The Dow, Russell, and S&P all three snapped three-day winning streaks on Wednesday. Meanwhile the Nasdaq stretched its winning streak to four days by eking out a gain of 0.15%.
The Russell took the biggest hit with a loss of 1.77% while the Dow fell 0.65%. The S&P managed to keep its loss to a more modest 0.36%.
Nine of the 10 sectors fell on the day.The only one that finished in the black was the communication services sector with a gain of 0.13%.
The energy sector fell 3.41% as the worst performer and the financial sector fell 1.51%.
Those were the only two sectors to fall more than 1.o%.
My scans turned in another positively skewed result with 28 names on the bullish list and not a single bearish signal.
The barometer continued to rise and came in at 48.6 on Wednesday after a reading of 46.2 on Tuesday.
Obviously with no bearish signals to look at last night, today’s trade idea is a bullish one. Mylan (Nasdaq: MYL) appeared on the bullish list and it has solid fundamental ratings. The EPS rating is at 70 and the SMR rating is an A.
Looking at the daily chart we see a trend channel forming off the March low. The stock is hovering near the lower rail of the channel and just below the 50-day moving average. The stochastic indicators are in oversold territory and just made a bullish crossover.
Buy to open the August 12.50-strike calls on MYL at $4.05 or better. These options expire on August 21. I suggest a target gain of 75% and this means the stock will need to reach $19.60. That is a little above the upper rail at this time, but the upper rail should be above that level in the next week or so. I recommend a stop at $14.75.
— Rick Pendergraft
Collect up to 5 dividend checks per week [sponsor]Hi, I'm Tim Plaehn, and I just did the math in my own, real-money portfolio. I'll be collecting 70 dividend checks this quarter. That's nearly 5 per week on average. Automatically… no trading, no options, no work. You don't need a lot of money. You can be retired or near retirement... Either way, I'll show you my #1 plan to quickly collect dividends like clockwork from high-quality, cash-flowing business. Click here to learn how to collect up to 5 dividends a week.