In economic news, mortgage applications fell for the fourth consecutive week. There was a decline in applications for both purchases and refinances.
Solar names were in the green today. Satcon Technologies (SATC) jumped 8% today -- beware: it's share price is $3.80. The bigger names like Renesola (SOL) and LDK Solar (LDK) rose in swift trade.
I want to take today to review some of the prior picks I wrote about earlier this month. On Sept. 12, I wrote about Salesforce.com (CRM) when it closed around $118. After a mild retreat, it broke out on Sept 20 and closed at a high around $123. Today, Salesforce.com looks like it's retreating towards the 50-day moving average (about $108). It closed today at $113 and is reaching oversold territory here. Keep an eye on this one -- if the price holds between $108 and $110, this range would be a great entry point on a bounce back to $120.
The speculative play I wrote about on Sept. 14, ITT Educational Svcs (ESI) proved to be a winner. It closed that day at $57.62 in what looked like a breakout from it's consolidation pattern. Since then, ESI has steadily risen into it's 50-day moving average and now sits at $65 -- a gain of nearly 14% in less than a month. It seems to be resting here a bit and if it can hold above $65 for several days, the next target I think will be near the $80 range.
The stock I'm looking at today is Oracle (ORCL). They recently hired Mark Hurd, former CEO of Hewlett Packard. Recently, the CEO, Larry Ellison, was quoted as saying, "You're going to see us buying chip companies." He was speaking at the Oracle World Conference in San Francisco on Sept 24. That should be interesting. Analysts are saying that this would give a big boost to Oracle's recent push into the hardware space. Also, corporations are getting ready to make their I.T. spend during these final months of the year and a push into the hardware space will help Oracle further. On Sept. 17, Oracle gapped up at the open to the $27 range and closed there. It's been trading around the $27 range ever since. It's possible it will try to fill the gap it left behind and if so, the entry point around the $24-$25 range would look enticing.
As always - stay cautious and happy trading! Be sure to check out Wall Street Survivor below -- the fantasy stock portfolio trading game. It's free to play and you can test your trading skills and compete for real cash! No risk, all the fun!
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Trading securities involves high risk and the loss of any funds invested. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. The suggestions contained in this blog are for informational purposes only and the author is not liable for any losses incurred as a result of actual investment activity on the part of the reader. This blog is presented for information purposes only and past results do not guarantee future performance.
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