Thursday’s Top Stocks From TradersWire
In spite of Tuesday’s
bullish bar, the Dow Jones Industrial Average failed to follow
through to the upside. The index lost nearly 1% of its value and finished near
the day’s low. Notice a trading range is still intact.
The Nasdaq Composite Index gave up all of Tuesday’s gain and closed poorly just
above the 50% retracement level (8/13/04 low – 1/3/05 high). Volume was lighter
than its daily average.
Merrill Lynch (MER) held above its 200-day MA, but it could not take out
our buy entry price. We will be watching the stock tomorrow.
Now, four stocks for Thursday:
Fannie Mae (FNM): The stock closed poorly just below its resistance line.
Short FNM if it slips below 56. The initial target is 54.25. Risk 50-75 cents.
Impac Mortgage Holdings (IMH): The issue is struggling to move above the
50% retracement level. Short IMH if it trades below 17.20. Target is 16. Risk
35-50 cents.
Titan Corp (TTN): The stock is pulling back from the April 6 high and
testing its support level. Long TTN if it takes out 18.08. Target is 19. Risk 35
cents.
American Power Conversion (APCC): Like TTN above, the issue is testing
its support line. Long TTN if it trades above 26.05. Target is the April 8 high
(27.14). Risk 0.35-0.5.
If you have questions, feel free to
mail them to me.
T.K