Intraday Investments Stalk Sheet for Monday, August 6, 2001
In overnight action, the Nasdaq Futures are down 3.50 pts and the S&P futures are up .50 pts as of 7:00 pm edt. With most earnings news behind us for the quarter, Investors will most likely focus on key economic numbers for the next several weeks. There is one big name on the economic calendar for the week however. After the close on Wednesday, Cisco (CSCO) announces earnings with no surprises expected.
On Monday, firms in our sector model reporting earnings include: No Sector Model earnings announcements for Monday.
Economic data due out on Monday includes: No economic data for Monday.
LONGS:
LXK, Lexmark, Long > 47.22, Computer Hardware-Conglomerates, $HWI.X
This stock rallied nicely into the close on Friday on a strong burst of volume. LXK is positioned above the 20, 40 and 200 ma’s on the 5, 15 and 60 minute time frames. Stock has formed a nice consolidation zone for the past 5 days. Above 47.22 and with strong volume, we should be able to break above 47.35 (top of the head of a head and shoulders on the 60 min chart) with a predicted run to 49.00. First resistance above 47.35 should be 48.10.
PALM, Palm, Inc., Long > 5.50, Handheld Computing (PDA’s), $HWI.X
This stock rallied nicely over the doldrums on Friday and then consolidated into the close. Above here the stock breaks the 20 and 40 ma’s on the daily and Thursday’s high. This one will see some resistance at 5.53 (200 ma on 60 min chart) but with solid volume it should be able to break out.
HGSI, Human Genome Sciences, Long > 51.45 or light vol Fibo pull back to 50.30 area., Biotech – Top Tier, $BTK.X
This stock reversed dramatically on big volume in the afternoon session on Friday after a 4 ½ day sell off. Also bounced off a key Fibonacci convergence zone on the 6 min chart ( as measured from the 7/16 and 7/24 lows). Above here we break the 200 ma on the 15 min chart and are positioned well to break Friday’s high of 51.59 on our way to key resistance at 53.00.
SHORTS:
SYMC, Symantec, Short 49.10, Software- Productivity Applications, $GSO.X
Volume is drying up on this one. The heaviest bursts of volume on Friday came as the stock was selling off. Below 49.10 we break the last leg of support at the 200 ma on the 15 minute chart. Stock set a Triple top on Thursday at 50.85(also Fibo Resistance on daily) and now it’s losing momentum.
CHKP, Check Point Software, Short < 43.05, Software – Security, $GSO.X
This stock sold off sharply near the close Friday on heavy volume. Below here we break the low of July 31 and the 200 ma on the 60 min. chart. Will also consider shorting CHKP on a light volume rally to the 44.50 to 45.00 area since a failed rally here would be the beginning of a right shoulder.
JDSU, JDS Uniphase, Short < 9.10, Networkers- Optical WAN/Telco, $NWX.X
This stock showed relative weakness to the sector as it sold off into the close on Friday to close almost at the day’s low. Below 9.10 we break the 200 ma on the 15 min chart with the next support levels at 8.90 then 8.75.
OPWV, Openwave Technologies, Short < 24.00, Cellular Telephone HW/SW,
Below here OPWV loses a key Fibo support area and Friday’s low. Stock closed at the low of the day. Next support at 22.90 and 21.65.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com |
