Trade Ideas: KDN
Markets held up well after avoiding the 'sell the news' effect following the Democrats sweep. Wednesday's gains came on higher volume for many markets; the third such day in a row. The Trade Ideas scan was not so buoyant; 8 picks covered a time span of 29 minutes, a very different story to the 3-4 minute buying of last week.
No one pick dominated; JNC, EWZ, DVN and XLE managed 25-30 appearances by the end-of-day. However, the pick I have gone for is Kaydon Corp (KDN).
Kaydon is working through a 3-month base, on a small bullish flag following from a similar consolidation in late September. The larger base projects a target of $54. One can use the bull flag lows as a stop once resistance of this flag is breached to the upside. The 1.2% yield is an added bonus and covered calls can be sold during overbought market conditions to generate additional income.
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
Trade Ideas
No one pick dominated; JNC, EWZ, DVN and XLE managed 25-30 appearances by the end-of-day. However, the pick I have gone for is Kaydon Corp (KDN).
Kaydon is working through a 3-month base, on a small bullish flag following from a similar consolidation in late September. The larger base projects a target of $54. One can use the bull flag lows as a stop once resistance of this flag is breached to the upside. The 1.2% yield is an added bonus and covered calls can be sold during overbought market conditions to generate additional income.
Kaydon Corporation engages in the design and manufacture of custom engineered products primarily in the United States and Germany. It offers friction and motion control products, such as anti-friction bearings, split roller bearings, specialty balls, and retaining devices to medical, aerospace, defense, security, electronic, material handling, construction, and other industrial applications. The company also provides velocity control products, including industrial shock absorbers, safety shock absorbers, velocity controls, gas springs, and rotary dampers used in specialized robotics, material handling, machine tool, medical, amusement, and other industrial applications. In addition, it offers sealing products, such as engine rings, sealing rings, and shaft seals for industrial, aerospace, and defense applications, as well as provides filter elements, and liquid and gas-phase filtration systems; metal alloys; machine tool components; presses; dies; and benders used in various industrial applications.
If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.
Trade Ideas