Wednesday’s Top Stocks From TradingMarkets
It was a disappointing
day. In spite of good earnings from International Business
Machines (IBM) and Texas Instruments (TXN), the market sold off. Look
at the 10-minute chart of S&P 500 Index below. Helped by IBM and TXN, the
Index gapped up at the open. This upward momentum lasted only 30 minutes. It
steadily declined and finished at the day’s low.
Both Diamonds Trust (DIA) and Nasdaq-100 Index Tracking Stock (QQQ)
ruined buyers’ hopes. Each issue opened higher, but closed poorly. One good news
is QQQ has managed to end the day above its 200-day MA.
Let’s look at three stocks for Wednesday:
Biotech HOLDRs (BBH): The issue is bouncing off the 38.2% Fibonacci
level, and it looks ready to resume its downward move.
Apollo Group (APOL): The stock failed to move above the declining 20-day
MA and closed near the day’s low. We are looking for a test of a support line.
QUALCOMM (QCOM): The issue formed a bearish dark cloud cover. We are
looking for a breakdown below a rising trendline.
Good night and see you tomorrow.
If you have questions, feel free to mail them to me.