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You are here: Home / Day Trading / Mission Accomplished

Mission Accomplished

February 1, 1999 by Kevin Haggerty

January turned out to be a good month for the mutual
funds, with many of them concentrated in the big tech issues that have outperformed the S&P 500
(which is up 4.1 percent year-to-date, and coincidentally, up 4.1 percent last week).

Look for a continuation in the first couple days of February, but then be very cautious:
historically, the market has experienced some sharp sell-offs in these periods.

Target Stocks Of The Day  Look for continuation entry in American General
[AGC>AGC]; it closed above its 50-day moving average on Friday after crossing back above its
200-day moving average last Monday. On Friday, Bank One [ONE>ONE] crossed back (and closed)
above both its 50- and 200-day moving averages; look for continuation or pullback entry at the
51 1/2 – 52 level. Look for entry possibilities in Schering Plough [SGP>SGP] on a breakout of
its current symmetrical triangle above 54 3/4.

Other stocks on the move: Pfizer [PFE>PFE] is trading right at its all-time high after last
week’s 11 percent gain, and American Home Products [AHP>AHP] broke out to new highs last week.
BMC software [BMCS>BMCS] is currently in a four-bar congestion pattern after re-crossing and
closing above its 200-day moving average; it could fly above 47 1/2.

Legato Systems [LGTO>LGTO] is an aggressive stock; watch for continuation entry possibilities
out of its
tight pattern. Finally, watch for Worldcom [WCOM>WCOM] to make a third run at its old high of
80 1/8. Market permitting, this stock is an excellent candidate to run to par.

Filed Under: Day Trading, Recent

About Kevin Haggerty

From 1990 to 1997, Kevin Haggerty served as Senior Vice President for Equity Trading at Fidelity Capital Markets, Boston, a division of Fidelity Investments. He was responsible for all U.S. institutional Listed, OTC and Option trading in addition to all major Exchange Floor Executions. For a free trial to Kevin’s Daily Trading Report, please click here.

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