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August 23, 2012 / redman59

3 Buy Setups for Thursday 8/23

Running through some screens tonight 3 charts showed up that have my interest. The screens ran consist of stocks that have seen recent selling followed by an up day and stocks that have a trend in Relative Strength. I measure RS by comparing it to the Russell 3000 and measure the trend by having the RS line above the 21 day simple moving average (approx measuring last month) and the RS moving average moving up. The 3 charts can be found below with their sector/industry as referenced by FINVIZ and notes can be found on the chart. I would look to by these on a break of their Wednesday highs in which all 3 closed near.

**BWA – Consumer Goods / Auto Parts

**CXO – Basic Materials / Oil & Gas Drilling & Exploration (higher risk as coming into a long-term down trend line so this would be front-running, but a break could lead to further upside)

**PXD – Basic Materials / Independent Oil & Gas

Again I would look to buy these stocks only if their Wednesday high is taken out. Also keep in mind time frame as these are meant to be day to swing trading positions.

Also here is FINVIZ link (sorted by volume) to the results of one of the screens that I ran. I chose the 3 stocks above as they showed up on both screens. But there are also some (not all) nice setups in the linked page.

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