7 Stocks You Need To Know For Wednesday
The FOMC raised rates by 1/4 point.
But stocks shrugged off the news.
It was the 10th consecutive rate increase, bringing the key rate
to 3.25%. The Fed gave no hint of any let-up in rate increases, saying the risks
of inflation and weaker growth can be balanced. The policy statement contained
no major changes, and the committee said rates can be raised at a "measured
pace."
Since the April lows, the Dow is up 5.8%; the Nasdaq has gained
14%.
In economic news, productivity decelerated to a 2.2% annual rate
in the first quarter. Unit labor costs rose 1.3% in Q2, down from 3.6% in Q1.
Here are a few stocks to put on your watchlist for Wednesday:
Baidu
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two days now. Ideally I’d like to see one more day of backing and filling, but
stocks are never on my schedule. If you are looking for a good spot to buy
intraday, watch for a large pick up in volume.
Click Commerce
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damage like this. I don’t think this would make a good long swing trade, but
maybe a short day trade.
VistaCare
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is really in the same boat as the stock above. Mind you, I have not looked at
any fundamental news on either company–this is strictly a technical play.
Aetna
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looks like it may rally from a double bottom. Volume picked up today as well.
Lowes
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may rally from a pullback. This stock is above its 50-day moving average and as
such is a stronger candidate.
CryptoLogic
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got whacked, too, but it closed near the top of its range–a good sign if you’re
thinking about going long.
Finally, Disney
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that beat the street. There was a nice volume pick up on today’s bar, and we
could see come follow through on Wednesday.
Brice Wightman