Top Stocks For Monday From TradersWire

  • December 10, 2004
  • Tsutae Kamada

Martek Bioscience
(MATK) decisively broke out of a trading
range after the company announced better
than expected fourth quarter earnings. Trading volume was heavy, nearly seven
times the average. The stock formed an extremely wide range bar and finished
above the 50-day exponential moving average. Watch the stock on Monday. It may
continue this upward momentum. 

Both Diamonds Trust (DIA) and Nasdaq-100 Index formed a narrow
range bar. It was truly a directionless trading session today.

Now, four stocks for Monday:

Retail Sales for November will be announced Monday morning at 8:30. Pay
attention to stocks such as Costco Wholesale (COST), Wal Mart (WMT),
and Lowe’s (LOW).

Verizon Communications (VZ): The stock appeared to be forming a double
top, but it held above the November 24 low. Long VZ if it takes out today’s high
(41.19). Target is near 42.25. Risk 50 cents.

Juniper Networks (JNPR): The issue is in a pullback from the December 7
high. It may still need to test the December 1 low, but long JNPR if it trades
above today’s high (28.50). We are looking for 30. Place a stop just below
today’s low (27.90). Watch out 29.40-29.75 area. It may become a resistance.

Symantec Corp (SYMC): Although it closed poorly, the stock managed to
finish above a support line. Long SYMC if it moves above 31.98. Target is 34.
Place a stop just below the support line (31.20).

Alcoa Inc (AA): The stock failed to break above the 38.2% Fibonacci level
and formed a bearish bar just below the 200-day EMA. Short AA if it slips below
32. Target is the December 8 low (31.14). Use the 200-day EMA for a protective
stop (32.30).

T.Kamada

If you have questions, feel free to mail them to me.

  

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