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1. Heavy Volume Slams Transocean

By Gary Morrow
3:39 p.m. EST

Transocean ( RIG) is one of the weakest NYSE stocks today, currently off over 5% on heavy volume following the company's earnings miss.

The heavy selling began premarket and has remained very heavy throughout the day. The stock's 200-day moving average, which has supplied support since the March breakout, was easily taken out in the early going. The loss of this support has attracted even more selling, lifting today's volume to its heaviest level since fourth quarter 2008.

RIG Daily (NYSE)
Transocean
RIG chart
Source: TradeStation

I expect more downside in the near term before the stock is able to find support. There is some support at the December lows of $78.70, but I don't expect this level to hold. Below that area is the gap left behind as the September rally was first gaining steam. Bulls looking to take advantage of continued weakness should look to buy near $77.30, if given the chance. If Transocean closes below $76 on heavy volume, I would expect more downside before a new base can form.

Position: None

2. Toyota Strength

By Tim Melvin
3:27 p.m. EST

I continue to be amazed by the strength of Toyota's ( TM) stock. If this mess had been caused by an American car company, we would have seen the stock at new lows in rather quick order. The executives are being crucified up on the hill today, and the stock is actually up 2 points on the day, despite the lost money last year and trading at 26 times what is a rather iffy earnings forecast for 2010. It is a shame General Motors can't build a decent enough car to take advantage of this, but Ford ( F) executives have to be downright giddy. This is a prime opportunity to regain market share in leaps and bounds.

Position: None

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