Wednesday’s Top Stocks From TradingMarkets
Just by looking at two
charts below, it is not easy to be bullish on tomorrow’s market.
Diamonds Trust (DIA) was trading above its 50-day moving average most of the
day, but it sold off shortly before 3 PM and closed poorly. Although it finished
up 0.33 percent, Nasdaq-100 Index Tracking Stock (QQQ) formed a bearish
tail. Volume for both DIA and QQQ exceeded Monday’s level.
Let’s look at three stocks for Wednesday:
As we reported in our
Market Flash, according to
research compiled by David
Kotok of Cumberland Advisors indicates that since WWII, in the three
months after an election, the S&P rose 6% if a Democrat beat a Republican
incumbent and 2% if a Republican incumbent prevailed.
Temple Inland Inc (TIN): The issue failed to take out 60 and closed near
the day’s low. Short TIN if it slips below
58.77. Target is near 57.25. Place a stop just above today’s high (59.81), or
risk 0.75-1.00.
Gilead Sciences (GILD): The stock formed a bearish tail just below its
20-day MA. Short GILD if it trades below 34.97. Set a stop just above the 20-day
MA (36.44), or risk one point. Target is near 32, but watch out the October 29
low (34.17).
Monster Worldwide (MNST): The issue looks ready to resume the uptrend.
Long MNST if it takes out today’s high (28.26). Our initial target is 29. Use
today’s low (27.67) or yesterday’s low (27.10) for a stop.
Good night!
If you have questions, feel free to mail them to me.