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Quick Comments: From Daily Decision-Stock Trader Editor Richard Meiers
Markets around the globe are up nicely on the hope Ben Bernanke is going to do something!
What the Fed has left in the bag of digital money tricks remains to be seen; although, many have speculated about a replay of the 60’s “Operation Twist”; the Fed sells the short end of the treasury curve to buy longer-term maturities. I am not sure what good that will do with interest rates already about as low as they can go, but hey, Ben will have done something.
With recent lows looking like they are going to hold this time around, I would expect the indexes to push up towards their 12 day-averages: S&P 1175, NASDAQ 2471, and 11,230 for the Dow. That was the routine in 2008. Until the indexes break their dozen day benchmarks, I would expect it to continue to act as a barrier as it has twice already in the past few weeks.
To ride the expected wave up, let’s add ***** (sorry, we can't give away Rich's picks every morning!) this morning. This Taiwanese communications company’s stock posted a bullish MACD and 50 day crossovers on consecutive days. The last bullish MACD crossover saw the stock rally from $31 to $36. We will gladly accept that call.
During the selloff, ***** shares fell on declining volume and rebounded on rising volume, a definite sign there are more buyers than sellers. Long-term types might consider putting this one in the core holdings portfolio. Investor’s Business daily says **** has nearly ironclad earnings stability and pays a nice 4.4% dividend, which they have a tendency to increase.
All the Best,
Richard Meiers.
Editor Daily Decision-Stock Trader
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