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Tom Aspray, professional trader and analyst was originally trained as a biochemist but began using his computer expertise to analyze the financial markets in the early 1980s. Mr. Aspray has written widely on technical analysis and has given over 60 presentations around the world. Many of the... More
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  • 3 Takeover Targets With Strong LT Charts 0 comments
    May 27, 2014 12:28 PM | about stocks: SPY, QQQ, WRK, JAZZ, CTXS

    Though many traders likely left early for the long Memorial weekend, the bulls did not leave early as they kept prices strong into the close. The market internals, including the up/down volume, were 2 to 1 positive. The weekly and daily NYSE Advance/Decline lines made further new highs last week, reversing the deterioration that was evident early last week.

    The markets will be hit by a barrage of fundamental data today with Durable Goods, the S&P Case-Shiller HPI, and Consumer Confidence all scheduled to be released. Investors will also be watching Markit's PMI Services Index along with the manufacturing data from both the Richmond and Dallas Fed districts.

    Over the weekend, Pfizer Inc. (PFE) finally dropped its bid for AstraZeneca (AZN) over the weekend. This has clearly been a year dominated by mergers and acquisitions as globally M&A activity is up well over 40% from a year ago.

    Click to Enlarge

    Over the weekend, in a Barron's article How to Play M&A, they came up with a list of ten stocks that their fundamental analysis suggested were prime takeover targets. A technical review of the monthly and weekly charts of these stocks revealed three that stand out with their positive long-term charts.

    Click to Enlarge

    Chart Analysis: The Spyder Trust (SPY) closed at a new all-time high Friday, which likely shocked some of the already vacationing market bears.

    For More .....

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPY, QQQ, WRK, JAZZ, CTXS
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