Wednesday, September 20, 2006

Trade Ideas: HBAN, ECV, TMX, FMBI, PPG, ACV, ACLI, LIZ

The market likes it more when the Fed does less - if only life could be so easy! Unfortunately, it is a bit of a tired rally and things could retreat relatively easily on any snuff of bad news. Large caps look to be the big winners which fits with a late stage cyclical bull market.

The Trade Ideas scan was not so inhibited. My base scan produced 8 stocks in a typically bullish 1 minute. American Commercial lines (ACLI) was the most frequent stock to appear at 32 times, but it was relatively even on the appearance front for the remaining picks. Bullish crosses in the 20-day and 50-day MAs (within the last 2 months) occurred in First Midwest Bancorp (FMBI), PPG Industries (PPG), Amercian Commerical Lines (ACLI), and Liz Claiborne (LIZ).

As for potential buys. Bullish cup-and-handle action can be seen in TMX; stops go on a loss of $24, projected target of $30. A double bottom has emerged in PPG; run a stop on a break of $65.50, target of $74. ACLI is working through a length consolidation base; stops on a loss of $50, projected target of $83.



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