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business newsMinyanville's T3 Morning Market Call: Futures Resume Climb After Sneaky Late-Afternoon Pull-In
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T3Live.com Mar 29, 2011 8:40 am
While a sneaky 30-minute sell-off into the close yesterday halted the impressive three-day bounce for the market, the prevailing direction continues to be higher.
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US stock futures point to a slightly higher open again Tuesday with no new developments in the various leading stories throughout the world. It appears there was no carry-over from yesterday's late afternoon flush, and we could continue to see some more window dressing into the end of the quarter. There are a pair of economic data points to watch today with home prices and consumer confidence. Oil servicer Halliburton Company (HAL) is down after hours following a warning from the company that turmoil in the Middle East will likely knock three to four cents per share off its first-quarter earnings report.
While a sneaky 30-minute sell-off into the close yesterday halted the impressive three-day bounce for the market, the prevailing direction continues to be higher. We have seen big moves from select stocks even when the market has been quiet. Yesterday we got an explosive breakout from Lululemon Athletica, inc. (LULU) and a pop with the Oil Service HOLDRs ETF (OIH). The OIH should get back to highs around $166 before coming into major resistance and having to re-prove itself. So after a multi-day bounce, what stocks can we still look at for longs?
For more market and stock commentary, watch the T3Live.com Morning Call with Scott Redler and Alix Steel below.
Take a Swipe at Credit Cards
One sector that looks ready to go technically is the credit cards, which we have not played recently. After a very sharp drop (~18%) following damaging new debit card rules, the credit cards have been able to bounce back somewhat and consolidated nicely over the past few weeks. MasterCard Incorporated (MA) has been acting the strongest of the group, and is poking its head above its recent pivot high around $252.75. Visa Inc. (V) has been a little bit weaker but is also breaking above a pivot. There is nothing technically in the way of Visa to get back to the $76 level.
Click to enlarge
Magnet Investing Highlights Take-Two, LDK Solar, Magic Software
T3Live.com's Jordan Kimmel is the creator of the Magnet Stock Selection Process, a proprietary system for uncovering promising companies with accelerating revenues and high potential growth prospects. Kimmel also employs technical analysis tools to time entries and exits with his top-ranked Magnet stocks. On this pullback in the market, he sees several outstanding companies that could deliver great returns for investors.
Take-Two Interactive Software, Inc. (TTWO) has major accelerating revenue, earnings and margins driving the Magnet score. Take-Two, a major video game designer/producer, has broken a downtrend, formed a base, broke out, and now has pulled back to an entry point. This is ideally how you find good risk/reward entry points.
LDK Solar Co., Ltd. (LDK) has big volume coming in again near the power point of a range for one of the leading solar plays. It has excellent support near $11, excellent revenue, profit margin, and earnings growth make this a candidate for a great trade. It's still far down from the high of $74 from 2007, a break of $15 should bring in more buying, a trade to $14 would be nice in any event.
Magic Software Enterprises Ltd. (MGIC), a significant pullback had lead to an opportunity with Magic Software. The company has the acceleration of revenues, earnings , and margin that Magnet looks for. This small cap software company offers a great entry point. Volume is increasing as the stock is bouncing off it’s oversold position.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Lasting through April 15, 100% of the donations made to The Ruby Peck Foundation for Children's Education will be channeled to the children of Japan as they attempt to find their footing following this natural disaster; and to kick off this drive, we'll pledge $5000 to get it started. Please do what you can, as it will add up, and thanks.
US stock futures point to a slightly higher open again Tuesday with no new developments in the various leading stories throughout the world. It appears there was no carry-over from yesterday's late afternoon flush, and we could continue to see some more window dressing into the end of the quarter. There are a pair of economic data points to watch today with home prices and consumer confidence. Oil servicer Halliburton Company (HAL) is down after hours following a warning from the company that turmoil in the Middle East will likely knock three to four cents per share off its first-quarter earnings report.
While a sneaky 30-minute sell-off into the close yesterday halted the impressive three-day bounce for the market, the prevailing direction continues to be higher. We have seen big moves from select stocks even when the market has been quiet. Yesterday we got an explosive breakout from Lululemon Athletica, inc. (LULU) and a pop with the Oil Service HOLDRs ETF (OIH). The OIH should get back to highs around $166 before coming into major resistance and having to re-prove itself. So after a multi-day bounce, what stocks can we still look at for longs?
For more market and stock commentary, watch the T3Live.com Morning Call with Scott Redler and Alix Steel below.
Take a Swipe at Credit Cards
One sector that looks ready to go technically is the credit cards, which we have not played recently. After a very sharp drop (~18%) following damaging new debit card rules, the credit cards have been able to bounce back somewhat and consolidated nicely over the past few weeks. MasterCard Incorporated (MA) has been acting the strongest of the group, and is poking its head above its recent pivot high around $252.75. Visa Inc. (V) has been a little bit weaker but is also breaking above a pivot. There is nothing technically in the way of Visa to get back to the $76 level.
Click to enlarge
Magnet Investing Highlights Take-Two, LDK Solar, Magic Software
T3Live.com's Jordan Kimmel is the creator of the Magnet Stock Selection Process, a proprietary system for uncovering promising companies with accelerating revenues and high potential growth prospects. Kimmel also employs technical analysis tools to time entries and exits with his top-ranked Magnet stocks. On this pullback in the market, he sees several outstanding companies that could deliver great returns for investors.
Take-Two Interactive Software, Inc. (TTWO) has major accelerating revenue, earnings and margins driving the Magnet score. Take-Two, a major video game designer/producer, has broken a downtrend, formed a base, broke out, and now has pulled back to an entry point. This is ideally how you find good risk/reward entry points.LDK Solar Co., Ltd. (LDK) has big volume coming in again near the power point of a range for one of the leading solar plays. It has excellent support near $11, excellent revenue, profit margin, and earnings growth make this a candidate for a great trade. It's still far down from the high of $74 from 2007, a break of $15 should bring in more buying, a trade to $14 would be nice in any event.
Magic Software Enterprises Ltd. (MGIC), a significant pullback had lead to an opportunity with Magic Software. The company has the acceleration of revenues, earnings , and margin that Magnet looks for. This small cap software company offers a great entry point. Volume is increasing as the stock is bouncing off it’s oversold position.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Lasting through April 15, 100% of the donations made to The Ruby Peck Foundation for Children's Education will be channeled to the children of Japan as they attempt to find their footing following this natural disaster; and to kick off this drive, we'll pledge $5000 to get it started. Please do what you can, as it will add up, and thanks.
Long AMZN, GLD, V, AIG, OIH, LEI, JPM, VLO, NYX, DANG, SOHU, JDSU; Short AAPL, SPY.
