Friday’s Top Stocks From TradersWire

Market participants did
not like what they heard from the Fed
. Another quarter-percent hike
of the federal funds was expected, but the Fed gave no hint of a near-term pause
in the tightening cycle. Look at the 5-minute chart of the S&P 500 below.
Shortly after the announcement, the index sold off and finished near the day’s
low.

Although the Nasdaq Composite index closed poorly, it managed to hold above the
2050 level. The Dow Jones Industrial Average followed through to the downside,
and it closed just above the 61.8% retracement level.

Now, three stocks for Friday:

Lehman Brothers (LEH): The issue may be forming a top. It failed to close
above the June 23 high and shaped a bearish bar. Short LEH if it slips below 99.
We are looking for June 27 low (97.11). Risk one point.

Guidant (GDT): The stock is pulling back to the upper boundary of a gap
zone. Short GDT if it trades below 66.70. The initial target is 64. Risk one
point.

Kroger (KR): The issue formed a narrow range bar after pulling back from
the June 24 high. Long KR if it moves above 19.15. target is 20. Risk 40 cents.

This is my last day with TradingMarkets. Thank you for your support and
encouragement. May god bless each one of you!