Thursday’s Top Stocks From TradersWire
Nasdaq-100 Index lost
another 8 points following Tuesday’s bearish wide range bar. But, as
you can see below, the 161.8% projection level is still intact. This is the
fifth straight losing session for the index. We may see a minor recovery rally
soon.
Diamonds Trust (DIA) also recorded five consecutive down bars. Although
it finished at the day’s low, it may attempt to move out of a pullback.
Before you commit yourself to long side, be sure to check advance/decline
line. It compares up issues and down issues on the New York Stock Exchange.
The positive number means up issues outnumbered down issues. It closed at
negative 1476 today.
Now, four stocks for Thursday:
Whole Foods Market (WFMI): The stock formed a mildly bullish bar slightly
above the December 21 low. Long WFMI if it takes out 93.62. Target is
96.00-97.00. Risk 0.75-1.00.
Genzyme Corp (GENZ): The issue shaped an inside bar after pulling back
from the December 29 high. Long GENZ if it trades above 57.31. The initial
target is 58.50. Risk 0.5.
Biogen Idec (BIIB): The stock may be ready for a minor rally. It formed a
doji bar above the 50-day EMA. Long BIIB if it moves above 65.48. Target is near
68. Risk 0.75-1.00.
Reynolds American (RAI): The issue made a small hammer at the 50%
retracement level. Long RAI if it takes out 77.75. Target is 80. Place a stop at
76.84.
If you have questions, feel free to mail them to me.Â