Intraday Investments Stalk Sheet for Tuesday, June 26, 2001
As predicted on Monday’s Stalk Sheet, the Retailers, Banks, and Biotechs were all weak on Monday and we expect follow-through into Tuesday’s trading. Many of the Semiconductors were poised to go higher into Tuesday, but all bets are off due to the AMCC profit warning after the close today. This is likely to be a drag on the Semis.
If the Biotech Sector loses 570.89 on the daily, this would constitute a break of the neckline on a major head and shoulders formation. Beware however that it could also reverse here as the neckline serves as major support for now. Keep an eye on PDLI and HGSI.
The Dow broke and closed below the key support level of 10,563, which will likely lead the Dow lower in the days to come. Watch out below if the Dow ($DJI) breaks below 10,444.
Remember to keep position size small, take profits quickly, and use tight stop losses until after the FOMC meeting is done. Light volume usually indicates whippy market conditions.
AXP, American Express, Short < 39.60, Bank Sector, $BKX.X
This is the last leg of support on the 15 and 60 min charts. Will need the Sector to be weak also.
AETH, Aether, Long > 8.45, Wireless Lan,
Consolidating nicely. Needs to see better volume than it did on Monday. Good sign that it closed strong however.
NVDA, NVDIA, Short < 88.46, Semiconductor Sector, $SOX.X
Below yesterday's low NVDA could fall hard due to AMCC news.
CELG, Celgene, Short < 25.00, Biotech Sector, $BTK.X
Below 25.00 Celg loses the 200 m/a on the daily. This sector getting killed with BGEN leading the selloff.
CHIR, Chiron Corp, Short, < 50.80, Biotech Sector, $BTK.X
Will need the sector to continue its fall for this one to follow.
CORR, COR Therapeutics, Short < 28.00, Biotech Sector, $BTK.X
27.80 is actually the bottom of the support zone for this stock but an entry below 28 with a careful eye on this one should pay off.
CNET, CNET Networks, Long > 11.80, Internet Sector, $IIX.X
Strong close on good volume Monday. Will need excellent volume to get through the 200 m/a on the daily. If it does, we will look to enter.
AMZN, Amazon, Long > 13.28, Internet Sector, $IIX.X
Will need a burst of volume to break out. But, if it does, it could see 15.00 range in the next couple of days.
BVSN, Broadvision, Long > 4.75, Internet Sector, $IIX.X
Closed near high of the day on increasing although not huge volume. Will need solid volume for us to enter above 4.75. Watch 4.85 as a point of minor resistance.
CMGI, CMGI, Inc., Long > 3.20, Internet Sector, $IIX.X
Consolidating nicely for past 8 days with subtle divergence between the price of the stock and the RSI. NEED GOOD VOLUME to break out.
FMKT, Freemarkets, Long > 16.20, Internet Sector, $IIX.X
Closed near the high of the day on modest volume. Needs better volume to get any further. Above 16.20 would constitute a major breakout from a consolidation range that started forming back on May 21 of this year.
IBM, International Business Machines, Short < 110.46, Computer Hardware Sector, $HWI.X
Watching this one carefully for the big fallout. May consider entering short just below 111.00.
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
