Intraday Investments Stalk Sheet for Tuesday, August 14, 2001
Just as predicted, a gap up occured which allowed the Nasdaq, S&P and Dow to close near or in positive territory for the day on Monday (break the head and shoulders formations).
In after hours action, as of 7:48 pm edt 08/14/01, the Nasdaq Futures are up 3.50 pts and the S&P Futures are down .40 pts.
Sector Model earnings reports due out for Tuesday include: AMAT, BEAS, NVDA, NTAP, HD, JCP, TJX and WMT.
Economic data due out Tuesday includes: Retail Sales for July and Retail Sales excluding automobiles for July.
LONGS:
Q, Qwest Communications, Long > 24.94, Telco Svc Providers –ILEC’s, $XTC.X
Above here we break the high of a 6 day band of consolidation. This stock will need to see a significant pick up in volume to break out. It will also need a strong sector and market.
CNC, Conseco, Long > 9.15, Insurance Sector, $IUX.X
This stock has gotten blasted for the past 5 days but finally showed signs of stabilizing by forming a long legged doji on Monday. Above here this stock breaks the 20 ma on the 60 min chart and the 200 ma on the 5 min chart. Volume must be high as there is considerable resistance up to 9.20.
MUSE, Micromuse, Long > 14.65 or on Fibo pullback to 14.00 area, Computer Software-Applic. Mgmt, $GSO.X Above 14.65 we break the 200 ma on the 15 min chart. Muse rallied on increasing volume on Monday to close near its high of the day.
BGEN, Biogen, Long > 59.00, Biotech Sector-Top Tier, $BTK.X
BGEN rallied on strongly increased volume on Monday to close almost at the days high. Above 59.00 we break the high of a 10 day consolidation zone and should see 60.30.
CHKP, Checkpoint Software, Long >41.55, Comp. Software – Security, $GSO.X
Above 41.55 we break the 200 ma on the 60 and 15 min charts and the 20 ma on the daily. This stock rallied well on Monday but on light volume. The volume must be heavy to take this one long. Watch the volume carefully!
SHORTS:
THQI, THQ, Inc., Short < 53.25, Semiconductor-Graphics Video, $SOX.X
Below here we break the 40 ma on the 15 min chart on our way to next support at 52.60 (200 ma on the 60 min chart). Below here we should see 51.80.
WAG, Wallgreens, Short < 36.40, Retail – Drug Stores, $RLX.X
Below 36.40 WAG loses major support on the 5 and 60 min charts. Below here we should see 36.15 (200 ma on the 15 min chart) then 36.00 and 35.50. Next major support is at 34.00.
KEY, Keycorp, Short < 27.00, Banking Sector-Regional Bank, $BKX.X
KEY is forming a perfect Head and shoulders formation on the daily chart. This stock sold off on a big burst of volume on Friday to close near the low of the day. Below 27.00 we break the neckline of the head and shoulders pattern. The predicted drop is to 25.90. We should find support along the way at 26.75, 26.60 and 26.15.
AOC, AON Corp,Short < 38.60, Insurance Sector, $IUX.X
This stock has made a parabolic unsustainable run over the past 5 trading days. The RSI on the 60 min chart is beginning to diverge from the price of the stock. Selling pressure began to pick up on Friday as the stock closed in the danger zone. Below 38.60 we have support at 38.00 and 37.50.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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