Intraday Investments Stalk Sheet for Monday, July 23, 2001
In overnight action, the Nasdaq Futures are down 8.50 points and the S&P futures are down 3.10 points as of this posting. For the moment these numbers are not cause for alarm. If the markets were to gap down slightly at the open on Monday, we would look to fade this gap.
Companies in our sector model reporting earnings on Monday include: T, BLS, BMC, CHKP, HCA, LXK, MMM, SEPR, AXP, ALTR, CRUS, CA, ATHM, OPWV & ROH. There is no major news on the economic calendar for Monday.
LONGS:
MYGN, Myriad Genetics, Long > 45.75, Cancer – Biotech, $BTK.X
Stock closed near the high of the day o0n increasing volume. Above 45.75 Myriad breaks the neckline of an inverse head and shoulders and through the 200 ma on the 15 min chart. RSI turning up since reaching its most extreme downside reading since last November.
AMGN, Amgen, Long > 61.45, Top Tier Biotech Sector, $BTK.X
Above this price, AMGN breaks Fibo resistance and the 200 ma on the 60 min chart. The stock will need strong volume to accomplish this. In fact, if it gaps up or rallies on light volume into this resistance zone, we may consider short Amgen.
HGSI, Human Genome Sciences, Long > 51.00, Top Tier Biotech Sector, $BTK.X
This stock closed near Friday’s high on decent volume. Also, HGSI closed above the neckline of an inverse head and shoulders pattern on the 60 min chart. Need STRONG VOLUME for this stock to continue higher. Some resistance at 51.50 and 52.00. above 52.00 we should see 55.00 in the next couple of days.
CREE, Cree Inc., Long >24.75, Semi Equipment
We might wait to go long until this one breaks 25.00. Cree broke out Thursday on big volume before getting slammed in the afternoon sell off on light volume but then recovering nicely into the close on high volume. On Friday, the stock gapped down and sold off to a low of 22.77 (as suggested in Friday’s Stalk Sheet) before rallying to close near the high of the day and above Thursday’s close. We will need Strong volume for this one to rally further as huge volume on Thursday as not enough to get above the declining 40 m/a on the daily chart.
SHORTS:
INHL, Inhale Therapeutics, Short < 17.00, Diabetes-Biotech Sector, $BTK.X
This stock sold off to close near the low of the day on Friday on Increasing daily volume. Below 17.00 we should see 16.50 and could visit 15.50 again if volume is strong.
BBY, Best Buy, Short < 67.63 then 67.26, Electronics Stores, $RLX.X
Stock lost key support on Friday and rallied back up into resistance at Friday’s close. Volume picked up as the stock sold off on Friday (see daily chart). Below 67.63 the stock has some support at Friday’s low of 67.26. Multi day target would be 65.50.
BBBY, Bed Bath & Beyond, Short < 31.93, Specialty Stores-Retail, $RLX.X
This stock got hammered on Friday on solid volume and closed near the day’s low. We will short it below 31.96 – 31.93 zone or if it rallies on light volume to 32.60 zone. 8 day parabolic up trend line finally broken on Friday.
JCP, JC Penny’s, Short <28.40 or wait until <28.17, Dept/Discount Stores, $RLX.X
Depending on volume and price action we will consider taking this one short below 28.40 if volume is heavy or wait until we break 28.17 if volume is average. This stock is forming a bearish rounded top formation on the 15 min. JCP does have some support at 27.80. Below 27.80 it should fall hard.
CC, Circuit City, Short <18.40, Electronics Stores, $RLX.X
18.40 represents the 40 ma on the 60 min chart. Below here CC should find some support at 18.00 and should then visit 17.50. After trying to break out on Friday, this stock sold off on heavy volume to close near the low of the day and break a seven day up trend line.
S, Sears, Short < 45.70, Department/Discount Stores, $RLX.X
Sears sold off on solid volume and consolidated near the lows of the day for the last 1.25 hrs on Friday. Below 45.70, Sears should see 45.20 then 44.50. Will also take this on short on LIGHT VOLUME rally into resistance at 46.50 zone and consider this one for a swing trade.
QCOM, Qualcomm, Short < 63.90, Cellular Tele. HW/SW
Below 63.90 QCOM loses Friday’s low but more importantly breaks an 8 day up trend line after forming a double top on decreasing volume (2nd test of top formed on lighter volume on 07/19 vs. 07/13 higher volume).
FNSR, Finisar Corp, Short < 11.65, Fiber Channel Equipment
Below 11.65 FNSR loses Friday’s low and has already broken the neckline of a head and shoulders on the daily. This one could see the lows of the year.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com |
