Thursday, August 03, 2006

Trade Ideas: EGP

Can the Russell 2000 end the day with a breakout? With 10-minutes to go the index is trading right on channel resistance. Unfortunately, the rest of the market is not showing the depth of buying associated with a strong day. The time required by the Trade Ideas software to generate 8 different picks was 6 minutes.

Plenty of REITs and dividend funds on the list - no real speculative plays (another tick in the negative column). Best of these was EastGroup Properties (EGP). Stock has developed a small flag off the double bottom. Larger resistance at $48.38

EastGroup Properties, Inc., a real estate investment trust (REIT), engages in the development, acquisition, and operation of industrial properties in the United States. As of December 31, 2005, it operated a portfolio of approximately 21.9 million square feet of real estate properties principally in the states of Arizona, California, Florida, and Texas.

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