Friday’s Top Stocks From TradingMarkets
Diamonds Trust (DIA)
managed to close slightly above the June 24 high. Some market
participants question the validity of today’s up move because of light volume.
They may have a good point, but it is a semi-holiday, Veterans Day. I bet some
traders are enjoying a relaxing afternoon at this moment. Nasdaq-100 Index
Tracking Stock (QQQ) moved out of a trading range and finished at a 10-month
high. Volume was better than the average.
Tomorrow morning (8:30 AM), retail sales for October will be released. The chart
below is Retail HOLDRs (RTH). As you can see, the issue is challenging
the top of a range. It’s going to be interesting how the stock reacts to the
report.
Now, three stocks for Friday:
Goldman Sachs Group (GS): The issue broke out of a trading range on
increased volume and closed at a 6-month high. We are looking for a continuation
of this upward move. Long GS above today’s high (103.30). Risk one point. Target
is around 106.
QLogic (QLGC): The issue is attempting to rally out of a trading range.
Long QLGC if it trades above 33.50. Our initial target is near 35. Risk one
point.
Ivax Corp (IVX): The stock looks ready to resume its downtrend. Short IVX
below 14.62. Place a stop just above yesterday’s high (14.95). Target is the
November 4 low (13.31). Watch out 14. It may become a support.
Good night!
Feel free to mail me your questions.