Friday’s Top Stocks From TradingMarkets
I guess the market does
not want to rest. Diamonds Trust (DIA) broke above its 200-day
moving average on heavy volume. Look at a bullish wide range bar! Do buyers
still have enough gas left? Anyway, the September 7 high is only 0.5 point away.
Nasdaq-100 Index Tracking Stock (QQQ) gapped down at the open, quickly
reversed, but it closed below the June 30 high again.
The October employment report will be released tomorrow morning. Let’s be extra
cautious!
Now, three stocks for Friday:
Silicon Laboratories (SLAB): The issue broke down below an extended flag.
Short SLAB if it trades below 30. Target is near 27. Risk one point, or place a
stop just above yesterday’s high (31.94)
International Rectifier (IRF): The stock tested the prior high
successfully and formed a mildly bullish bar. Long IRF above today’s high
(39.76). Target is 41, but watch out for the 200-day MA (40.37). Risk one point.
JC Penney (JCP): The issue gapped up at the open and took out its 50-day
MA on extremely heavy volume. We are looking for a continuation of this upward
move. Long JCP if it trades above today’s high (37.60). Place a stop slightly
below the 50-day MA (37.07). Our initial target is near 38.75.
Good night!
If you have questions, feel free to mail them to me.