Off to the Races With: Corning, Freeport McMoRan and Banco Bradesco
By Quint Tatro May 16, 2008 2:30 pm
Three horses worth betting on.
Get ready for horse racing history, Minyans, because while I never, ever predict market direction (in fact, I try to avoid it like the plague), I love to throw out my oracle-type thoughts on the ponies: Tomorrow Big Brown takes the Preakness for fun.
Then, after a short rest, you got it, he returns to New York, goes the distance and takes the Belmont to become the first Triple Crown winner in 30 years.
In honor of this amazing athlete, I thought it fitting to review some big breaks that have recently occurred that demand our attention as they could go on to be big winners themselves.
1) Corning (GLW) is in the first slot. The world's largest glass maker, who recently broke out of a resistance trend line going back to its April 2006 highs, did this on the heels of a very strong and well received earnings report, which is al the more reason to believe this puppy could be a fantastic closer down the stretch. With a stop at this week's low, $25.29, I still believe Corning is a buy here as it works on churning through the 2007 highs which are currently serving as a temporary resting point .
2) Freeport McMoRan (FCX) recently stumbled out of the gate on its last break attempt in April of this year. However, the trainer has now added blinders and this sprinter is also on first time lasix. Today's break over $120.00 on strong volume signals more moves are coming and traders can place a stop at Thursday's low of $117.00. There is still some overhead resistance, but once this one gets out into the open field, above $124.00, I suspect many will be watching with admiration.
3) Banco Bradesco (BBD) The newest member of the FlexFolio, this Brazilian champ looks set to break its maiden as it attempts to confirm a move above a multi-month channel, after a brief respite and much needed consolidation. Trainers here are comfortable with BBD as a sprinter, but speculators are still curious if it can go the distance. Like FCX, BBD stumbled after its last start in late April on the heels of the broad based Brazil move and S&P upgrade, however after a break it looks set to resume its current stride. With a clear stop below $22.00 it may just set the pace for the entire race.
There you have it, some big potential winners to chew on this weekend while you're watching history be made on the television. Keep those stops in mind and always remember to let 'em run. That's what they're bred for!
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Position in GLW, FCX, BBD.
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