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Saturday, May 17, 2008 

Stock Picks and Trade Ideas for the week ahead - QXM,JDSU, TRN, BMC, COMS

Hello Friends, I know that many of you are a little resilient about the state of the market, but it becomes obvious we're not in a deep recession as many have predicted. Even with the recent contraction in some sectors, people continue to spend and companies overall reported good earnings. I still believe that we'll see during this year Dowjones hits new highs even with the current high price of Oil, it will be difficult but it's a question of time. No matter what experts are saying, no matter what crude is doing, we just need to focus our attention in the way of the markets is following. Recent rallies in the markets don't seem a Bear Market rally, really doesn't seems to me, it seemed to me something different. Frankly, this could be the start of a new leg up to new highs. Time will tell and I hope have reason. So, concentrate your attention just in what the market is doing and not what Mr. xxxx or other respectable persons on TV and newspapers are saying. It seems that markets are now strong and the US economy may be in the start of a new era of growing, it's my feeling nothing more. People are now more receptive to the bad news, and when this happen "bad news are good news and good news are extremely good news". Earnings are better than expected, and mergers and acquisitions are still taking place. The environment remains positive and the stock market is offering opportunities. Play what you're seeing and not what they are saying.

Chart courtesy of stockcharts ( click to enlarge )

COMS continues to consolidate in a tight range, as the stock nears resistance. What makes this stock interesting is that the range continues to shrink as the stock hold up near the top of the range. This stock is poised for a move, and we are going to be there when it happens. I suspect that it will explode to the upside. In addition, Inside trading has been very active over the last month. They are buying now after pausing years. Check the table below.


Chart courtesy of stockcharts ( click to enlarge )

BMC - Chart looks great. I love gap ups as everyone knows. I believe that this stock will be trading above $40 in the next 30 days. If not, then it should come down to $37 where I will back up the truck like Cramer would say. Lets keep an eye on her.

Chart courtesy of stockcharts ( click to enlarge )

TRN up again with heavy volume, however this stock is too extended for additional positions. If you're a disciplined trader, wait a pull back ( pause) to decide. A good entry point for a long position would be around $35.

Chart courtesy of stockcharts ( click to enlarge )

JDSU - On Thursday company announced that its Board of Directors has authorized a program to repurchase up to $200 million of the Company's common stock through open market or private transactions during a two year period. This company currently has approximately $1 billion of cash on its balance sheet and has a market capitalization of 2.6 Billion, so from my point of view the current stock price seems a good bargain for the long term.

Chart courtesy of stockcharts ( click to enlarge )

QXM - The stock broke resistance but had very little follow through. The stock ran up to $7.7 and pulled right back down to $7.52. Long above $7.56 on a close basis.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

That's All. Have a nice weekend !!!

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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