Thursday’s Top Stocks From TradingMarkets
Shortly after 2 PM, Intel (INTC)
announced its decision to double the quarterly dividend and to
repurchase an additional 500 million common shares. Traders responded
immediately. Look at the 1-minute chart below. The issue broke out of a trading
range decisively on heavy volume. It traded more than 2 million shares in one
minute! I just wonder how many news traders are out there.
The Fed raised interest rates by 25 basis points to 2.0%, but it could not shake
the market. Diamonds Trust (DIA) gained 0.17% on light volume, and
Nasdaq-100 Index Tracking Stock (QQQ) lost 0.34% of its value.
Biggest loser today was the Airline Index. It failed to take out 55 and
closed near the day’s low. I bet some traders are watching the 200-day MA
closely.
Now, three stocks for Thursday:
Silicon Laboratories (SLAB): The issue finished just above the November 4
low. Short SLAB if it slips below 30. Our target is 28. Risk one point.
Allstate Corp (ALL): The stock took out a resistance line and closed at a
new high on strong volume. We are looking for a continuation of this upward
move. Long ALL if it trades above today’s high (49.88). Risk one point. Our
target is 52. Watch out 50. It may become a resistance.
Amazon.com (AMZN): The issue gapped up at the open, but it could not
break above the 50-day MA. Short AMZN if it trades below 37.81. Watch for
37.40-37.50 area. It can be a potential support level. Target is near 35. Risk
one point.
Good night!
If You have questions, feel free to mail them to me.
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