the week after its 20.37 cup with handle breakout 9/17. New highs to new lows was very bullish Friday with the NYSE having 260 new 52 week highs to 8 new lows. Some sector rotation is unfolding every week, and it pays to be cognizant of it. The internet group rose to the top, replacing the agriculture sector. The group has had many breaking out with the likes of INXN RAX SWI LNKD all recently taking out triggers. Energy continues to rise the ranks, and one in the group TSO is up an astounding 15 weeks in a row and still seems to be consolidating nicely here. One country that is starting to pique my interest is India. PIN rose smartly Friday rising 4%. Individual names catching my attention are TTM IBN. IBN briefly took out a cup base trigger Friday before retreating below it by the close.
Stocks that can be bought as they take out the following specific triggers on firm trade are cup with handles ZION 21.77, PNC 67.14, BEN 128.30. 3 week tight patterns are RMD 40.09, DK 27.51, HLSS 16.54. Cup bases are SLW 40.46, CVS 48.79. Flat bases are IACI 54.30, GET 41.27, T 38.38, MRK 45.27, WMT 75.34, VZ 46.51, GPS 36.70, XXIA 16.50.
Stocks that can be bought as they retest prior breakout triggers and hold are MSCC CCE SIG. MSCC hails from the semi sector and is just above the 21.03 double bottom with handle trigger it took out 9/14. The group is starting to separate the men from the boys with CRUS BRCM acting the best. INTC KLAC as we know are not. CCE is among the beverage group which is trying to find its way, but seems to be fizzling, pun intended. However it did bullishly take out a 30.83 cup base trigger with volume confirmation coming 9/14. SIG took out a 49.10 cup with handle trigger 9/13. It comes from the jewelry group, where TIF is trying to shine recently taking out its 40 week MA, and small cap ZLC, which I do not play the small ones, but has been on a tear of late.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are PBR 24.25, AU 37.50, SMG 45.95, NTAP 36.60, LUK 24.25, MJN 78.25, MCD 94.40. INVN BMY both retook their 40 week MAs Friday. CHL can be bought with a buy stop of 55.65, as it retakes its 10 week MA. STX can be bought with a buy stop of 31.40 as it retakes its 10 week MA. CERN DNKN XRAY all retook their 10 week MAs Friday.
Stocks that can be bought at 10 week support are HBI 31.70, EC 57.90, ATW 45.10, APH 60.10, AIG 32.80, FB 22. IT NE FAST all met 10 week support Friday.
Stocks that can be bought at 40 week support are TIF 62, FTI 47.25, KBR 29.80, MET 34, AGCO 45.50. PTEN WTI both met 40 week support Friday.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are CTAS 40.05, SKX 21.10, R 39.70, CP 81.50. CNI COH both lost 10 week support Friday.
Stocks that can be shorted as they lose 40 week support and their sell stop spots are ODFL 29, EMR 48.80.
Stocks that can be shorted at 10 week resistance are WWW 44.90, URS 36.30, SPG 159, TER 15.05, TRIP 36.50. ALK KO PETM CCJ PXP all met 10 week resistance Friday.
Stocks that can be shorted at 40 week resistance are CBI 40.15, LM 26, JNPR 19.30. GRMN NUE both met 40 week resistance Friday.
The author owns JACK XXIA.