Daytraders, here’s 9 stocks to target
Dave Floyd is a professional FX and stock trader based in Bend, OR and the
President of Aspen Trading Group. Dave’s approach to FX combines technical
and fundamental analysis that results in trades that fall into the swing
trading time frame of several hours to several days. For a free trial to
Dave Floyd’s Daily Forex Alerts
On Monday morning we had suggested that our price target for the S&P’s,
discussed in this column last week, may take a bit longer to be achieved since
markets had gone into a holding pattern between the 1187-1195 level. As of
this morning, we were still not quite sure if the break lower was going to occur
as 1187 had yet to fall.
Trading had been pretty quiet, but now that we have broken 1187, we should
see lower levels in the days ahead as well as some better trading opportunities.
As we all know, even if the target is achieved, it could be a bumpy ride with
a few decent rallies thrown in along the way. Depending on how the market
plays out tomorrow we see the following stocks as interesting plays:
Longs:
(
AMGN |
Quote |
Chart |
News |
PowerRating) – poised to trade as high as 77.30 provided the 76.30 continues to hold.
(
MMM |
Quote |
Chart |
News |
PowerRating) – a bit extended to the upside, but pull-backs towards 74.50 should offer
decent long entries. We see the 200-day ema at 76.35 as a possible target
over the next few days.
(
XL |
Quote |
Chart |
News |
PowerRating) – support seen at the 67.60-70 area may offer good continuation longs for
a push towards 68.70
Shorts:
(
CDWC |
Quote |
Chart |
News |
PowerRating) – a break back below 54.25 should set the stage for a move towards 53.20
(
SLB |
Quote |
Chart |
News |
PowerRating),
(
KMG |
Quote |
Chart |
News |
PowerRating),
(
RIG |
Quote |
Chart |
News |
PowerRating) &
(
MAR |
Quote |
Chart |
News |
PowerRating) – all got roughed up really hard today, but a bounce
might be likely and offer potentially good short set-ups.
As always, feel free to send me your comments and questions.
Dave Floyd is a professional FX and stock trader based in
Bend, OR and the President of Aspen Trading Group. Dave’s approach to FX
combines technical and fundamental analysis that results in trades that fall
into the swing trading time frame of several hours to several days.