Thursday’s Top Stocks
It could be just an
oversold bounce, not a beginning of a bull market. No matter what it
may be, it’s nice to see a strong rally.
Diamonds Trust (DIA) decisively took out a declining trendline and closed
just below its 50% Fobonacci level. I wished volume was higher, but the issue
formed a bullish wide range bar.
On the other hand, accompanied by heavier than normal volume, Nasdaq-100
Index Tracking Stock (QQQ) moved above the gap and the descending trendline.
Let’s see three stocks for tomorrow:
Biogen Idec (BIIB): The stock broke out above its 50-day SMA on extremely
heavy volume. Notice, it formed a bullish engulfing bar. Look for a continuation
of the upward move.
Network Appliance (NTAP): In spite of yesterday’s bearish tail, the issue
gapped higher and impressively took out the 50-day SMA. Today’s volume was
nearly four times the daily average. Look for a continuation of the upward
momentum.
Caterpillar (CAT): Despite the strong market, CAT was up only 2 cents for
the day. Notice, the bear flag is still intact. Look for a resumption of the
downtrend.
Good night and see you tomorrow.