It’s a short week with the market closed tomorrow (Friday). Here are three names that I am eyeing for long plays. Keep in mind that stock selection at this juncture has been critical. Only trade your best setups, and try not too have too much long exposure. The S&P is clearly having trouble surpassing previous all-time highs from October, 2007 (1565.25), and we have been in a choppy trading range for what seems like forever to many people (between 1548-1563).
Anyways, here are some names I like with some charts and a few comments regarding what I am looking for. Good luck trading, and enjoy the day off tomorrow.
International Game Tech (IGT). Chart is in a nice uptrend. IGT is a manufacturer of casino games, and there has been a lot of talk around these types of names and the expansion of the casino/gaming industry. Look for a move above ~$18.
Tesoro Corporation (TSO). Oil refiner– a sector that has been on fire lately. Also a nice looking chart, although seems to have stalled up near the $60 level. Look for a break of this round number. SI/Float is over 4%.
Kansas City Southern (KSU). Firm engages in rail transportation. Transportation sector, in general, has been a major leader in 2013. Dow Theorists are looking for names such as KSU to lead the market higher if we are going to make new all-time highs.