Intraday Investments Stalk Sheet for Friday, June 29, 2001
Sector Report:
Many Biotechs look poised to go higher, but keep in mind that the BTK index is showing a good deal of resistance overhead with its 200 and 20 period MA on the daily. Worthy of keeping an eye on this sector on the long side.
The Insurance Sector is due for a pullback. Watch to see if the IUX index can break resistance on the daily at 795. If it forms a double top, we will look to short into strength.
How about that OSX sector? How much more can the darling Oil and Oil Service stocks drop? Let’s make sure we continue to keep an eye on this sector for a reversal.
Potential Longs:
AWE, AT&T Wireless, Long > 16.82, Wireless-Cellular, $XTC.X
gapped up on big volume day and held the gap. Probably a breakout gap. Will need high volume to get above high of the day (16.78) on Thursday and next resistance at 16.82 on the daily. Has support at 16.40 making the risk/reward decent.
NXTL, Nextel, Long > 16.10 , Wireless-Cellular, $XTC.X
Closed near the high of the day on excellent volume. first hurdle will be 16.10. Should see a burst above 16.10 and then will find resistance at 17.00. Above 17.00 this stock will fly. Don't get greedy between 16.10 and 17.00. Make sure to take some profits as 17.00 is serious resistance.
PCS, Sprint PCS, Long > 23.82, Wireless-Cellular, $XTC.X
This one may be getting a bit overextended but will go long if the VOLUME is VERY STRONG and market is moving higher. Otherwise, the risk of pullback is too great in this no-follow-through market.
VZ, Verizon, Long > 53.95, Wireless-Cellular, $XTC.X
Closed near high of the day on increasing volume. Needs another good volume day to break higher.
AFCI, Advanced Fiber Communications, Long > 24.17, Telco Hardware, $XTC.X
Will only consider this play if it has VERY STRONG VOLUME since we are coming into a potential double top (see highs of 5/22). We are willing to take an early entry risk at 24.17 with the idea that big volume, a cooperative market and a breakout above a 5 day trading range and above the 200 m/a on the daily will be enough to take this one through to a new highs above 5/22/01.
ERICY, Ericsson, Long > 5.50, Telco Hardware, $XTC.X
Volume needs to pick up for ERICY to break above and hold 5.50 which is the declining 20 per m/a on the daily.
JDSU, JDS Uniphase, Long >12.90, Telco Hardware, $XTC.X
Looked like it was going to break out on Thursday but volume just wasn't there. JDSU needs to see great volume to break resistance near 13.00.
MOT, Motorolla, Long >15.96, Telco Hardware, $XTC.X
Will need volume to pick up to break key resistance of 15.96. Even with a multi day rally in this stock, RSI still not showing oversold and ADX is trending up nicely with OBV.
OPWV, Openwave Systems, Long > 32.75, Telco Hardware, $XTC.X
Will need much stronger volume to break 32.75. The stock closed near the high of the day but the volume on Thursday was lousy. NEEDS GOOD VOLUME. This stock could see 35.00 in a hurry on good volume. The stock closed just a hair above Fibo resistance and is a good play from a risk/reward standpoint since it has good support just below on the 60 min chart.
BRCD, Brocade, Long > 42.67, Networkers, $NWX.X
This stock stopped dead in its tracks yesterday at 40 m/a on the daily chart. If volume is good early in the session may consider entering this one as a swing play above 41.00 since it has great support just below this zone.
CORV, Corvis, Long > 4.02, Networkers, $NWX.X
Huge volume explosion on Thursday should provide for follow-through on Friday. Stock broke out of 4 day consolidation pattern on great volume. Closed almost on high of the day. Will need continued good volume to get through 4.20.
BGEN, Biogen, Long > 54.41, Biotech, $BTK.X
Has gotten pounded in recent days and seems to have found support at 52.00. First reversal day on Thursday on increasing volume. 54.41 is a key resistance zone formed over the past 4 days. If it breaks it BGEN should see 56.50 area.
Potential Shorts:
SFA, Scientific Atlanta, Short < 41.20, Telco Hardware, $XTC.X
Closed near the low of the day on heavy volume. Multi day support at 41.20.
QCOM, Qualcomm, Short < 57.04, Telco Hardware, $XTC.X
Will also consider taking QCOM short on a light volume gap up into the 200 m/a on the 60 min or the declining 40 m/a on the daily. Could be a good fade opportunity if it sees light volume.
***AMGN, Amgen, Short < 62.50, Biotech Sector, $BTK.X
Very bearish candlestick formations over the last 3 days. Closed almost at the low of the day Thursday on increasing volume. Should drop hard below 62.50. Would also consider shorting AMGN on a light volume gap up of less than 60 cents. Word of caution: RSI showing severe oversold condition so if this one reverses, get out of the way fast.
AET, Aetna, Short < 25.30, Insurance Sector, $IUX.X
Insurance sector coming into a double top. AET has formed a head and shoulders on the 60 min chart and I may set an alarm to short it at 25.60. Has the 200 m/a on the 60 min and a declining 40 m/a on the daily to catch it at 25.30 which makes it a better play below 25.30.
EBAY, Ebay, Short < 67.50, Internet Sector, $IIX.X
Volume beginning to dry up on ebay. below 67.50 it should fall hard.
Deron, Steve, and Ed
General Partners
intradayinvestments.com |
