Tuesday, June 16, 2009 2:50:13 AM EDT
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test Catch A Wave test
by James Brown
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Editor's Note:
I wanted to alert readers to a few stocks making my watch list tonight. You may be interested in ATW, BHI and STO as bullish candidates. These stocks are either near resistance and about to breakout or they're already breaking out.
CHANGE EDIT TEST
NEW BULLISH Plays
GENCO Shipping - GNK - close: 26.08 change: +1.39 stop: 22.70
Why We Like It:
Some of the shipping stocks are starting to show some life again. After a multi-day correction that seemed to follow a pull back in the Baltic Dry Goods index investors are back to buying GNK. Aggressive traders may want to jump in now. I am suggesting readers buy a pull back. Our trigger to open bullish positions is $25.25. We'll use a stop loss at $22.70 but more conservative traders might be able to get away with a stop closer to $23.80ish. Our first target is $29.50. The P&F chart is bullish with a $31.50 target.
Annotated chart:
Entry on June xx at $xx.xx <-- see TRIGGER
Change since picked: + 0.00
Earnings Date 07/30/09 (unconfirmed)
Average Daily Volume: 2.4 million
Listed on June 11, 2009
