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| Stocks
to Watch in the Coming Weeks |
Published: April 18, 2005
Below you will find a list of companies that now look
attractive as possible long or short trades for the coming weeks.
Although I reserve my best trading ideas for my weekly Swing
Trader newsletter, I actively follow over 500 stock charts each
evening. In the course of this analysis, I often come up with many
trading opportunities that have not yet set-up effectively, but that
could nonetheless make for excellent short-term trades. Below you will
find a few such ideas...
 Long
Candidates:
FLOWSERVE (FLS, $25.69) -- This company manufactures flow
control equipment for use in applications such as oil wells and power
generation. Despite the correction in both oil stocks and the broader
S&P 500, FLS has held steady in recent weeks. The stock has found
support above its rising 50-day moving average, which currently sits at
roughly $25.20. Relative strength is good. When strength returns to the
market, I think FLS can test resistance just above $28.
JOHNSON & JOHNSON (JNJ,
$69.40) -- Investors rotated money back into pharmaceutical and
healthcare stocks last week, as these sectors often serve as safe havens
in a down market. Longer term, JNJ has one of the highest relative
strength lines in the group. The stock continues to rise above ascending
50- and 150-day moving averages. In addition, ADX and MACD are both on
buy signals.
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 Short
Candidates:
MERRILL LYNCH (MER, $53.09) -- I highlighted shares of this
brokerage giant as a possible short candidate two weeks ago when the
stock was trading at $55.95. The stock is in a strong downtrend and is
showing poor relative strength versus the overall market. MER recently
broke below its 150-day moving average at $56.59. ADX and MACD are both
on strong sell signals. The stock is oversold, but if the market remains
weak, then MER could drop into the low $50s.
DR HORTON (DHI, $26.91) -- I flagged this major U.S. homebuilder
as a possible short candidate last week when the stock was trading at
$29.09. Shares of DHI fell sharply last week, closing well below their
lower Bollinger band. This is one of the weaker stocks that I track in
this sector. The shares peaked at $34.58 in early March and have been
falling steadily since. The stock is trading below its 50-day moving
average. DHI should fall to $25 if the market remains weak.
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