Thursday’s Top Stocks From TradersWire
Career Education Corp (CECO)
sold off sharply on the news that the Department of Education is
reviewing the company’s restated financial statements for the fiscal years 2000
through 2003. Probably many traders could not catch the first selling
opportunity, but there was another one when the stock failed to move above the
61.8% retracement level.
The Nasdaq Composite index was trapped in a narrow 10-point range as investors
wait for the conclusion of the FOMC meeting. The Dow Jones Industrial Average
failed to take out its 200-day EMA and finished near the day’s low.
Did you short Google (GOOG)? The stock broke down below the 300 level.
Now three stocks for Thursday:
Centex Corp (CTX): The issue gapped up at the open, but reversed to the
downside and closed near the day’s low. Short CTX if it slips below 70. The
initial target is 68. Risk 0.75-1.00.
XM Satellite Radio (XMSR): The stock is struggling to break above a
resistance line. Short XMSR if it trades below 33.80. The initial target is 33.
Risk 40 cents.
Dreamworks Animation (DWA): The issue is pulling back from the June 23
low. Short DWA if it moves below 26.50. Target is near 25. Risk 60-65 cents.
Feel free to mail me your
questions.Â