Paul's Hot Stock Picks For The Week of July 2nd Thru July 6th
By: Paul Johnson | Posted: 03rd July 2007
HOT STOCK PICK FOR THE WEEK:
InnerWorkings (INWK) is setting up in a cup and handle chart formation and looking to move higher. InnerWorkings provides print procurement services to corporate clients in the United States, and boasts earnings and relative price strength readings in the high 90’s. While its industry group carries an average C rating, its accumulation is ranked a very strong A-. .
PAUL'S MARKET COMMENTARY FOR THE WEEK:
The attempted terror attacks in London had the market indexes on the ropes for a while Friday, but when things appeared to be under control, they fought their way back to a large extent towards the end of the session. Though most of the week was typified by early gains, which then dwindled away by midday, the indexes closed out the week with slight gains, with the Nasdaq up .6%, the NYSE edging up .2% and the S&P 500 eking out a .1% rise. Last week’s undercurrent was the trouble facing the subprime mortgage market, and specifically, its effect on hedge funds. But by next week, much of the attention will likely turn to the upcoming earnings season. While the market remains in a confirmed rally, most of the major indexes— including the Dow, S & P 500, Mid Cap 400 and Small Cap 600— are hovering near their rising 50-day moving average/support areas again, apparently waiting to see how things turn out. The market indexes displayed more than their fair share of volatility throughout each trading day last week, so caution is advised until we start seeing how earnings season starts to pan out, and whether any more terror plots emerge. As for economic news, look for the Institute For Supply Management’s manufacturing index Monday morning, then factory orders, pending home sales, and auto & truck sales Tuesday morning. On Thursday morning, look for the ISM services index, initial jobless claims for last week, and crude oil inventories, followed by Friday morning’s very important employment report.
FEATURED STOCK PICK HIGHLIGHTS :
Despite last week’s volatility, most leading stocks closed out last week in pretty good shape. As a prelude to earnings season, recently featured stock pick Research In Motion (RIMM) blasted $34.40 higher Friday on a strong earnings report and higher guidance. One wonders how Apple (AAPL) shares might fare next week, given all the hoopla and huge lines at all the Apple stores throughout the country. Meanwhile featured stock picks like KMG Chemicals (KMGB), BASF (BF), Flir Systems (FLIR) and Capella Education (CPLA) broke out during the week and headed higher. Given last week’s volatility due to the approach of earnings season and jitters from recent terror threats, keep your ear to the ground. It’s possible that trading volume will be quiet at the beginning of next week due to the approach of the July 4th holiday on Wednesday.
For many more hot stock picks and exact buy points, please visit: http://www.StockConfidential.com/
About the Author
Occupation: Writer/Publisher/Technical Analyst
Paul Johnson is the publisher of Stock Confidential, a twice weekly stock advice newsletter and has written numerous articles and ebooks on stock picking, internet home business opportunities, and real estate.
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Tags: s market, tuesday morning, hot stock