Thursday, August 24, 2006

Trade Ideas: PVA, CAM, MDZ, MCD, IDT, CEI, EZPW, CPV

** I plan to get a regular update for Subscribers done tonight**

Another quiet day for the markets. The Trade Ideas scan took 2 minutes to generate 8 picks. The most frequent pick to appear over the course of the day was PVA at 23 times, with CAM a distant second at 14 times (although the latter popped up twice in the space of the 2 minute time period used for pick selection).

EZPW was the only pick to generate a bearish cross of the 20-day/50-day MAs. All remaining picks had made bullish crosses in their 20-day/50-day MAs over the course of the last 2 months.

Penn Virginia Corp (PVA) has shaped a 4-month, bullish ascending triangle with resistance at $71.80 (a broad brush stroke between $71.00 and $71.80 would probably be more accurate). Support at $68, is underlined by the rising 50-day MA, and is a good place for stops. The point-n-figure chart is neutral for a price pattern, but has a price objective of $90. A move to $73 would generate an ascending triple top breakout on this chart. One to watch.






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