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 trading 1.90 points lower and the Bond Market Futures are trading up 1 tick.
Qwest Communications [QWST>QWST], on the Pullbacks List, closed well in spite of a down market and looks poised to rally out of a big picture cup and handle formation, especially if it can take out Friday’s high (a). Metromedia Fiber Network [MFNX>MFNX], also on the Pullbacks List, is a similar pattern.
Ancor Communications [ANCR>ANCR], on the Momentum 10 Technology List, has formed a big picture cup formation and is beginning to form a handle. Watch for a potential breakout here.
For you breakout players, 4 Kids Entertainment [KIDE>KIDE], on the Proprietary Momentum List, broke to new highs on an expansion of range today. If you’re not a breakout player, wait for the next pullback before attempting an entry.
On the short side, Unisys [UIS>UIS] and Xerox [XRX>XRX], both mentioned last night, still look poised to resume their meltdown.
BTW, you still have until 11 PM EST tonight to sign up for the World Series contest. Winning prize: $1,000. Go to www.tradehardnews.com and click on the World Series icon to sign up.
Best of luck with your trading on Tuesday!
Dave Landry
PS – Reminder: Protective stops on every trade!