While bulls were looking forward to a dovish Fed statement, they seem to forget that it is based on ...
Cold Technology Creates Hot Stock
11/14/2003 12:00 am EST
Bryan Perry, editor of ChangeWave Tactical Trader, considers recent news "incredibly bullish." He notes, "The evidence shows that the economy is not only picking up speed, but that the upturn will be lasting. The table is now technically set for the market to breach Dow 10,000 and Nasdaq 2,000." Here's his latest recommendation.
"We are recommending going long shares
of Superconductor Technologies (SCON
NASDAQ). An extremely innovative
approach enables wireless carriers to do more with less, improving signal strength
and network capacity. Since its technologies use extreme temperatures of less than
300 degrees below zero, the components conduct electricity without the
electrical resistance that usually creates noise and signal loss during wireless
transmissions. SCON acquired its largest competitor in December 2002, giving it
a near monopoly in this business.
Using its products, wireless operators can optimize their
existing cell sites and put off having to build new sites due to
coverage holes or capacity issues. Customers see real, verifiable
value such as fewer dropped calls, fewer blocked calls, and
fewer dead spots. Customers include Verizon, Cingular, AT&T Wireless, Alltel, and
"From a technical standpoint, the stock is in the midst of a powerful uptrend that is being supported by a big increase in the daily volume figures. After breaking out of a five-month base at $3 in early September, the shares climbed to touch $5.70 before some mild profit taking set in. The one-year chart now shows the stock about to complete a nice double-bottom. Money flow is straight up, and momentum indicators now show the stock being oversold on a short-term basis. This is a very constructive pattern and makes this trade particularly timely. Our chart work suggests that the stock will shortly trade back up through the 52-week high of $5.70 and reach $9, which is our three-month price target, for a projected gain of 55%. Buy this red-hot stock here and strap in for what should be a terrific ride ahead."
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