Wednesday’s Top Stocks From TradingMarkets
Is this the end of
decline? Research in Motion (RIMM) rallied strongly and
re-crossed above the 50-day MA on extremely heavy volume. I don’t think the
stock can go back to the November 3 high (95.17) right away, but it may
challenge the prior support line. (Of course, the previous support is now a
resistance.)
It was another directionless trading session today. Both Diamonds Trust (DIA)
and Nasdaq-100 Index Tracking Stock (QQQ) formed a doji bar. As you know,
FOMC meeting will be held tomorrow. I hope it can create enough
excitement to move the market out of a trading range.
Let’s look at three stocks for Wednesday:
As I mentioned above, the Fed will announce its decision shortly after 2:15 PM
tomorrow. Be ready!
Ims Health (RX): The stock formed a bearish tail below the declining
50-day MA after pulling back from the November 1 low. Short RX if it trades
below 22.18. Our target is near 21. Set a stop at 22.51, or risk one point.
Apollo Group (APOL): The issue looks ready to resume its downtrend. Short
APOL if it slips below 66.15. We are looking for a test of the November 5 low
(62.55). Place a protective stop just above today’s high (67.33), or risk one
point.
Wyeth (WYE): The stock has tested a
support line successfully, and it appears poised to move out of a pullback from
the November 3 high. Long WYE above 40.72. Place a stop just below the support
line (40.00). Target is near 42.
Good night!
If you have questions, feel free to mail them to me.
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