Intraday Investments Stalk Sheet for Tuesday, July 24, 2001
In overnight action, the Nasdaq Futures are down 11.50 points and the S&P futures are down .50 points as of this posting. Amazon (AMZN) sold off sharply after the close when the company stated that it won’t hit second half revenue targets. Amazon did meet analysts profit estimates for the quarter however.
Set ups on the long side were hard to find this evening. This almost assures that the markets will rally tomorrow (lol). Look for possible strength in oils, oil services, insurance (on a gap down particularly) and possibly semi’s.
Companies in our sector model reporting earnings on Monday include: AHP, AMTD, AWE, XOM, GSK, HMA, LGTO, LU, MCD, NBR, Q, RSH, SUN, ABGX, ACTL, CNET, CREE, DRIV, IMPH, INSP, PSFT, PRGN, QLGC & PDG. There is no major news on the economic calendar for Tuesday.
LONGS:
ERTS, Electronic Arts, Long > 53.50, Entertainment Software, $GSO.X
Above this price ERTS breaks above the declining 40 ma on the 15 min chart. After six straight days of selling carnage, ERTS bounced off it’s 200 ema on the daily and rallied to finish in the middle of it’s Intraday trading range. Will also consider buying this one on a light volume gap down or a sell off to the Monday’s lows (on modest volume).
CREE, Cree, Inc., Long > 24.65, Semiconductor Equipment,
This stock has held up well in a difficult market and is showing relative strength. If we see a rally in the markets tomorrow, this should be one of the first stocks to rally.
GTW, Gateway Computers, Long >10.15, PC Hardware OEM’s, $HWI.X
After two vicious days of selling this one is ready for a bounce. The stock spent most of Monday consolidating. Above 10.15 (20 and 40 ma’s on the 5min chart & 20 ma on the 15 min chart). the next stop is 10.31 and then 10.45. Monday’s lows stopped right at Fibo support.
MCHP, Microchip Technology, Long > 34.70, Semi-custom Logic, $SOX.X
Stock closed at the highs of the day on very good volume. Great relative strength against a weak Nasdaq. Will need a cooperative market and continued good volume to break out. Above 34.70, this stock will see resistance ant 34.98 but we want to enter early under the theory that a stock showing such relative strength in a weak market should be able to break through resistance in a cooperative market environment. Above 34.98 would break Fibo resistance on the weekly chart.
Stocks to keep an eye on in the event of a low volume gap down: NVDA, VRSN & IDTI.
SHORTS:
FMC, FMC Corporation, Short < 66.16, Consumer Financial Services, $BKX.X
Closed near the low of the day on increasing volume. Below here FMC sees the low of the year and could break the 200 ema on the weekly and the neckline of a major head and shoulders on the weekly.
FNM, Fannie Mae, Short < 83.30, Consumer Financial Services, $BKX.X
Closed near lows of the day but volume was mild. Would like to see stronger volume to take out lows. Below here, this stock breaks the neckline of a 2 day head & shoulders setup on the 15 min chart with a predicted drop to 82.40
BAC, Bank of America, Short <62.20, Money Center Banks, $BKX.X
Stock closed near the low of the day but volume was light. Need heavier volume to go lower. Below this critical support level BAC should see 61.30 then 60.50. The market and the sector will need to cooperate.
STI, Sun Trust Bank, Short <67.70, Regional Banks, $BKX.X
This stock has formed a major head and shoulder pattern on the 60 min chart. Below here it has some support at the 200 ma on the 15 min but should slice through quickly with a breach of the neckline.
ABGX, Abgenix Inc, Short < 27.35, Cancer Drugs, $BTK.X
Stock closed near the low of the day on increasing volume. Below 27.35 ABGX loses a 6 day consolidation zone of support. This is also Fibonacci support. Stock could really fall hard as next major support isn’t until 24.30.
MYGN, Myriad Genetics, Short <41.10, Cancer Drugs – Biotech, $BTK.X
Stock closed near the low of the day on increasing volume. Below here, Myriad should see 40.10 quickly. Next stop would be 39.12. Below 39.12 MYGN falls off a cliff and could see the lows of the year. Dark cloud cover bearish candlestick formation formed on Monday.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com |
