Thursday’s Top Stocks From TradingMarkets
I thought both
semiconductor and retail sectors were in trouble. But, I was totally
wrong. $SOX.X (Semiconductor Index) re-crossed above its 200-day moving
average and closed near the day’s high. As you know, the 200-day MA is widely
watched by traders and investors because it determines the long-term trend of
stocks and indices.Â
Retail HOLDRs (RTH) formed an inside bar on strong volume. I don’t know
if the stock is ready to resume its uptrend, but so often an inside bar appears
just before the directional change.
NASDAQ-100 Index Tracking Stock’s (QQQQ) debut on the NASDAQ marketÂ
was successful. It finished at a new 52-week high!
Diamonds Trust (DIA) also closed strongly. The November 17 high is only
inches away.
Let’s look at three stocks for Thursday:
Starbucks (SBUX): The issue took out a resistance line and closed at a
new 52-week high on increased volume. Long SBUX if it trades above 57.59. The
initial target is 59.50. Place a stop just below 57, or risk one point.
Costco Wholesale (COST): The retail sector may not be out of the woods
yet, but COST looks ready to break out of a range. Long COST if it takes out 50.
We are looking for near 51.50. Risk 0.5-0.75.
EMC Corp (EMC): The stock broke out to a new 52-week high on extremely
heavy volume. Long EMC if it trades above 14.06. The initial target is 14.60.
Risk 0.25.
Good night!
If you have questions, feel free to mail them to me.
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