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  • Finance Banter Freebies for Friday, August 28th - Bob Byrne 0 comments
    Aug 28, 2009 6:27 AM | about stocks: AXL, COT, AINV, ONTY, AVY
     On Thursday, the S&P Emini futures managed to break the 1020.50 area and drop another 5.50 points…but that was all the bears had in them.   Just in case traders decide to bully this market higher on a sleepy Friday in late August, we need to be ready with a few long trades.  

    COT had a nasty down day in late July, but since that time has managed to move sideways and hang above its 10 (cyan), 25 (white), and 50(red) day exponential moving averages. I am interested in  taking a long position above 6.42 with an initial stop under 6.25.

    COT

    As you can see from AXL’s daily chart, it had a massive move on huge volume eight days ago.  It tried to break out again today, but fell back to its breakout area in late afternoon trading. I will consider putting on a  long position in AXL between 6.35 and 6.25…my initial stop will be under 6.10.

    AXL Daily
    AXL 15
    Back on August 7th AINV gapped above its 200 day EMA on very strong volume. Since that time it has traded sideways, but above its 10 and 25 EMAs. I will be watching for a move through 9.50 to take a long position and would likely use 9.37 as an initial stop.

    AINV

    ONTY is a stock I stared at for a while today wishing it would show some signs of life. It is stuck in a tight range above its 10 and 25 day EMAs, and with a little luck is ready to head higher once more. A break above 5.58 on strong volume should get this thing in gear and attract the momentum crowd…I will be using 5.40 as an initial stop.

    ONTY

    Our last stock for the day is AVY. AVY had a great run during the middle of August and has been trading sideways (but above its 200 day EMA…in yellow) for the last week. You can see how this stock bounced off its 50 day EMA (in red) several times and may be ready to break to fresh highs. I am interested in AVY above 31.73 with an initial stop under 31.52.

    AVY

    Disclosure: No positions were held at the time of publication, though that may change at any time.

    Themes: Technical Analysis Stocks: AXL, COT, AINV, ONTY, AVY
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