Intraday Investments Stalk Sheet for Monday, September 10, 2001
In the after hours market, the Nasdaq Futures are down 6.50 pts and the S&P futures are down 3.30 pts as of 11:05 pm edt. It is of little surprise that the Tokyo markets sold off on Monday as a result of the weak U.S. jobs climate. The question now becomes, when will we see a bounce? The markets look oversold and the short set ups were hard to come by in our over night research but when things get really negative who’s to say for sure where the short term bottom is to be found. If we gap down on Monday we will look to fade the gap. Some fade candidates include VRTX, MLNM, EMC, SNDK, VRTS, QCOM, PMCS, TXN, CCU and AOL.
Companies in our sector model reporting earnings on Monday include: None.
On the economic calendar for Monday we have: Due out at 3:00 pm edt. – Consumer Credit
LONGS:
SLB, Schlumberger, Long >50.90, Oil Services Sector – Drillers, $0SX.X
Above here we break the 4day high on our way to taking out the 200 ma on the 60 min. Chart. This stock has held up and consolidated well against a weak market for the past 4days and managed to close near Friday’s high.
GENE, Genome Sciences, Long > 6.63, Biotech Sector- Genetic Mapping Research, $BTK.X
GENE closed near the high of the day on big burst of volume into the close. Above here we break the neckline of a head and shoulders pattern started 3 days ago. First resistance at 6.95 then 7.25.
QLGC, Qlogic, Long > 27.64 or light vol pullback to 26.50 area, Computer Storage-Fiber Channel Equipment,
Above 27.64 we take out the neckline of an inverse head and shoulders and the 40 ma on the 60 min chart. This stock has acted well against a weak market for the past 2 days on good volume. The predicted rally is to 29.25.
NT, Nortel Networks, Long > 5.59, Networkers-Optical WAN/Telco Play, $NWX.X
NT saw a great burst of volume on Friday and rallied to close near the day’s high against a weak market on Friday. Above here we break the neckline of an inverse head and shoulders on our way to 5.75. Above 5.80 we should see 6.00.
SHORTS
USB, US Bancorp, Short < 23.75, Banking Sector –Regional Banks, $BKX.X
Below here we break the low of a 7 day consolidation zone. This stock closed at the lows of the day on Friday on strong selling action. Next support is at 23.50 and next major support is at 22.50.
THC, Tenent Healthcare, Short < 57.65, Healthcare Sector-Healthcare Facilities, $HCX.X
Below here we break Friday’s low, the 40 ma on the 60 min chart and the neckline of a head and shoulders pattern. Next support is at 57.30 and the predicted drop of the head and shoulders pattern is to 56.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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