Interesting Stocks


Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Stocks/Sectors and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.


At the time this is being published, the S&P Globex Futures are 1.70 points lower and the Bond Market Futures is down 4 ticks.

On the Pullback List, Boston Scientific [BSX>BSX], mentioned last night, still looks interesting as does Allergan [AGN>AGN] and Nike [NKE>NKE].

As you know, the Trading Where the Action Is list contains the most volatile stocks and is only for aggressive traders who are willing to assume a high degree of risk in order to capture larger gains. With that said, several look interesting tonight. Globix [GBIX>GBIX], mentioned on Friday night (see archive for 3/26/99), still looks like it has potential, especially if it can take out Monday’s high (39 3/8). InterVU [ITVU>ITVU]is a high level pennant. Look to play the long side on a breakout above today’s high or for you more aggressive players, look to play a failure of the pattern below today’s low. Finally, Network Solutions [NSOL>NSOL] is a loosely formed cup and handle, look to play the long side, especially if it can take out yesterday’s high (114 1/2).

For you breakout players, Advance Paradigm [ADVP>ADVP], on the New 60-day Highs on Double Volume, broke out nicely and closed well today.

On the short side, Ameritech [AIT>AIT], on the Proprietary Implosion List, has collapsed through the support level around 60.


AIT
Source: Omega Research.

Best of luck with your trading on Wednesday!

Dave Landry

Director of Research
TradingMarkets.com