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Key Stocks To Watch

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September 22, 2010 – Comments (0)

International Business Machines Corp. ( NYSE:IBM) remains in a range between $122.00 and $132.00.  This tech stock listed on the NYSE has been in this range since late 2009. It is currently trading at the high end of the range. Watch it closely for a break out above $132.00.  If it cannot break out soon, look for it to fall back down to the low end of the range at $122.00.


Amazon.com, Inc. (NASDAQ:AMZN) hammered into a major double top yesterday at $152.00. While going as high as $153.31, the stock pulled back below $152.00 by the close, creating a little bearish tale. The stock is up 50% since earnings were reported last quarter. It is due for a pull back shortly and should be watched. The key is to monitor the high yesterday.  The stock should not close above that high at $153.31.
 

As a leading stock, Goldman Sachs Group, Inc. (NYSE:GS) has not been moving higher over the last seven trading days. After it hit the key 200 moving average on the daily chart, Goldman Sachs has fallen back.  Most days recently, even when the market is higher this leading stock has been weaker.  It is used as a barometer for the markets and over the last week has been telling us we may start to see some downside soon. The question remains, how much downside.  A small pull back or a large pull back. 


Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com

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