Shopping for a Discount
- Posted by Greg Harmon
- on April 4th, 2013
Many are looking at the recent short term weakness in the equity markets and getting nervous. Some are instead looking for bargains to buy. If you are in the later camp, shopping for discounts, then the obvious place to search is the discount shoppers. Some of them are looking good without a discount in this tape. Take a look.
Target, $TGT, broke out of in March and has been stair stepping higher. The Spinning Top Doji Wednesday was confirmed back higher Thursday and heading to the top of the bull flag. A move over 69.50 targets 73 on a Measured Move. And as it rises the Relative Strength Index (RSI) is bullish. The Moving Average Convergence Divergence indicator (MACD) is rolling over though and could stall this move. Look to sell April 65 Puts as a partial entry and add stock on a break of the flag higher, or use a stop near the flag if trying the stock.
TJX, $TJX, is also flying a bull flag and starting to move out of it higher. The target on a Measured Move higher takes it to 49. It also has a RSI that is bullish but also a MACD that is starting to rollover. Using May or April 45 Puts for an entry, at support, with adding stock on a break over 47.50 is one way to play it.
Walmart, $WMT, is reaching the highs from October at 77.50. It has a bullish RSI and a MACD that is also rising. On a Measured Move basis the target higher takes it to 88 on a move through to new highs. This may be the best of the three.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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