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Monday, October 20, 2008 

Stock Picks and Trade Ideas for the week ahead - GOOG, FSLR, RIMM, LVLT

Confidence among American consumers fell more than expected in October, at a time when the fears of a sharp economic recession are affecting the families. The Reuters/University of Michigan Surveys of Consumers said its index of confidence plummeted to 57.5 in October from 70.3 in September. This figure compares with estimates of analysts, who pointed to the index fell to 65 points, with the average of last year which was 85.6 points. These macroeconomic data still showing signs of clear deterioration of the economical functionality. It's really complicated predict the future of the market right now; because we are trading like a perfect rollercoaster with frustration and fear the main drivers.

Trade Ideas below :

Chart courtesy of stockcharts ( click to enlarge )

GOOG - Google shares surged on Friday more than 5% or $19.52 to $372.54 ,after the search giant of the web, reported a profit that surpassed Wall Street quarterly forecasts. Excluding costs for employee stock compensation, Google said it would have made $4.92 per share. Revenue climbed 31 percent to $5.54 billion. After subtracting advertising commissions, Google's revenue totalled $4.04 billion. The web traffic and revenue growth were strong in all major parts of the world and searches were up for almost every industry using Google, Chief Executive Eric Schmidt said. This report will for sure mark a dramatic change in sentiment from earlier Thursday as a cascading wave of pessimism pounded Google's stock price to a three-year low of $309.44. Although, the stock continues trading near the lows of the year, I saw in the last trading day some optimism but also a lot of guys covering its short positions. The stock has been pummelled since the December high of $747.24 and reached a low of $309.44 this month. A rebound is currently on in this stock. The long-term trend is negative but the short-term is positive. The stock will face resistance at $383.03 in the short-term. If this level is surpassed, there can be a rise to $432.33 ( 50-day moving average ).

Chart courtesy of stockcharts ( click to enlarge )

LVLT - Daily chart above shows that it is still to early to say that the downtrend has ended. It is better to stay at the sideline. Only a close above $1.50 would trigger some positive sentiment.

Chart courtesy of stockcharts ( click to enlarge )

RIMM - The stock has lost over 50 per cent since the high of $148.13 hit in June. Price would face a strong resistance at $68. If this level is crossed, there can be a rally to $78. Technically, the daily chart shows the stock is now in a small rally as K line is on top of D line. However since stock is still very weak with stock trading below 50 day and 200 day moving average, pay attention as the stock is approaching 20 day moving average. Hold with a stop-loss at $52.50.

Chart courtesy of stockcharts ( click to enlarge )

FSLR - First Solar shares surged to trendline resistance with good volume and a break above $150 would be quite bullish. Technically, the daily chart shows mix signal as MACD is below 0 but K line is back above D line.

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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