Monday, January 22, 2007

Trade Ideas: MIC, TOL, KEP, WPZ, NOC, WBS, EDU, NRG

Although I didn't post a time scale for Friday's buying on the Trade Ideas scan (13 minutes) it was little changed to today at 15 minutes for 8 stocks. None of this is a surprise in light of Monday's selling but the real question will be how Nov-Jan support hold in the face of increasing supply?

Of the 8 stocks, two broke the 20 appearance barrier: Webster Financial (WBS) and New Oriental (EDU) at 24 and 34 hits apiece.

Horthrop Grumman (NOC) was the only pick to push a bullish cross of the 50-day MA by the 20-day MA inside the last 2 months.

Of the 1-year charts - there is a small handle pattern in Toll Brothers (TOL); support at $30, resistance at $33; projected target up around $43. Korea Electric (KEP) has developed a broad 'cup' pattern and is in the early stages of forming a 'handle' - look for a move to $32. Williams Partners (WPZ) has shaped a 3-month base after moving in a prior strong uptrend from $30 to $40; short term look for $42.50. Northrop Grumman (NOC) has featured numerous times over the last few months but has yet to break its long-standing triangle with resistance of $70.



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