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4 Top Stock Trades for Thursday: AAPL, GLD, BAC, F

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·3 min read
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It was another brutal day in stocks. I was not happy to see the market gap up on the day, as that made it easy to sell into and that’s exactly what happened. The S&P 500 and Nasdaq each dropped about 1%. With that in mind, let’s look at a few top stock trades despite the selling.

Top Stock Trades for Tomorrow No. 1: Apple (AAPL)

Top stock trades for AAPL
Top stock trades for AAPL


Click to Enlarge

Source: Chart courtesy of TrendSpider

Apple (NASDAQ:AAPL) has been a relative strength leader until recently, but it’s now coming under some selling pressure.

I wasn’t sure when we would get the tag of the 50-day moving average, but in combination with last week’s low, it is even more attractive.

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On a move back up through last week’s low (at $168.17), bulls can look to trade Apple stock on a bounce, first targeting $170, then the declining 10-day moving average.

A break lower could end up putting the $158 to $160 zone in play, along with the 21-week moving average.

While Apple hasn’t traded that well lately, remember it was a leader before this recent dip.

Top Stock Trades for Tomorrow No. 2: Gold ETF (GLD)

Daily chart of GLD
Daily chart of GLD


Click to Enlarge

Source: Chart courtesy of TrendSpider

Gold has had a lot working against it, mainly that it hasn’t had any momentum despite robust money printing from the global central banks and inflation that’s been on a tear.

When I look at the chart of the SPDR Gold Trust ETF (NYSEARCA:GLD), however, I see a powerful upside rotation.

Not only is the GLD clearing multiple weeks worth of highs, but it’s also clearing last month’s high as well. That’s the type of rotation that could put fourth-quarter resistance in play, up near $175.

Of course, it’s hard to have too much faith in this one, seeing as though most of its breakouts have not yielded any sustained upside moves. If it pulls back again, see that its cluster of moving averages acts as support.

Top Stock Trades for Tomorrow No. 3: Bank of America (BAC)

Top stock trades for BAC
Top stock trades for BAC


Click to Enlarge

Source: Chart courtesy of TrendSpider

Given how the other banks had traded on earnings, it’s no wonder that Bank of America (NYSE:BAC) stock had been trading poorly ahead of the print.

However, it’s also not surprising that the stock’s gap up on Wednesday morning was sold into.

Shares opened right near that gap-fill level at $48.70, then proceeded to fall throughout the session. While its short-term moving averages are supporting it now, there are not a lot of bullish catalysts to go on.

I guess bulls can be long against the 50-day if they really want to own this one.

However, keep an eye on BAC stock if breaks below $45. That could open the door to the December low near $42.70 and the 200-day moving average.

On the upside, though, the stock needs to clear $48.70.

Top Trades for Tomorrow No. 4: Ford (F)

Top stock trades for F
Top stock trades for F


Click to Enlarge

Source: Chart courtesy of TrendSpider

Let’s keep it short and sweet with Ford (NYSE:F).

The stock knifed right through its 10-day moving average and dipped down to the 21-day.

On a bounce, we need to see the stock reclaim $23, then the 10-day. On a further dip, however, keep an eye on the gap-fill at $21.88. That’s followed by the 10-week and 50-day moving averages.

For now, this is still a name we want to buy on the dips.

On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

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