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Monday, September 01, 2008 

Stock Picks and Trade Ideas for the week ahead - PETM, ESL, SIGM, RMBS

Chart courtesy of stockcharts ( click to enlarge )

RMBS has a pretty nice looking chart here pulling back to converging support. The 50-day moving average at $16.91 should contain this pullback.

Chart courtesy of stockcharts ( click to enlarge )

Sigma Designs which makes chips for IPTV set-top boxes and for Blu-Ray players, said Thursday its fiscal second-quarter profit rose 12 percent from a year ago, boosted by its gain in the IPTV (internet protocol TV) market. Non-GAAP profits of 47 cents cents a share were ahead of the Street at 40 cents. Gross margin of 50.7% was up form 49.3% in fiscal Q1. The company still showing growth, good techonology, good returns, good margins, cash very intersting and no debt. I saw Friday's stock action as a good buying opportunity for long-term investors, especially considering the balance sheet and value of the company businesses, but as you know this is just my opinion nothing more. Technically, the stock still in downtrend but at this level the stock is showing some resistance to move down. The current price is above the 50 day moving average of 16.85. Sustained move above the average could signal development of an uptrend. SIGM looks like it is gonna squeeze some shorts to me. Let's keep an eye on it.

Chart courtesy of stockcharts ( click to enlarge )

ESL - The stock made a very significant move on Friday breaking out from its ascending triangle pattern which could be signs of a bottom here for the stock and the bulls ready to make some more moves. ESL has a good looking stock chart price broke out from the horizontal resistance mark around $54 on heavy volume in the face of a collapsing market. This breakout suggests a possible move to $62.90.

Chart courtesy of stockcharts ( click to enlarge )

PETM - On Friday the stock broke triangle resistance on heavy volume, after the company has reported its 2Q EPS ahead of the estimates and the consensus. PetSmart posted higher-than-planned same-store sales growth of 4% for the quarter, driven by accelerated inflation, the analysts say. The company has maintained its EPS guidance for the year at $1.51-$1.59, ahead of the consensus. The EPS estimates for FY08 and FY09 have been raised from $1.47 to $1.50 and from $1.68 to $1.70, respectively. The technical chart shows very bullish sign as the stock is back on top of its major moving averages. In addition K line is back above D line and MACD is back above 0 which show beginning of bull market rally.

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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