Tuesday, November 14, 2006

Trade Ideas: EEM, TOT, TW, FO, ROL, ITU, GR, EGP

Large and Small caps followed the lead of Tech indices from yesterday by breaking to new highs. Further confirmation of bullish strength came on the increased buying from my Trade Ideas scan; 8 picks covered a time span of 1 minute - typical bullish action.

A number of the stocks have pushed bullish crosses of the 50-day MA by the 20-day MA: iShares MCSI Emerging Market (EEM), Total Fina Elf (TOT), 21st Century Inusrance (TW), Rollins (ROL), Banco Itau S.A. (ITU), and Goodrich Corp (GR). Buying was relatively evenly spread across the board with no one pick registering more than 13 appearances over the course of the day.

The strongest 1-year charts can be found in:

[1] Total Fina Elf (TOT); stock has pushed a break of $70 resistance, setting up a potential run to $80 - stops can go on a loss of $70.

[2] Banco Itau S.A. (ITU); formed a small handle between $35 resistance and $32.50 support. Buy break of resistance, stop on loss of support, projected target of $47.50.

[3] Rollins Inc (ROL); scrappy action in the $20.50-22.50 range, but this has cleared earlier resistance around $21 from the first part of the year (and the majority of 2005 too). Price action from August looks to be a handle. Excellent potential for a relatively low risk play (stops on loss of $20.50). Point-n-figure chart target of $25 looks conservative. Riding a quadruple top breakout from August 16th.



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