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Play of the Day (For Friday)
Interactive Chart
Thursday, May 24, 2001

SCH - The Charles Schwab Corp $20.90 +0.22 (+1.45)

Thursday's Comment:

Schwab's breakout earlier this week appeared to warrant a quick advance to resistance at $23.16. However, there was a hiccup in this move, as the market corrected yesterday. The good news is that the decline on Wednesday was accompanied by volume that was 2.5 million shares less than the volume that accompanied Monday's advance. This means that there is far more interest in buying SCH on up days than selling the stock on down days. If this pattern continues, the OBV and Money Flow should both improve and these technical indicators could ultimately confirm that SCH is on its way to establishing a sustainable rally. A positive day tomorrow would likely cause the MACD to issue a buy signal, which would lend more credence to the extended rally theory. Momentum traders should be looking to buy SCH tomorrow if the stock can trade above the $21.59 resistance accompanied by midday volume exceeding 300,000 shares.

Picked on May 2nd @ $21.18
Change since picked -0.28
Stop Loss @ $18.50

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