Markets moved higher a bit Wednesday as both the Nasdaq and S&P 500 advancing. Banks, home builders and transports were among the winning groups. Even some defensive groups such as utilities are reemerging. XLU is trying to recapture its 10 week MA presently. MTB registered a breakout today taking out a 96.08 3 week tight trigger, and HLSS displayed volume confirmation today following Mondays 3 week tight breakout from a 16.54 pivot point. One notable lagging sector today was energy. XLE is honing in on a 10 week test near 72.25. Many stocks in the sector that looked technically sound and that have since floundered are FTI OIS EXXI. All 3 had valid cup with handle until recently and all lost near 5% today and 40 week support in the process. GTLS is becoming my favorite in the group as it held 10 week support today among the carnage, and will be looking to go long some PXD, at par where its 40 week resides holds. Airlines took advantage of lower oil to strut some decent strength. ALK DAL LCC are trying to construct their right sides of their bases. CPA, is sporting a 85.91 cup with handle trigger in the group. Some gap ups that I like to play if they hold for 4 consecutive days are beginning to pop up again. ACN needs one more day to get to 4 days in a row and TWTC needs two more (I am long TWTC).
Stocks that can be bought as they take out the following specific triggers on firm trade are cup with handles EXPE 60.39, LZB 15.64, CCK 37.98, ASNA 22.28, SWK 78.57, ZION 21.77, IVZ 26.33, JPM 42.19, BCS 15.10, BEN 128.30, LIFE 50.57, YNDX 25.33, AKAM 39.77, STJ 43.41, TSS 24.53. Flat bases are PM 93.70, LMT 74.09, XXIA 16.50, KMB 88.35. 3 week tight triggers are PSX 48.32, BAH 14.11, TRV 69.34. SJM 87.83 in a 4 week tight pattern.
Stocks that can be bought as they retest prior breakout triggers are IBN BYI CAKE. IBN took out a 40.06 cup base trigger on 9/24. It has stubbornly held that round number 40 handle well. HDB has held up well also as India seems to be embracing reform. PIN is rounding its right side nicely. BYI took out a double bottom trigger of 48.10 on 9/27. It hails from the leisure group which MAR is part of. Both charts look similar, and MAR held above its 39.97 double bottom trigger 9/13, until it succumbed to two downgrades. It is holding 10 week support for now and reports earnings tomorrow morning. CAKE took out a 34.40 flat base trigger back on 9/6. DRI PNRA remain above recent buy points, but the group is bifurcating as CMG is acting poorly.
Stocks that can be bought as they retake their 10 week MAs and their buy stop spots are HCP 45.80, IR 45.25, LKQ 19.10, COH 57. HBI retook its 10 week MA today.
Stocks that can be bought as they retake their 40 week MAs and their buy stop spots are JBHT 53.90, CHRW 61.15, GRMN 42.50, PBR 24.25, PCAR 41.55. AIZ MCK retook their 40 week MAs today.
Stocks that can be bought at 10 week support are EOG 109.00, DRC 51.05, HAR 45.05, PIR 18.05, POL 15.95, CHS 17.40. Stocks that found 10 week support today were MON QCOM LNC BR AZPN.
Stocks that can be bought at 40 week support are INFY 48.55, PXD 100, KSU 71.35, E 43.15, TRN 29.20. Stocks that found 40 week support today were NBL MET ROSE SLB XRAY.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are WWWW 17, NOV 77.60, CXW 32.50, SBUX 48.40, WMT 73.10, CBE 73.60. AME lost 10 week support today. YUM can be shorted with a sell stop 65.60 as it loses 40 week support. CTXS can be shorted with a sell stop of 74.50 as it loses 40 week support.
Stocks that can be shorted at at 10 week resistance are UA 57, UPS 74.25, TAP 44.10, NKE 97.20, ASH 72.55. Stocks that met 10 week resistance today were COH ADI TGT SWI AXP DPS APC. Stocks that can be shorted at 40 week resistance are DNKN 30.55, NE 35.60. BRCM BP XLNX CA RL DUK all met 40 week resistance today.
The author owns XXIA EWW TWTC.