Monday’s Top Stocks From TradingMarkets
Some of you have been
waiting for a pullback. The market answered your prayers. The S&P
500 Index ($SPX.X) sold off 1.11% and closed near the worst level of the
day. Maybe you did not want this kind of steep decline. Probably you were
looking for a mild, gentle correction. How far do you think the index can go
down? The 38.2% Fibonacci retracement level is around 1150.
Diamonds Trust (DIA) gapped down at the open and finished poorly on
increased volume. Nasdaq-100 Index Tracking Stock (QQQ) lost 1.03% of its
value and closed at the lower boundary of a rising channel.
Let’s look at three stocks for Monday:
Are you still bullish? Have you changed your mind? I wonder what Rukeyser’s
guest panelists have to say tonight. It’s going to be interesting.
Gap Inc (GPS): The stock exhibited relative strength. We are looking for
a resumption of the uptrend. Long GPS if it trades above 22.86. Target is near
24. Place a protective stop just below today’s low (22.28).
United Technologies (UTX): The issue is forming a flag above the rising
20-day EMA. Long UTX if it moves above 98. Our target is 100. Risk one point.
Caremark RX (CMX): The issue is consolidating above the ascending 8-day
EMA. Long CMX if it takes out 36.50. Target is 39.50. Place a stop just below
today’s low (36.03)
Have a nice weekend!
If you have questions, feel free to mail them to me.
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