Thursday’s Top Stocks From TradingMarkets
Crude oil falls, and stocks rise.
S&P 500 Index took out its 200-day moving average decisively and closed
near the day’s high. The 200-day MA is a widely watched indicator because it
tells us the long-term trend of the market.
Diamonds Trust (DIA) moved above a short-term declining trendline on
heavy volume. It formed a wide range bar and finished above 100. Nasdaq-100
Index Tracking Stock (QQQ) also shaped a bullish wide range bar, but its
could not close above a trading range.
Let’s look at three stocks for Thursday:
Cognizant Technology Solutions (CTSH): The issue gapped up at the open
and finished strongly. We are looking for a breakout above a resistance line.
Long CTSH if it trades above 33. Our target is around 35. Risk one point.
Marvell Technology (MRVL): The stock re-crossed above its 20-day MA on
strong volume. Long MRVL above 29.15. Our initial target is 30. Place a
protective stop just below the 20-day MA.
Marsh Mclennan (MMC): The issue is confronting a gap to overcome. Short
MMC below 28.30. Risk one point, or stop at 30. We are looking for a test of the
October 20 low.
Good night!
If you have questions, feel free to mail them to me.