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	5/30/2001 11:48:31 PM
From: deronw	Read Replies (1) of 565

Sector analysis for Thursday, May 31, 2001 Following is a rundown of which sectors we feel are poised to go higher, and which look to be going lower during the next few days. We intend to be long the strong sectors and short the weak ones. The Networking sector ($GIP.X) has seen five straight days of selling, marked by a 7% decline today on high volume. The sector is appearing oversold, with support just underneath at 180. The sector has also done a 50% fibonacci retracement off its highs of the most recent runup. While it may test this support level of 180 before bouncing higher, the risk/reward for entering the Networking sector favors being long. The Semiconductor sector ($SOX.X) is showing the same basic pattern as the Networking sector, as well as having 5 consecutive days of selling, and being at a 50% retracement off its highs. Risk/reward also favors being long this sector within the next one to two days. The Banking sector ($BKX.X) is poised to go lower with significant resistance overhead in the 930 area. Banking will be dragged down by the Dow, as well as the head and shoulders pattern on the BKX daily chart. The risk/reward to shorting the banking sector here is pretty favorable, as long as we keep a tight stop. We will likely be looking to sell naked calls on the index tomorrow. The Oil sector ($XOI.X) is consolidating at its lows after a correction off of the highs. This, combined with the fact that the sector has now dropped below support from its last breakout, points to probable weakness in the Oil sector in the coming days. We will be watching this sector for short opportunities. These are the sectors we have our eyes on (both long and short) during the next few days. Trade well, Deron Wagner General Partner intradayinvestments.com

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