JPMorgan rallied 8.6 percent to help lead financial shares in the Standard & Poor’s 500 Index to a 5.9 percent advance, the most among 10 industries. Bank of America Corp. (BAC) surged 22 percent. Apple Inc. (AAPL) increased 7.4 percent and topped $600 for the first time during the week as the company started selling its new iPad. Alcoa Inc. (AA) and General Electric Co. (GE) rose more than 6 percent after the Fed said the economic outlook has improved and strains on global markets have eased.
The S&P 500 rose 2.4 percent to 1,404.17 this week, climbing to the highest level since May 2008. It has rallied 10 out of 11 weeks this year. The Dow Jones Industrial Average rallied 310.6 points, or 2.4 percent, to 13,232.62 this week.
below 5 Stocks To Watch Next Week For Potential Trades
Elan Corporation, plc (NYSE:ELN) Broke out to new highs today on 3x the daily avg. volume. There are some reasons to start taking an active look at this stock. The breakout has occured on strong volumes, an indication of some strength in the stock. The MACD and Stochastics are also on a strong positive zone. In addition, the OBV chart is showing some strong buy in this stock. However, for the stock to move from this level would be difficult as the RSI indicator is in the 70s. So there is a strong possibility here of the stock to correct back to probably 14.02 before moving higher again. Today’s movement was something that I have been waiting to see from this stock. I would wait for a pullback unless there is some strong buying happening in this segment. The stock has two immediate support levels. One is at 14.28 and the next is at 14.00-14.02.
FormFactor, Inc. (NASDAQ:FORM) – Breaking out of a well-defined base on decent volume. Note $5.50 was resistance, now support. The MACD is still above the technical signal line. Also, the ADX chart has given some strength to this movement. Watch for follow-through next week.
Goldman Sachs Group, Inc.(NYSE:GS) Pulled back to rising 9 day moving average. Looking to buy on strenght. Very interesting chart in terms of price candles, action and volume patterns. Stop loss below 117.26. In addition, technical chart shows very bullish signal as 50-day moving average has just crossed on top over 200-day moving average forming the Golden Cross.
Coffee Holding Co., Inc. (JVA) is probably one of the best acting stocks in the momentum. She’s extended but no one seems to care. So, I’ll be watching her carefully for any possible opportunities. The stock has two immediate support levels. One is at 13 and the next is at 12.43. Only a close below the 200-day moving average with volume, will change the trend.
Camelot Information Systems Inc (ADR) Series of higher highs higher lows…the simplest and most reliable indicator. The technical OBV indicator is a good leading indicator for this small cap at these levels, the volume chart from OBV is showing a growing interest in accumulating the stock. In addition, the MACD has moved into a stronger zone. Stay tuned.
source ; http://www.dailymarkets.com/stock/2012/03/16/5-stocks-to-watch-next-week-for-potential-trades/
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