Yesterday was a bit choppy but I was able to make a nice run
on Walmart again. When Bernanke started
talking and not saying anything about QE3 the market tanked and went back to a
support level. I watched Walmart until
it got really oversold and then I knew that it had fallen too far. Walmart is too strong a stock to stay down
for any length of time so went in after I saw some green candlesticks which
showed that the stock had strength. I
waited till it got back up close to its new highs and took profits.
I got into Dunkin Donuts as I saw it swing up but I didn’t
make it high enough to make it to my profit margin. That was a bad move because it fell back and
never regained its strength. JP Morgan
downgraded it so some of its energy had been sucked out. Hopefully it will rebound off of the moving
average today. The 15, 30 and 60 minute
charts all have it right at either the 20 or 100 period moving average. Let’s hope it bounces back.
After watching Cramer’s picks from yesterday I’m looking at
FUN and MCD. I’m more partial to MCD
because it is a major brand name and the trade volume will be there. MCD made an inverted head and shoulders and
just moved ahead of a resistance level.
It has also pulled back to the moving average on a couple charts. Cramer also mentioned one of his analysts
said he has a $97 price target giving us about 6 more points to run. I ran it
through my stock valuation calculator and I have at least a 95 price target. I
think MCD is about to pop. I may get
into it today if I see strength (that’s if Walmart doesn’t break its highs).
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