Wednesday’s Top Stocks From TradersWire
The Nasdaq made it
8 up-days in a row. This last time this
happened was December 1999. Folks, it’s overbought here. I would not put on any
new longs right here. If the market pulls back for a few days, maybe then
consider some longs. Here are four shorts for Wednesday:
Cisco
(
CSCO |
Quote |
Chart |
News |
PowerRating)
is well above this linear regression channel.
The last down move for Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
was 28 days. As of tonight, we’re 27 days up.
Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) is also at the top of a regression channel.
And Palm One
(
PLMO |
Quote |
Chart |
News |
PowerRating) is at the 127%
extension of the last move down.
As far as entries, pick your spots intraday using
negative divergence and weakening market internals. If you want a ‘safer’ entry,
try below the low of today’s bar. Always use good money management
Brice