Tuesday’s Top Stocks From TradersWire
At last, PeopleSoft (PSFT)
accepted to be acquired by Oracle (ORCL) for $26.50 per share. Last
Thursday, PSFT rallied out of a narrow range on increased volume. I wonder how
many traders and investors took this breakout signal.
Diamonds Trust (DIA) gapped up at the open and closed at a 10-month high.
Nasdaq-100 Index also gapped up at the open, but finished below the
December 3 high.
Now, four stocks for Tuesday:
Reminder, the FOMC tomorrow. The market expects a 25 basis point hike.
QLogic Corp (QLGC): The stock is in a pullback from the December 7 high,
and we are looking for a resumption of the uptrend. Long QLGC if it trades above
36.21. Place a stop just below the 20-day EMA (35.25), or risk 0.75. Target is
near 38.
Ryanair Holdings (RYAAY): The issue tested a support line successfully
after pulling back from the December 3 high. Long RYAAY if it moves above 41.19.
Target is 44. Place a stop just below the support line (39.59).
CBRL Group (CBRL): The stock looks ready to rally out of a pullback. Long
CBRL if it takes out 40.50. Target is the December 2 high (42.05). Place a stop
just below the 20-day EMA (39.85).
Bed Bath & Beyond (BBBY): The issue appears to be forming a 1-2-3 bottom
just above the 200-day EMA. Long BBBY if it trades above 40.33. Watch out the
December 9 high (40.95). It may become a resistance. Our target is 41-75-42.00.
Risk 0.75, or place a stop just below the 200-day EMA (39).
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If you have questions, feel free to mail them to me.