Intraday Investments Stalk Sheet for Wednesday, August 15, 2001
In overnight action, the Nasdaq Futures are up 10.50 points and the S&P futures are up .30 points as of 7:00 pm edt. After the close, NVDA rallied over 2pts on an expected but solid earnings report.
Companies in our sector model reporting earnings on Wednesday include: FD, ADIC and BRCD.
On the economic calendar for Wednesday we have: Business Inventories for June, Industrial Production for July and Capacity Utilization for July.
LONGS:
SLB, Schlumberger, Long > 50.50, Oil Services-Drillers, $OSX.X
This sector acted well during a weak market on Tuesday. SLB closed near the high of the day although volume was not spectacular. May consider taking this one long above 50.30 if volume is strong. Strong volume is a key for this one to rally further.
CNC, Conseco, Long > 9.90, Insurance Sector, $IUX.X CNC reversed nicely on Tuesday and closed in the upper third of its trading range. Volume was solid but not great. Above here we break the 40 ma on the 60 min chart and key resistance formed on 08/08/01 and 08/09/01. On good volume we could see 10.50.
MRK, Merck & Co., Long >70.07, Drug Sector-Major Drug Company, $DRG.X Above 70.07 we break into the gap formed on 06/22/01. First target will be 71.10. Strong volume is critical.
NE, Nobel Drilling, Long > 29.50, Oil Services, $OSX.X
The Oil Service Sector showed good relative strength on Tuesday during weak market conditions. Above 29.50 we break the 200 ma on the 60 min chart and the 20 ma on the daily. Target of 30.45.
SHORTS:
CLS, Celestica, Short < 44.40, Computer Hardware-Manufacturing, $HWI.X
Below 44.40 we break a 4 day consolidation zone. This stock closed at the low of the day on increasing volume. Below here we should see 43.40.
ADVP, Advance PCS, Short < 68.27 or into a rally above 69.10, Healthcare-Healthcare Facilities, $HCX.X (to be added )
ADVP saw its first big volume sell off after a 4 day parabolic run. This stock broke its up trend line temporarily Intraday. Below 68.27 we break the 20 ma on the 60 min chart and the 200 ma on the 5 min chart. First Target is 66.00.
BAC, Bank of America, Short < 62.50, Banking Sector – Money Center Banks, $BKX.X
Below here we break a key support zone formed over the past 20 trading days and the 200 ma on the 60 min chart. Next support is 61.50.
ADI, Analog Devices, Short < 48.75, Semiconductor Sector-Mixed Signal + DSP Cong., $SOX.X
This stock created a double top going back to 8/8/01. Below 48.75 we break the 20 ma on the 60 min. chart and the 200 ma on the 5 min chart. Minor support at 48.50 and then greater support at 48.00 (200 ma on the 15 min chart).
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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