Monday's Top Stocks From TradersWire

Triad Hospitals (TRI) formed a bullish wide range bar and closed at the day's high. As we planned, we bought the stock as soon as it took out 50.20 with the initial risk of 50 cents. TRI moved in our favor. Shortly after 1:00 PM, we had an opportunity to take a partial profit and moved our stop to breakeven. TRI continued to rise. It was getting close to its resistance level. We decided to sell the rest just before the close.



(Charts courtesy of QCharts)

You knew the market would go up today, right? Look at the S&P 500 Index below. It went up on Monday, down on Tuesday, up on Wednesday, and down on Thursday. It was easy. Nothing to it, right? (LOL)



Now, three stocks for Monday:

Nasdaq-100 Trust (QQQQ): The Nasdaq market appears to be forming a double bottom. The issue has made a bullish tail, and the 14-period RSI is positively diverging. Long QQQQ if it takes out 35.06. The initial target is 35.70. Risk 30 cents.



Nike Inc (NKE): This one is similar to QQQQ above. The stock looks like shaping a 1-2-3 bottom. Long NKE if it trades above 77.40. The initial target is 79. Risk 50-75 cents.



Genentech (DNA): The issue appears ready to rally out of a pullback. Long DNA if it moves above 71. We are looking for 75. Risk 0.75-1.00.



If you have questions, feel free to mail them to me.