Wednesday’s Top Stocks
The markets reversed.
Both Nasdaq 100 Trust (QQQ) and Diamonds Trust (DIA) closed strongly.
Have we seen the bottom? Are we going to have a smooth ride from here? Now, we
have to wait for a follow-through day.
Retail and Biotechnology were today’s top performing sectors. Let’s look at
three individual issues for tomorrow’s trading.
Target Corp (TGT): The stock finally filled the gap and closed above the 50%
Fib level accompanied by increased volume. Look for a continuation of the upward
movement.
Retail HOLDRs (RTH): The issue closed just below its declining trandline
and appears to be forming a double bottom. Trading volume was huge, more than
twice its daily average. Look for a breakout.
Eli Lilly (LLY): Healthcare giant, LLY is forming a bear flag just below
the descending 20-period EMA on the 120-minute chart. Notice, the stock has not
filled the gap yet.
Good night and see you tomorrow.