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Monday, December 01, 2008 

Stock Picks and Trade Ideas for Tuesday - BIDU, NTAP, GOOG

Chart courtesy of www.stockcharts.com ( click to enlarge )

BIDU - The stock started the week in a weak tone and fell towards the short-term support at $110. A firm close below this level will make the outlook overtly negative in the stock and will imply the long-term correction. The first resistance is at $120.26 and then $125. Traders can go short if the stock fails to cross above $125. Investors can hold the stock with a stop at $110.

Chart courtesy of www.stockcharts.com ( click to enlarge )

GOOG - From a technical perspective my bias is negative. Google did show some signs of strength, but failed to cross its barrier of $300. Further, it has broken its first support of $280 and has closed below it. Next support for the stock is at $260. Whatever way you look at this guys, this is a big bear market and don't con yourself around thinking that the worst is over. Nope. There is still to come. Whatever, don't go long as the larger trend remains down. I don't believe in this market at this point.

Chart courtesy of www.stockcharts.com ( click to enlarge )

NTAP - It sure looks to me like we broke the rising wedge to the downside. It could mean the beginning of a slide back to retest the November lows and possibly break through them to fresh yearly lows. In addition, KD just made a bearish crossover and indicates more weakness going forward.

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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Hi AC !!!

Great tips for today !!

This is definitively the worst time to buy stocks. It's time to sell everything.......believe me !!!

Bien

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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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