As I discussed this morning, the end of the month mark-up has come right on schedule. Bernanke getting grilled earlier only kept the market from rallying even more, but we are motoring higher now. Let's take a look at what is working so far and what isn't.
Bed Bath & Beyond
: Raised guidance.
: Shares trading up nearly $3 as the Nasdaq rallies.
are trading higher as shares look to close the quarter in a strong way.
are all looking strong today.
: Has refused to sell off following poor earnings guidance.
lead the way up.
are all down after their reports.
Automatic Data Processing
are trading down after their respective downgrades.
Research in Motion
: Shares still struggling following recent earnings outlook fumble.
are starting to pick up steam to the upside.
are also up as interest rates pull back a touch. We are currently seeing the mark up of stocks from fund managers that are looking to chase some of the better performance names for the second quarter. If you are maintaining a short bias here, I would recommend stepping to the side and let the buyers do their thing here. I was very happy with our recent short-term plays we discussed here.
basically moved $6 in a day. If you are still in the position, be sure to keep a trailing stop on the stock. No reason to give up any of the sweet profits.
Chasing stocks here is a bit risky, so you have to be very nimble and be willing to take what you can get. I prefer a better set up like we had early this week. The key is to win on the majority of your trades and not let one bad trade take away the profit of the previous 5 to 10 good moves. Many undisciplined traders tend to experience these scenarios. So be ready to sell just as quickly as you may be ready to buy, if the situation calls for it.
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At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.
Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.