DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS Message Board

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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS

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To: - who started this subject	5/17/2001 9:12:15 AM
From: deronw	Read Replies (4) of 565

Today's Sector Watch for Thursday, May 17: Banking sector (BKX) finally broke above the consolidation pattern in the high 800's and closed over 900 for the first time since March 8. We expect to see continued upside action on this breakout. Oil sector (XOI) rallied slightly past resistance that was set at the end of April. The verdict is still out on whether or not we will break to new highs in this sector. But, we will be watching to possibly short this sector in the event a double top gets formed. Biotechs (BTK), Semis (SOX), and Networkers (NWX) all rallied right up into their resistance from two weeks ago. The next several days will determine whether they get legs and break out of this consolidation base or whether they stay in a trading range and continue moving sideways. Pharmaceuticals (DRG) rallied and broke above their 200 period MA on the daily chart yesterday (and on pretty high volume). This was a major resistance point, which should now serve as support for the sector. This level in the DRG sector has not been seen since March 6. We expect follow-through upside movement today in that sector. We will let you know what we ended up trading at the end of the day (for those of you that are not already clients of our services). Deron Wagner General Partner www.intradayinvestments.com

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