An NYSE Scalper's Tale - A Trader's Diary

Thursday, March 23, 2006

What I'm Watching for Fri Mar 24, 2006

For the last 3 or so days, I've been keeping a close eye on Walmart (WMT). It has shown strength and there has been lots of buying lately and today was no different. I'll be definitely be watching if Walmart tries to test the $50 level. Walmart closed at $48.54.

Remember a couple of weeks ago I mentioned how Home Depot (HD) had difficulty closing above the $43 level? Well yesterday it finally managed this feat and today it continued to shoot up and almost make it to it's 52 week high of $43.98. The next level to watch on HD is the $44. Home Depot closed at $43.81.

Yesterday I watched JP Morgan (JPM) and all day it showed strength. It had a good run up and made new 52 week highs and during the last half hour on Wednesday, there was crazy buying. Today trade on JPM was lackluster so we'll see if today was just a resting day before it continues up. JPM closed at $42.04.

Lastly (just out of curiosity) I'm going to watch how Tim Horton's (THI) will trade tomorrow. This one is one of the most highly anticipated IPOs. THI begins trading tomorrow.


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