As the markets hover around their lows on fears of a new global recession, certain stocks are looking more attractive than others. The markets are nearing a major break down based on the daily 200 moving average on the S&P 500. Wall Street players must be very careful when picking up anything long, choosing the correct stocks at the perfect levels.
3M Company (NYSE:MMM) is showing significant strength even while trading slightly lower on the day. With the S&P 500 down 1.5%, MMM is only lower by .70%. In addition, the S&P 500 is trading below the lows from yesterday, but MMM is trading above. This tells pro traders that MMM may be a solid play on the long side in an otherwise weak market.
Cree, Inc. (NASDAQ:CREE) is another strong player in the market today. As the S&P 500 hits new lows of the day, CREE is holding on the positive side trading at 33.17, +0.15 (+0.45%). In addition, CREE put in a solid technical bottom over a week ago. This is being confirmed by the strength in the stock today.
Gareth Soloway
InTheMoneyStocks.com
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