Friday’s Top Stocks From TradersWire
Stocks were higher on a raft of earnings reports.
The market broke out on good volume, with
the SPX and Nasdaq making 4-year closing highs. The SPX is up +4.4% in July, the
strongest performance since 12/03. 70% of S&P companies this quarter beat
expectations and Q3 guidance has been mostly in-line. Q3 is expected to be
the ninth quarter of double digit growth. Volume so far this summer is ahead of
last year’s pace. In July, the Nasdaq is up +6%, semis +13% and Internet +9%.
Let’s take a look at a few stocks for Friday:
MetLife
(
MET |
Quote |
Chart |
News |
PowerRating) beat by 0.25. Look for a
gap up on Friday and as usual, the first pullback is the best long entry. The
stock has no overhead resistance.
McAfee
(
MFE |
Quote |
Chart |
News |
PowerRating) beat by 0.06 but issued downside
guidance. The recent high may act as a magnet and if you’re a breakout player,
this is one to watch. (Note: breakouts do not always work, though)..
Â
Connetics
(
CNCT |
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Chart |
News |
PowerRating) broke out of a trading range and
looks like it will at least fill that gap. The low of the gap bar will be
resistance which, if penetrated, would be bullish.
Â
Blue Coat
(
BCSI |
Quote |
Chart |
News |
PowerRating) is near the top of a range and
may shoot for the recent highs. Breakout players, this is another one to watch.
DTE Energy
(
DTE |
Quote |
Chart |
News |
PowerRating) missed by 0.16. The stock may
trade at least to the bottom of this channel before recovering.
Brice Wightman