Thursday’s Top Stocks From TradersWire
Fannie Mae (FNM) violated accounting
rules, and two top executive stepped down. Also this morning, Raymond
James upgraded FNM to Outperform from Market Perform. What do you
think the stock did today? It closed at 71.92, up 2.23%. Look at the daily chart
below. It opened strongly, but a gap zone was too tough to overcome. Notice, FNM
formed a bearish tail.
Diamonds Trust (DIA) finished at a 52-week high, and Nasdaq-100 Index
gained 4.31 points.
Now, three stocks for Thursday:
Have you finished Christmas shopping? You have two more days left!
Tomorrow morning at 10:00, New home sales for November will be announced.
Pay attention to stocks such as LEN, KBH, and BZH.
InfoSpace (INSP): The issue tested its support level successfully and
formed a narrow range bar. Long INSP if it trades above 47.25. Our target is
near 50. Risk 0.75-1.00.
BEA Systems (BEAS): The stock looks ready to resume its uptrend. Long
BEAS if it takes out 8.94. Target is around 9.80. Risk 0.45-0.50.
Phelps Dodge (PD): The issue appears to be forming a double top. PD
closed poorly and formed a bearish engulfing bar. Short PD if it slips below
97.06. Target is near 92. Risk one point.
If you have questions, feel free to mail them to me.Â