This Side of the Storm and This Morning's DD-Stock Trader Move
August 22, 2011Check Out Rich's Daily Stock Trader Service (The DD-Stock Trade service is up nicely in 2011 and has been in cash during the August crisis)
Quick Comments: From Daily Decision-Stock Trader Editor Richard Meiers
Stocks didn’t break through the thin ice of 2011 lows last week. Before Friday’s close, we noted that staying on/above support would give stocks a chance to rally Monday morning. Well, that’s what it looks like now as futures are up nicely.
This side of the storm may have passed and a return trip to the indexes’ respective 12 day moving averages could await; however, I suspect we haven’t seen the bottom just yet.
Bonus: Today's DD-Stock Trader Move
Below is the actual trade made by Rich at this morning's open.
This morning let’s add Philip Morris International, Inc. (PM). When times are tough, people fire’em up. In Germany, where I was last week, everybody smokes – especially the women. In the meantime, they lecture me on the train about green energy? I guess irony awareness isn’t a German trait.
Anyway, PM posted a bullish MACD crossover and has it short-term moving average moving the right direction. An up day or two and the 12 and 26 day averages will bypass the 50 day benchmark in proper order. Should the stock catch fire, it could move to $72. (last close $68.83)
All the Best,
Richard Meiers.
Editor Daily Decision-Stock Trader
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Phillip Morris - Last 12 Month
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