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With the market stuck in narrow trading range, it's time to 'build' yourself out of the rut. Chart specialist Dan Fitzpatrick recommends doing that with heavy construction stocks because he thinks they should outperform market. Following are three names that he likes.
Granite Construction [GVA
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Trends in this chart suggest the stock is a buy if it breaks out above $40, says Fitzpatrick.
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McDermott International [MDR
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With the stock making consistently higher lows, Fitzpatrick suggests it’s a buy if moves above $62.
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Fluor [FLR
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Fitzpatrick notices that this stock is trading in a range. If it stays above $187 he thinks it’s a buy but if it falls below $168 get out.
For more details on the Fitzpatrick's technical analysis please watch the video.
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Trader disclosure: On June 2, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (INTC), (DIS), (MSFT), (WMT); Adami Owns (C), (AGU), (BTU), (NUE), (GS), (INTC), (MSFT); Finerman Owns (GS), (AAPL); Finerman's Firm Owns (GE), (MSFT), (NYX), (SBUX), (SUN), (TSO), (VLO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Jon Najarian Owns A Call Spread In (HOC), (MEE), (SBUX), (TSO), (VLO), (AAPL), (COP), (FTO); Jon Najarian Owns (ACI) Call Spreads And Calls; Jon Najarian Owns (ANR) Calls Spreads And Calls; Jon Najarian Owns (C) Preferred Shares; Jon Najarian Owns (KEY) Puts, (LEH) Puts; Jon Najarian Owns (SNM); GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC
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