Markets finished lower Thursday, tech especially so as GOOG earnings report was leaked mid session. The Nasdaq looks like it hit stiff 10 week resistance, and at the round number of 3100. Markets do tend to pause at big round numbers. The earnings misses from IBM yesterday, and GOOG today, are among tech leaders. When they get hit I get concerned. Lets remember earnings are “managed or massaged” these days for success, so when they miss it is a real miss. We had a few breakouts today that took out their pivots by one penny. AOS took out a 3 week tight trigger of 59.03, and HNZ a flat base trigger of 58.41. HNZ lacked the volume pop necessary. LZB did eclipse a 15.78 cup with handle trigger today as well. Sin stocks has a rough day today as PM plunged 4%, as it nears a 40 week test. BUD lost more than 2%, but still looks good above the 10 week MA. BIIB seems to be getting tired as its chart is sporting distribution at all time highs, and 10 week support looking tenuous. On a good note UNP rose more than 1% on earnings, but off highs. JBHT in the group, completed the 4 days I like to see a gap up hold today. Others needing a couple of days to do the same include MAT MUR.
Stocks that can be bought as they take out the following specific triggers on firm trade are cup with handles ASNA 22.28, FLR 60.92, AMX 26.60, IAG 16.98, FWLT 24.83, MSI 52.02, CTRX 52.38, CBD 49.18. Double bottoms are, utilities which I am starting to like, WTR 25.94, AWK 37.96. Flat bases are CHS 19.53, BLL 43.80.
Stocks that can be bought as they retest prior breakout triggers are RMD LEG ROP. RMD took out a 40.09 3 week tight trigger on 9/27. Volume confirmed the move 10/4. It hails from the medical device group, where MDT is still holding up well, but some others like EW TMO faltering. LEG took out a 4 week tight pattern on 10/16. It benefits from the housing rebound, and LZB in the group took out a 15.78 cup with handle today. ROP took out a 108.99 flat base trigger on 9/21. ETN AME in the sector are holding up well, but DHR fell post earnings.
Stocks that can be bought as they reclaim their 10 week MAs and their buy stop spots are OII 54.60, TSS 23.75, CAT 87.85, ARRS 13.50, ADI 40, MR 35. Stocks that reclaimed their 10 week MAs today were COH RTN VZ. Stocks that can be bought as they reclaim their 40 week MAs and their buy stop spots are ADM 29.70, PXP 39.60, ARG 84.25, FAST 46, DNR 17.10, OI 21.20. RIG retook its 40 week MA today.
Stocks that can be bought at 10 week support are JWN 56.50, CAM 55, BUD 85, LCC 11, AJG 36.10, CBST 46.60. Stocks that met 10 week support today were IACI ARUN KSU SJM NOV GGC BLL D DPS CBE MAR ITT DKS.
Stocks that can be bought at 40 week support are XEC 62.75, BMY 33.50, SNDK 42.05, BC 23, CLR 77.70. Stocks that met 40 week support today were RDSA ETN NUE DHR HAR CHRW HP BDX.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are FMC 55, LIFE 48, VRSN 47.70, DKS 50.70. Stocks that lost 10 week support today were PNR PM GWRE YNDX DHR DSW AKAM SCSS. Stocks that can be shorted as they lose 40 week support and their sell stop spots are OMC 49.20, STX 27.15, BRO 25.10. BBT lost 40 week support today.
Stocks that can be shorted at 10 week resistance are FTI 47, COV 57.90, NXPI 24.45, TSO 40, CERN 73.50. Stocks that met 10 week resistance today were SNPS XLNX PCAR RVBD UPS PWR. RHT can be shorted at 54, 40 week resistance. AKRX MPWR QCOM BEAM all met 40 week resistance today.
The author is flat. We sold EWW for a profit of more than $5, which we bought off 10 week support at 63.44 on 9/26. TWTC we also bought 9/26 as it took out a 26.27 flat base trigger. It is still technically sound and above the pivot but stalling. More of not liking the market to much here, and looking to raise cash. XXIA we bought at 15.03 as it retested its prior 14.98 it took out 7/31. We made a profit there of just more than a $1, and didnt like the stalling action near its most recent 16.50 flat base trigger.