Friday, August 04, 2006

Trade Ideas: SKT

A weak end-of-week close kept the Trade Ideas scan light on possible buy candidates. For the scan to select 8 different stocks took 5 minutes. The usual REIT suspects were present. One such stock, paying a 4.2% yield, is Tanger Factory Outlet Centers (SKT).

The stock is relatively illquid, but there has been a nice push above near term resistance of $33.33, on its way to challenge double top resistance at $35.46. Stops can go on a loss of $32 and can be raised to breakeven as the initial staps at $35.46 are made. The MACD is short of a new 'buy' trigger, but is knocking about above the bullish zero line.

Tanger Factory Outlet Centers, Inc. operates as a real estate investment trust (REIT). The company, through its subsidiary, Tanger Properties Limited Partnership, engages in acquiring, developing, owning, operating, and managing factory outlet shopping centers. As of September 30, 2005, Tanger owned and operated 33 factory outlet centers in 22 states totaling 8.7 million square feet of gross leasable area. It also provides development, leasing, and management services for its outlet centers. The company has elected to be taxed as a REIT under the Internal Revenue Code.

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