Editor's Note:

just window dressing but whatever it is the short-term trend is now up. Technology stocks are getting most of the love these days. You could pretty much throw a dart at a board of NASDAQ-100 components and come up with something that looks poised to rally, although there are plenty you probably don't want to chase after.

In addition to tonight's new candidate here are a few stocks on my radar screen:

MDT - shares are still trying to bounce after testing its 200-dma last week. A move past $39.25 might be a short-term entry point for bullish positions.

SYMC - this tech stock was showing strength today and closed above its 50-dma. The multi-month trend is still a bullish one.

S - Sprint has pulled back to psychological support near the $5.00 level. I would consider it an aggressive trader but you could buy the bounce with a stop under $5.00 and a multi-week target of $6.00.

FTO and HOC have very similar charts. These two mid-continent refiners are able to buy crude oil at WTI prices and sell the refined product at Brent prices, which expands their profit margins. Both have seen a very strong bounce in the last two days and both look poised to rally further.

APOL - this stock is bouncing from technical support at its 50 and 200-dma. Today's bounce or a move past $43.50 could be used as a new bullish entry point.

FAST - shares have rallied to new all-time highs. I wouldn't chase it. Wait for a pull back.

SBUX - The stock has broken through resistance at $38.00 after weeks of consolidating sideways. How far will the rally go? Can it breakout past the next level of resistance at $40.00?

- James


NEW BULLISH Plays

Interpublic Group - IPG - close: 12.08 change: +0.42

Stop Loss: 11.25
Target(s): 13.20
Current Gain/Loss: + 0.0%
Time Frame: 4 to 6 weeks
New Positions: Yes, see below

Company Description

Why We Like It:
Shares of this advertising agency are breaking out through the top of its trading range with resistance near $12.00 and its 100-dma. The stock has now broken the multi-month trend of lower highs. This looks like a bullish entry point to hop on board. However, we want to keep our position size small. The market could see a sell-the-news reaction to the vote in Greece even if the vote passes. Furthermore after a +3.6% gain in one day IPG might see a little pull back.

I'm suggesting small bullish positions now. Our stop feels a little wide at $11.25 but it's under the 200-dma. Our first target is $13.20 near the 2011 highs. FYI: We do not want to hold over the late July earnings report.

- small positions -

Suggested Position: buy IPG stock @ current levels

- or -

buy the Aug $12.00 call (IPG1120H12) current ask $0.85

Annotated chart:

Entry on June 29 at $xx.xx
Earnings Date 07/28/11 (unconfirmed)
Average Daily Volume: 7.5 million
Listed on June 28, 2011