Monday’s Top Stocks From TradingMarkets
The Christmas shopping season has
begun. I don’t like to shop, especially this time of the year. A
decent parking spot is tough to find, and I have no intention of competing with
those aggressive shoppers. I guess I’m a good candidate for an online shopper.
Nissan Motor has to cut production because of the steel supply problems
in Asia. This news was definitely a big plus for United States Steel (X).
In spite of the shortened trading session, volume exceeded Wednesday’s level,
and X closed at a new 52-week high.
As expected, we had a quiet trading day. Both Nasdaq-100 Index Tracking Stock
(QQQ) and Diamonds Trust (DIA) formed a narrow range bar. Volume was
extremely light.
Let’s look at three stocks for Monday:
PETsMART (PETM): The issue is forming a narrow trading range just above
its rising 8-day EMA. Long PETM if it takes out 35.45. Target is near 38. Risk
one point, or place a stop slightly below the top of the range.
Investors Financial Services (IFIN): The stock is in a pullback from the
November 17 high, and it has shaped an inside bar just above its 8-day EMA. Long
IFIN if it trades above 44.47. Our initial target is the November 17 high
(46.19). Place a stop just below today’s low (44.13), or slightly below the
8-day EMA (43.82).
Genzyme (GENZ): The issue closed slightly below the top of a range and
formed a narrow range bar. We are looking for a breakout. Long GENZ if it moves
above 56.72. The initial target is 59. Risk one point, or place a protective
stop just below the top of the range.
Good night!
If you have questions, feel free to mail them to me.