Tuesday’s Top Stocks From TradersWire
Both Diamonds Trust (DIA)
and Nasdaq-100 Index have managed to close higher, but I cannot be so
bullish about Tuesday’s session. DIA does not look so bad, but take a look at
the Nasdaq-100. It formed a bearish tail below the 20-day EMA. A tail does not
always mean the beginning of a downtrend. It may be simply suggesting a
potential sideways.
Now, three stocks for Tuesday:
VeriSign Inc (VRSN): The stock staged a recovery rally and formed a
bullish tail. Long VRSN if it takes out 31.20. The initial target is 32.38. Risk
0.5.
Fifth Third Bancorp (FITB): This is a potential double bottom situation.
Long FITB if it trades above 46.11. Target is near 48. Place a protective stop
at 45.31 or 45.73.
Rigel Pharmaceuticals (RIGL): The issue failed to break above the 50-day
SMA (simple moving average) and closed poorly. Short RIGL if it slips below
23.70. Target is the January 4 low (22.35). Risk 0.5-0.75.
If you have questions, feel free to mail them to me.