Thursday, February 08, 2007

Trade Ideas: LCC, WNR, GM, RNO, WGO, SZE, GDX, CTC

Large caps are managing a solid comeback after some early morning jitters. Keep an eye on Richard Lehmans's Trend Channel Magic to get the direction of the markets. The Trade Ideas scan was a little slower, with 8 picks covering a time span of 5 minutes.

Of those 8 picks, only one - MV Goldminers (GDX) - broke the 20 appearance barrier at 29 hits for the day.

Bullish crosses for the 20-day/50-day MAs over the last 2 months occurred in General Motors (GM), Rio Narcea Gold (RNO), and Winnebago (WGO).

From the 1-year charts there is a bullish flag taking shape in US Airways (LCC); a 3-month cup-and-handle for General Motors (GM); a potential (and scrappy) bullish ascending triangle for Rio Narcea Gold (RNO) - resistance at $3 is key for this formation; solid trend action for Suez SA (SZE) and Compania de Telecomunicac (CTC); and a lengthy 9-month base with resistance at $42.50 for MV Gold Miners (GDX).

As a side point; the following 8 stocks all featured more than 20 times on today's scan:

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