Tuesday’s Top Stocks From TradingMarkets
It was a quiet trading
day. I guess many investors have decided to observe Columbus Day.
Both Nasdaq-100 Index Tracking Stock (QQQ) and Diamonds Trust (DIA)
were directionless. Each formed an inside bar on light volume.
Someone in our chatroom (TradersWire) mentioned, “No mail today. UPS
is up.” As you can see, United Parcel Service (UPS) has been pulling back
from the October 6 high on decreasing volume. It may be ready to resume its
uptrend soon.
Let’s look at three stocks for Tuesday:
Remember, Intel (INTC) and Yahoo (YHOO) are going to report their
Q3 results after the close tomorrow.
Phelps Dodge (PD): The stock gapped down at the open and closed near the
day’s low. It appears to be PD is forming an evening star pattern. We are
looking for a test of the 23.6% Fibonacci level.
Lockheed Martin (LMT): The issue is in a pullback from the October 5
high. It has formed an inside bar and finished just above the 38.2% Fibonacci
level. It may be resuming its uptrend soon. Â
Digital River (DRIV): The stock is making a bull flag above the rising
20-day MA. Look for a breakout.
Good night and see you tomorrow.
If you have questions, feel free to mail them to me.