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Avoid Colruyt, Ahold; Buy Wal-Mart

Investors should move their money from a couple of big European names to the world's biggest retailer, according to GeertJan Nikken, a technical analyst at Rabobank.

"It is time to take some money off the table" with regard to Belgian retailer Colruyt, Nikken said Thursday. The stock is up sharply of late, but "the strength seen was nothing more than a rally within a broader defined downtrend," added Nikken. Colruyt is approaching a "horizontal resistance," making a drop in price to 160 or 155 euros a big possibility.

Looking to Ahold , JP Morgan cut the stock to "neutral" on Wednesday. Nikken agreed, saying that for the past several months, "the stock has been trapped in a horizontal trading range."

If Ahold breaks its 9.35 to 9.40 euros resistance, "it could trace down to 8.50 or 8.55," Nikken said. Shorting is a definite possibility, but buying long-term would be pointless as "there is no juice."

But Wal-Mart is a "buy" according to Nikken. It is trading at its January 2008 lows, and "could well be the start of uptick," with the stock moving to $50 to $55, Nikken said.

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