Monday’s Top Stocks From TradersWire
If you can trade only 30
to 60 minutes a day, which stocks do you trade? This is not a
hypothetical question. It is the question many Nasdaq stock traders in Japan ask
everyday. The market opens 11:30 PM local time. They can’t stay up all night
long. They have daytime jobs. They have to find stocks move fast, so they can go
to bed.
What did my friend in Tokyo trade today? He bought KLAC (KLA-Tencor)
immediately after the opening bell at 49.00 and sold it about 15 minutes later
at 49.76. Why did he buy KLAC? Because, it gapped up. Gaps are the sign of
strong momentum. That’s why he focuses on stocks with gaps.
Diamonds Trust (DIA), again, failed to take out the November 17 high. It
formed a bearish tail and closed near the day’s low. Nasdaq-100 Index
managed to gain 1.25, but it closed poorly.
Now, three stocks for Monday:
UTStarcom Inc (UTSI): The issue failed to take out the 200-day EMA and
closed near the day’s low. Short UTSI if it slips below 21.05. The initial
target is 20.00. Risk 0.5.
Pfizer Inc (PFE): The stock looks ready to resume its downtrend. It could
not move above the 50-day EMA and formed a bearish bar. Short PFE if it trades
below 27.79. Target is the November 24 low (26.55). Risk 0.5.
Garmin Ltd (GRMN): The issue erased earlier losses and managed to close
above the 20-day EMA. Long GRMN if it moves above 56.17. We are looking for
around 58.50. Risk 0.75-1.00.
Have a nice weekend!
If you have questions, feel free to mail them to me.
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