Friday’s Top Stocks From TradersWire
Lehman Brothers lowered
Alcoa’s fourth quarter earnings estimates based on margin pressures
from higher costs and a weaker dollar. As you can see below, Alcoa (AA)
closed right at the lower boundary of a bear flag on increased volume.
Both Diamonds Trust (DIA) and Nasdaq-100 Index were directionless.
Each formed a narrow range bar. We have one more trading day left for 2004. Can
Nasdaq-100 take out the December 15 high?
Now three stocks for Friday:
I think it’s going to be a very quite day. Volume will be low. If you are
planning to trade, be careful.
Alkermes (ALKS): The issue closed just above a rising trendline. Long
ALKS if it moves above 14.57. Place a stop at 13.99. Target is the December 15
high (15.61).
Medicis Pharmaceutical (MRX): This is a potential double bottom
situation. Long MRX if it trades above 35.29. The initial target is 36.20-36.55.
Place a stop just below today’s low (34.64).  Â
Shuffle Master (SHFL): The stock may be forming a double top. It closed
near the day’s low and shaped an engulfing bar. Short SHFL if it slips below
47.18. Target is near the 20-day EMA (45.62). Risk 0.75.
If you have questions, feel free to mail them to me.