Most S&P 500 sectors remained in the red, led by utilities, energy, and industrials. The technology and materials sectors rose. FedEx fell even though they reported that their quarterly profit doubled. Appararently, they just missed analyst expectations. They also announced they're cutting 1,700 jobs in order cut costs. In sympathy, shares of UPS fell, too.
The stock I'm looking at today is Cognizant Technologies (CTSH). Cognizant provides custom IT consulting, technology and outsourcing services for companies. It closed today at $63.53 and it looks like it might pull back here. Some of the buying pressure seems to be waning. It could float back down to $61 and if bounces off $61, it would be a good entry point. It looks like it could run back to $64, but there's not much resistance there. This would be one of those where I'd take some profits around $64 and keep a watchful eye on the rest of the position to protect the remaining profits.
Keep in mind, tomorrow is quad-witching Friday. Index futures, index options, equity options and security futrues all expire. CPI and consumer sentiment reports are also due. Stay cautious.
Take some time this weekend to check out Wall Street Survivor and set your portfolio up. You can sign up for free and play to win real cash. I like it because you can test ideas without risking a dime. Check it out!
Obligatory disclaimer: This blog is for information only. Past results do not guarantee future performance. All financial decisions involve risk and there are no guarantees. The suggestions above are for informational purposes only and the blogger is not liable for any losses incurred as a result of actual investment activity on the part of the reader.
No comments:
Post a Comment