Snap Back
David Landry is in Las Vegas for
TradingMarkets2000, and did not have the facilities to write this evening’s
column. Tonight’s piece is being written by TradersWire’s Duke Heberlein.
Greeting from fabulous Las Vegas and TradingMarkets2000! Sorry you
couldn’t join us here, but I’ll give those of you at home a truncated version of
David’s Stock Trading Outlook.
Well, we finally got the snap back that was expected, as the market was way,
way oversold. Even bear-market rallies (if we are indeed in one) can last three
days, so the market should continue higher Monday. However, don’t confuse should
with will.
Abbot Labs
(
ABT |
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Chart |
News |
PowerRating) from the Proprietary Momentum List, is trading in a
Trend Knock-Out, where the stock sells off, takes out the prior two lows, and
reverses. This type of action will often shake out the weak hands, clearing the
way for the stock to trade higher.
Alza Corp.
(
AZA |
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PowerRating) off the same list, is pulling back from its high, but
reversed to close well. Look for it to resume its uptrend.
Finally, Impath
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IMPH |
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Chart |
News |
PowerRating) has formed a bullish outside day in a pullback,
look for it to possibly continue higher.