My Top Pick to Buy in This Market Pullback

by Sam Collins | August 16, 2013 1:39 am

My Top Pick to Buy in This Market Pullback

Illumina (ILMN[1]) — This company develops, manufactures and markets life science tools and integrated systems for the analysis of genetic variation and biological function.

The stock was recommended in our Top Stocks to Buy for May[2] at $64 with a trading target of $70 and longer-term target of $72.

Since the stock met both of our targets, flashed a sell signal from our proprietary indicator, the Collins-Bollinger Reversal (CBR), on July 12, and gave a MACD sell signal on July 15, I thought it time then to cash in our profits at just over $75.

It is seldom wrong to take a profit, but this stock popped on a gap to $83.23 on July 24, and since has meandered lower in an attempt to close that gap.

Illumina has recently been upgraded by Zacks and several other research firms after it reported better-than-expected Q2 earnings. Thus, I’m placing ILMN at the top of our list of stocks to buy back following the current general market sell-off.

Buy ILMN at $75 or lower with an intermediate objective of $85. Investors who hold the stock long term could see even bigger profits.

 08 16 13 ilmn 300x187 My Top Pick to Buy in This Market Pullback
Click to Enlarge

chart key 300x84 My Top Pick to Buy in This Market Pullback[3]

Endnotes:
  1. ILMN: http://studio-5.financialcontent.com/investplace/quote?Symbol=ILMN
  2. Top Stocks to Buy for May: http://investorplace.com/2013/04/top-stocks-to-buy-clmt-cern-hig-ilmn-ufi-yhoo/
  3. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

Source URL: http://investorplace.com/2013/08/trade-of-the-day-illumina-ilmn-2/
Short URL: http://invstplc.com/1bamDIx