Markets were firm as investors headed to the election booths. They finished off their best levels of the day, but not by much and volume was healthy. The S&P 500 basically doubled the performance today that the Nasdaq did. It met 10 week resistance for the second time in 3 days. The Nasdaq did manage to close above the 3000 level and that was without any help from AAPL LNKD, both closing in the red. We all now full well that new, fresh leaders always emerge in new bull markets. Can AAPL be on the course that the likes of CSCO DELL INTC that have not participated much in the recent recovery. The Nasdaq looks like it could make a move toward its 10 week SMA, which would be a 3% move higher. Today, more importantly we recorded a few nice breakouts. They were RJF and its 39.05 flat base trigger, PSX and its 48.32 flat base trigger, and MXIM and its 29.06 flat base trigger. PWR also took out a 26.17 flat base trigger. Two which broke out, but were considered illegitimate because of soft volume were flat bases from IR at 47.81, and CHS at 19.53. Volume could kick in, in the next few sessions so keep a close eye on them.
Stocks that can be bought as they take out the following specific triggers on firm trade are flat bases PKG 37.06, MAS 16.58, SXC 17.69, DOX 33.89, KSU 84.05, KKR 15.78, ADBE 34.65, CYT 70.17, FIS 34.95, SAP 73.96, AMP 60.57, ICON 20.09. Double bottoms are ASH 74.60. Cup with handles are GME 24.59, GPOR 34.14, PGR 23.29, ABV 42.22, JPM 43.64, BLK 192.18. 3 week tight pattern is MTB 105.43.
Stocks that can be bought as they retest prior breakout triggers are EMN YUM CBOE. EMN took out a 59.66 flat base trigger 10/26. It hails from the strong chemical sector where GRA ASH CYT have all acted well. The week EMN broke out it recorded a huge bullish outside week while finding 40 week support. YUM took out a 72.25 cup with handle on 11/1. It has been a stellar stock inside the restaurant group, and also has been benefiting from recent strength in China, which can be seen on the FXI chart. CBOE is just above 30.49 flat base trigger it took out 11/1. NDAQ CME in the group are starting to look much better, while NYX had a really off day.
Stocks that can be bought as they reclaim their 10 week SMAs and their buy stop spots are MDAS 17.75, ORCL 31.90, WFC 34.75, IVZ 24.95, STI 28.25, URBN 37.80, WWW 44.20, BMC 42.20. Stocks that retook their 10 week MAs today were RPM ASNA ATU QIHU DK NE UNH MON MDT WOR. Stocks that can be bought as they retake their 40 week SMAs and their buy stop spots are XLNX 34.25, MBT 18, CNC 40.20, SQM 58.50. UTX APC VCLK SBUX UNH all retook their 40 week MAs today.
Stocks that can be bought at 10 week support are WRB 38, SCI 13.60, LYB 51.70, BX 14.50, SI 100, CVG 16. Stocks that met 10 week support today were FWLT LIFE CLX BZ. Stocks that can be bought at 40 week support are VIAB 48.70, PLD 33.70. CBST met 40 week support today.
Stocks that can be shorted as they lose 10 week support and their sell stop spots are LGF 15.10, AMT 71.95, KORS 53.75, UPS 72.75. NEE DISCA both lost 10 week support today. Stocks that can be shorted as they lose 40 week support and their sell stop spots are LNKD 101.50, AGCO 45.40, MET 34. ESRX lost 40 week support today.
Stocks that can be shorted at 10 week resistance are ADP 58.40, MHP 54.05, SYY 31, GE 22, ANN 36.40, TWX 44.10. Stocks that met 10 week resistance today were TMK MPWR UTX PFE CAKE NRG GGC CME AXP COST DRI IP SYY. Stocks that can be shorted at 40 week resistance are IBM 197.50, DAR 16.40, OMC 49.60, MAR 37.50, WWWW 16. DHR BEAM FLR all met 40 week resistance today.
The author owns ITW.