Friday’s Top Stocks From TradingMarkets
The insurance sector was
hit hard. This steep decline was caused by Eliot Spitzer’s
announcement that charged several major insurers with market manipulation. Look
at the Insurance Index. It formed an extremely wide rage bar and closed
at a new low. Needless to say, it takes long time to recover from this damage.
Although it finished near the day’s low, Nasdaq-100 Index Tracking Stock
(QQQ) managed to close above October 12 low. On the other hand, Diamonds
Trust (DIA) broke down below 100 on heavy volume.
Let’s see three stocks for Friday:
Magnum Hunter Resources (MHR): If the oil and natural gas sectors are
strong tomorrow, MHR may be interesting to watch. It is in a pullback from the
October 7 high, and it has tested the bottom of a gap zone successfully. We are
looking for a resumption of the uptrend.
Ask Jeeves (ASKJ): The stock exhibited relative strength. We are looking
for a breakout above 35.
Starwood Hotels and Resorts (HOT): The issue is in a pullback from the
October 7 high. It appears HOT has tested the prior high successfully. We are
looking for a resumption of the upward move.
See you tomorrow.
If you have questions, feel free to mail them to me.