Going for Brokers
While some brokerage stocks spiked higher in early trading only to collapse
toward the end of the session, some are nevertheless still sitting in
interesting setups.
Merrill Lynch
(
MER |
Quote |
Chart |
News |
PowerRating) attempted to break above its five-month base. Volume
was not especially noteworthy, contributing to the breakout failure. Still, the
quick run-up since the beginning of Dec. and the fact that this is the second
breakout attempt in less than a month, suggests that MER may muster another
more successful attempt in the near future. Watch for expanded volume to fuel
momentum if a genuine breakout occurs.
Another interesting setup is to be found in AG Edwards
(
AGE |
Quote |
Chart |
News |
PowerRating).
AGE pulled back to potential support off its 200-day moving
average and its 50% retracement off the May 2000 lows and the Sept 2000 highs.
AGE has recently had no trouble trading below its 200-day moving average, so
you’ll want to watch for confirmation that support will be found in this area
this time around.
Other brokers to watch:
Stocks to watch include Lehman
(
LEH |
Quote |
Chart |
News |
PowerRating), Raymond James Financial
(
RJF |
Quote |
Chart |
News |
PowerRating)
and Morgan Stanley
(
MWD |
Quote |
Chart |
News |
PowerRating).
See you Wednesday,