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1. Powerful Reversal in Manpower

Gary Morrow
4/21/2009 12:28 PM EDT

Manpower ( MAN) is one of the top gainers on the NYSE today. The stock is up more than 15% on surging volume after beginning the session with an ugly gap-lower open.

The company released its weak first-quarter results this morning, which included a 32% decrease in revenue from the year-earlier period, sparking a sharp drop on the bell. Comments from the CEO regarding revenue stability over the last five weeks helped reverse the early weakness; the stock is now at new highs for the year. Volume is ramping as well and is already near double the daily average. By the close, today will be the heaviest positive day for MAN since last July.

Manpower's key reversal action today has left behind a solid base. Strong support is now in place between $35 and $37. The upper band of this support area includes the December and January highs as well as the previous highs of this month. A low-volume pullback to this support zone would be a low-risk buying opportunity. On the upside, I expect this breakout to carry MAN up to the area of its July lows just above $46.

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