Monday’s Top Stocks
Terrorists, Iraq, oil,
there are too many uncertainties to hold stocks over the weekend.
Buyers were scarce, and nearly all the price spikes were hit hard by the
sellers. Yes, it was another ugly day.
Needless to say the markets are oversold. We do not want be caught in a sudden
short squeeze. In fact as of the end of today’s session, the CVR III and
VI buy signals are flashing. If the market conditions improve Monday, we
might want to try nimble buying.
Let’s look at three stocks:
Alcon Inc (ACL): The stock formed an extremely narrow range bar on the
38.2% Fib level. Of course it may test the 20-day EMA but looks ready to resume
the uptrend.
Fastenal Company (FAST): FAST formed a bullish hammer just above the 50%
Fib level and the 20-day EMA. Look for a resumption of the uptrend.
Pride International (PDE): Accompanied by decreasing volume, PDE is
pulling back from the July 19 high. It is now testing the rising trend line and
looks poised to resume the upward movement.
Good night and see you Monday.