FYI: Keep an eye on OKS. A dip near $52.00-51.00 could be a new bullish entry point.
NEW BULLISH Plays
General Electric - GE - close: 15.35 change: +0.68 stop: 13.80
Why We Like It:
I've had my eye on GE for several days and watched it fight with resistance near $15.00. I was hoping shares would correct and retest the long-term trendline of higher lows down near its 50-dma, (by the way the 50-dma just crossed up through the 200-dma, which is traditionally very bullish). Instead of correcting GE is breaking out and doing so on big volume. Normal volume is about 83 million shares a day. GE traded 139 million as it hit new eight-month highs. Fueling the move was news that GE's Energy unit and Hyundai Heavy Industries had signed a deal with Kuwait to build a huge natural gas power plant. GE's portion is worth $1.3 billion. My concern is that GE might run away from us in this market if we keep waiting for the dip. I do consider this an aggressive entry point so we want to keep our positions small. I'm suggesting bullish positions now. Our first target is $17.25.
Entry on September 14 at $15.35
Change since picked: + 0.00
Earnings Date 10/16/09 (confirmed)
Average Daily Volume: 83 million
Listed on September 14, 2009