Wednesday’s Top Stocks From TradingMarkets
Now, Google (GOOG) employees and
insiders are allowed to sell their shares. Needless to say, the stock
gapped down at the open and closed near the day’s low. Look at the daily chart
below. Although GOOG has closed at the 20-day EMA, expect a test of the upper
boundary of a gap zone.
Diamonds Trust (DIA) also gapped down at the open and finished poorly on
heavier than its normal volume. On the other hand, Nasdaq-100 Index Tracking
Stock (QQQ) tested a short-term trendline successfully and closed near the
day’s high.
Let’s see three stocks for Wednesday:
Ivax Corp (IVX): The stock failed to take out the 38.2% Fibonacci level
and closed near the day’s low. Short IVX below 14.80. Our target is near 13.
Place a stop just above yesterday’s high (15.26). Watch out 14. It may become a
support.
XM Satellite Radio (XMSR): The issue broke out of a trading range
decisively and closed at a new high. We are looking for a continuation of this
upward move. Long XMSR if it takes out today’s high (36.84). Our target is near
39. Risk one point. Of course, you can wait for a pullback to catch a better
entry point.
Wyeth (WYE): This one is from yesterday. It is still trading in a range.
Long WYE if it moves above 40.95. Target is 42.54. Risk one point.
Good night!
If you have questions, feel free to mail them to me.
Â