Stock Picks For Wednesday: Research In Motion And Macy’s

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Macy’s (M) - From my point of view I think the stock may break down here. M is slowly but steadily coming down on each passing day. Up/Down volume pattern indicates that the stock is under Distribution. The stock closed fractionaly above the major support at $17.46, but any close below this level could have further negative implications for the stock, and a move to $17 cannot be ruled. At this stage the stock is still trading below both 20 day and 50 day moving average showing weakness on the stock. In addition, falling MACD, now below 0, also indicates bearish trend. Stay tuned on it.

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Research In Motion (RIMM) - Not a pretty picture. The stock is losing momentum and the volumes are also declining. Further, falling MACD and KD, also indicates bearish trend. Also notice that the RSI is declining and does not paint a good picture for the stock. On short-term basis still in downtrend mode and should find a nice support at $58.85. Keep an eye on that trendline.

Other Stocks to watch - ( Pattern is Bullish Engulfing )

C - CITIGROUP INC
MSFT - Microsoft Corporation
LVS - LAS VEGAS SANDS CP
AMD - ADVANCED MICRO DVCS
MRK - Merck & Co
FITB - Fifth Third Bancorp
CDNS - CADENCE DESIGN SYS INC
CY - Cypress Semiconductor
SLE - SARA LEE CORP
KBE - SPDR KBW BNK
BAX - BAXTER INTERNATIONAL
LEAP - LEAP WIRELESS INTL
EWC - WEBS Canada
VRTX - Vertex Pharmaceutical
DHR - DANAHER CORP
CTXS - Citrix Systems, Inc.
SCI - SERVICE CORPORATION
USU - USEC INC
TII - Telmex Internacional
AFCE - AFC Enterprises Inc
LAZ - LAZARD LTD
PDS - Precision Drilling
BKC - BURGER KING HOLDING
WMS - W M S INDUSTRIES INC
ADTN - ADTRAN, Inc.
KSU - Kansas City Southern
TWGP - TOWER GROUP INC
LIA - Liberty Acquisition
BMO - BANK OF MONTREAL
BPI - Bridgepoint Education
ELNK - EarthLink, Inc. 8.58
RKH - Regional Banks HOLD
TD - TORONTO DOMINION BANK
NICE - NICE-Systems Limited
GSI - General Steel Holding
WRB - WR Berkley Corp
SBSA - Spanish Broadcasting
CNI - CANADIAN NATL RAIL CO
ALY - Allis Chalmers Energy
EXH - Exterran Holdings Inc
IBOC - International Bancs
IWEB - Iceweb Inc
AHL - ASPEN INSURANCE HLD
VITA - Orthovita, Inc.
CFR - Cullen Frost Bankers

Disclaimer: Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

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