Friday’s Top Stocks From TradingMarkets

September 30, 2004
Tsutae Kamada

Merck (MRK) dominated the market.
It hit the Amex Pharmaceutical Index ($DRG.X) hard. The Index decisively
broke down below a bear flag, and it closed 3 points above the August 10 low.

Diamonds Trust (DIA) was also victimized by Merck. It gapped down at the
open and finished below the 50-day MA. On the other hand, Nasdaq-100 Index
Tracking Stock (QQQ) managed to gain 0.17%.

Let’s look at three stocks for Friday:

Community Health (CYH): The stock has formed a bullish hammer at the
200-day MA, and it looks ready to move out of a pullback from the September 27
high.

Devon Energy (DVN): The issue has tested the 20-day MA and the 38.2%
Fibonacci level successfully. It may be resuming its uptrend soon.

Swift Transportation (SWFT): The stock appears to be losing its steam.
Now SWFT is facing a big gap to overcome. Look for a resumption of the
downtrend.