Wednesday’s Top Stocks
At last, or as expected,
Semiconductor HOLDRs (SMH) was hit hard. It closed down more than 2%
and finished near the day’s low on heavier than usual volume. Yesterday, SMH
flashed a sign of weakness by forming a bearish tail just below the declining
20-day SMA (simple moving average).
Although semiconductor stocks were weak, Nasdaq-100 Index Tracking Stock
(QQQ) was down only 1 cent. It finished slightly below its 38.2% Fibonacci
level. On the other hand, Diamonds Trust (DIA) gained 32 cents on light
volume.
^next^
Let’s look at three stocks for Wednesday:
Celestica Inc (CLS): The issue bounced off the declining 20-day SMA on
increased volume. Look for a resumption of the downtrend.
KLA-Tencor (KLAC): The stock closed right at the bottom of a bear flag.
Volume exceeded yesterday’s level, and appears ready to resume its downtrend.
American Eagle Outfitters (AEOS): After pulling back from the August 18
high, AEOS formed a doji bar. Look for a resumption of the uptrend.
Good night and see you tomorrow.
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