Wednesday’s Top Stocks From TradersWire
It’s going to be a slow trading session until
2:15 PM. Many market participants will be hesitating to open new positions
till finding out the interest rates decisions by the FOMC. The market is
expecting another 25 basis points hike as the FOMC has done since June at each
policy meeting. It may be a good day to relax and take a rest.
Diamonds Trust (DIA) took out the January 26 high on decreased volume and
closed just under the 38.2% retracement level. In fact today’s volume was less
than 70% of its daily average. The Nasdaq-100 Index moved above a
declining trendline. Now, it is facing a gap zone to overcome.
Let’s look at three stocks for Wednesday:
Analog Devices (ADI): The issue failed to break above the 38.2%
retracement level and closed poorly. Short ADI if it slips below 35.85. The
initial target is the January 28 low (34.43). Risk 0.5.
Symantec Corp (SYMC): The stock is struggling to take out the 20-day EMA
and 50% retracement level. Short SYMC if it trades below 23.29. The initial
target is 22.30. Risk 0.35.
Freddie Mac (FRE): The issue bounced off the 200-day SMA (simple moving
average) and finished slightly above a declining trendline. Long FRE if it takes
out 67.05. We are looking for 68.50. Risk 0.5-0.75.
If you have questions, feel free to mail them to me.