Intraday Investments Stalk Sheet for Thursday, August 9, 2001
In overnight action, the Nasdaq Futures are down 8.00 pts and the S&P futures are down 1.00 pt as of 11:55 pm edt.
On Thursday, there are no stocks reporting earnings from our sector model.
Events on the Economic Calendar for Thursday include: Initial Jobless Claims for 08/04, Export Prices excluding agriculture for July and Import Prices excluding oil for July.
If the market gaps down based on the downside follow through we expect to see then we will be looking to buy the gap down.
LONGS:
NEM, Newmont Mining, Long > 19.25, Precious Metals – Mining,
Above here and with strong volume and panic in the market, NEM should continue to rally as gold is a natural defensive play during harsh sell offs as we saw on Wednesday. Above here we should see resistance at 19.37 (Wednesday’s high) and then 19.50.
ALL, Allstate, Long > 33.61, Insurance Sector - $IUX.X
This stock has stabilized nicely over the past 3 days and showed excellent relative strength during a massive sell off in the markets on Wednesday. ALL closed in the upper third of its trading range on Wednesday. If the market reverses tomorrow and ALL sees better volume it should see 34.00 and then 34.25.
ONIS, ONI Systems, Long > 22.11, Networkers- Next Gen Packet Switch & Mux’ing Equip, $NWX.X
This stock performed well during a vicious sell off in the markets on Wednesday. ONIS also saw great volume on the day. Above 22.11 we will see resistance at 22.25 and 22.50. This stock had such good volume and relative strength on Wednesday that if the market rallies on Thursday we would expect it to be one of the first to break to the upside.
SHORTS:
GILD, Gilead Sciences, Short < 47.30, Biotech – Infectious Research, $BTK.X
Below here we break the neckline of a major head and shoulders pattern on the daily chart. Next major support at 45.00.
SCOR, Syncor International, Short < 32.40, Small Cap
Below here this stock should be able to take out 32.30 on its way to 31.70 then 31.25. This stock breaks the 200 ma on the 5 min chart, the 40 ma on the 15 min chart and the 20 & 40 ma’s on the 60 min chart. Stock has formed a double to on decreasing volume. Divergence between stock’s price and RSI on the daily chart.
SYMC, Symantec, Short < 45.70, Software – Productivity Applic., $GSO.X
Below 45.70 we break key support area on the 60 min chart and the 20 ma on the daily. Next support at 200 ma on the 60 min chart then Fibonacci support at 44.00 on the 60 minute chart.
NVDA, Nvidia, Short < 85.50, Semiconductors - Graphics/Video, $SOX.X
Below the 85.50 – 85.60 range we break the 200 ma on the 15 min chart and should be able to take out the 20 ma on the daily at 85.32 if selling pressure remains strong in the market. Below 85.32 the next support is 84.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com |
