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Wednesday, July 30, 2008 

Stock Picks and Trade Ideas for Thursday - RFMD, RMBS, CIEN

Chart courtesy of stockcharts ( click to enlarge )

RMBS - Recently the stock has been on rally after the company announced its earnings. Even today the stock surged 3% to $16.78 cents per share. Let's take a detail look at the stock to see if it's worth buying. The stock overall is still weak with 50 day moving average now below 200 day moving average, however looking closely at daily technical chart above in a short term basis ,we can clearly see it shows the stock has been on rally recently as K line has been rising above D line. Now that MACD is back above 0 and RSI is in an upward direction, we may should see the stock head to $18 mark soon.

Chart courtesy of stockcharts ( click to enlarge )

CIEN - If the weakness continues and the stock breaks the support at $20, there will be a good chance that the stock will test the $19.30 support.

Chart courtesy of stockcharts ( click to enlarge )

RFMD - I have mentioned several times this stock over the last weeks, analysing the stock based on the technical chart as one of the stocks is a clear downtrend. However, yesterday after the market closes the company have surprised all of us with earnings above the estimative of the street, which has caused a huge rally early in morning that roll over today’s session. According to the report, RF Micro posted a net loss of $24.1 million, or 9 cents a share for the first quarter ending June 28, compared with net income of $23.6 million, or 11 cents per share, a year earlier. Revenue rose nearly 14 percent to $240.5 million. Excluding items, it earned 3 cents a share. It’s also important to note, that company forecast a second-quarter profit that was a cent below market expectations. Nevertheless, today’s action in the share price leads me to believe that we may see a reversal trend at this level. To sustain this point of view, stock needs to sustain actual level in the days to come, so stay tuned to her. A close above $3.40 will give us the perfect signal for a strong upward.

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. See you Tomorrow !!!

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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