Thursday, September 21, 2006

Trade Ideas: EXR, GSTL, IHR, COBZ, BWC, DF, JDD, PXP

Markets took another wobble into the close, reversing the weak bullish action which followed yesterday's Fed decision. Volume declined from the previous day, in itself bullish - but declines are never good to see if you are bull. The Trade Ideas scan was more adversely hit; 8 different stocks covered a time period of 60 minutes, a sharp increase to yesterday's 1 minute! There is very little love to be found.

Most frequent pick on the list was Interstate hotels (IHR) at a miserable 14 times. The remaining picks made 10 appearances, or less. There was no recent cross (< 2 months) between the 20-day and 50-day MAs, with Plains Exploration (PXP) the only stock to manage a bearish cross of these averages.

Unfortunately, the 1-year charts for the 8 picks didn't really appeal. Although Interstate hotels (IHR) was the most frequent appearer on the scan, it's 1 year chart has the makings of a bearish head-and-shoulder pattern; a break of $9.50 would confirm.



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