Intraday Investments Stalk Sheet for Wednesday, July 18, 2001
In after hours action, the Nasdaq Futures are down 15.50 points and the S&P futures are down 3.70 points. Some analysts are questioning INTC’s revenue projections for the 3rd quarter and wide range of those revenue estimates. INTC did beat lowered earnings by 2 cents but traded down after hours by .45 cents. We will watch carefully tomorrow’s reaction to the Intel numbers and how it plays out in the semiconductor sector.
On the economic calendar tomorrow Alan Greenspan meets with Congress. Also, the CPI, the Core CPI, Housing Starts and Building Permit numbers come out for June. As always, we expect the market to hang on every word that comes out of Greenspan’s mouth. Don’t expect too much activity in the market until Greenspan says his piece.
Stocks announcing earnings tomorrow include: IMNX, MUSE, AOL, BA, EMC, FRE, SNDK, SANM, SYMC, TLAB, SSTI, SEBL, TLAB, ISSX, JPM, KEI, LVLT, SII, ELNT, AKAM, BRCM, AMCC, CLS, EXTR, HAND, ITWO, IBM, MERQ, & MCDT.
LONGS:
SCH, Charles Schwab, Long >15.75, Traditional Brokers, $XBD.X
Rallied strong on high volume on Tuesday to close near the high of the day. Above here we break above the 200 m/a on the 60 min chart.
FRX, Forrest Labs, Long > 78.90, Biotech Sector, $BTK.X – to be added to sector model
This stock broke out to new highs on huge volume on Tuesday and should follow through on Wednesday if it sees good volume again.
PFE, Pfizer, Long >39.13, Major Drug Companies, $DRG.X
Pfizer saw a huge increase in volume on Tuesday and above this price it breaks the 200 m/a on the 15 min. chart. Should see 40.00 then 41.50 if strong volume continues.
JNJ, Johnson & Johnson, Long > 55.00 or on Fibo pullback to 54.00, Major Drug Companies, $DRG.X
If it opens flat and then trades above 55.00 on strong volume we will go long as the stock is at a 52 week high and acting very bullish. Also, volume is strong. We will also enter this one long on a Fibonacci retracement to 54.00. We may consider fading this one if it were to gap up on light volume.
SFA, Scientific Atlanta, Long >37.40, Cable Modem Hardware
Tuesday was first reversal day in the stock after vicious multi week sell off. The RSI is diverging from the price. Now all this stock need is an increase in volume to take it higher.
SHORTS:
ELNK, Earthlink, Short < 15.85, Mega-ISP’s, $IIX.X
Volume is drying up on this one after a solid run up. Below here there is no support until 15.45 and then 15.00.
WMT, Wallmart, Short <52.94, Department / Discount Stores, $RLX.X
Volume is decreasing on this stock and it closed near the low of the day on Tuesday. This all happened on the heels of a multi day run up in the stock. A clear reversal candle has been formed. Below here, this stock has no support until 51.50.
BBY, Best Buy, Short < 66.90, Electronics Stores, $RLX.X
Below 67.00 BBY loses the 200 ma on the 15 min chart and the 40 ma on the 60 min chart. Below here this stock should fill the gap at 65.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com |
