Wednesday’s Top Stocks From TradersWire
The market staged a
powerful reversal rally. As you can see below, shortly after the FOMC
minutes release, the S&P 500 Index exploded and closed near the day’s high. You
can also observe almost identical chart patterns on the Dow Jones Industrial
Average and Nasdaq Composite Index.
United Parcel Service (UPS) participated the afternoon rally, and it took
out our buy entry price. We sold half to capture a 50-cent gain (our initial
risk amount) and moved stop to breakeven.
Now, three stocks for Wednesday:
Merrill Lynch (MER): The issue bounced off its 200-day SMA and formed a
bullish tail. Long MER if it takes out 56.08. We are looking for the April 8
high (57.16). Risk 0.35-0.5.
Marvell Technology (MRVL): The stock tested its 61.8% retracement level
successfully and shaped a mildly bullish tail. Long MRVL if it trades above
35.61. Target is near the 20-day MA (36.70). Risk 0.35-0.5.
CheckFree Corp (CKFR): The issue broke out of a mini-triangle on
increased volume. Long CKFR if it moves above 38.45. Target is the 50-day MA
(39.50). Risk 0.35-0.5. Â
(Charts courtesy of QCharts)
If you have questions, feel free to
mail them to me.