Intraday Investments Stalk Sheet for Friday, August 17, 2001
In overnight action, the Nasdaq Futures are down 5.00 points and the S&P futures are down .80 points as of 11:45 pm edt.
Companies in our sector model reporting earnings on Friday include: NONE SCHEDULED
On the economic calendar for Thursday we have: Trade Balance for June and University of Michigan Consumer Sentiment Index – Preliminary for August.
The reversal we expected on Thursday did occur but we traded cautiously and did not participate in the rally. For the most part, the late day rally in many stocks was parabolic, into resistance and appears unsustainable.
LONGS:
LEH, Lehman Brothers, Long > 66.30, Broker/Dealers-Traditional Broker, $XBD.X
This stock has formed a double bottom over the past 2 trading days as the stock has formed a double doji star pattern. Above 66.30 we have minor resistance at Wednesday’s high and then 67.00. Will need volume to increase to break out from 2 day consolidation.
FNSR, Finisar, Long > 11.14 or on modest volume pullback to 10.40 area, Comp. Storage-FC Equipment
Above 11.14 we break through a double top formed on 08/09 and 08/14 and a 6 day zone of consolidation. Volume must remain strong.
BMY, Bristol – Myers Squib, Long > 56.85, Drug Sector – Major Drug Companies, $DRG.X
This stock has consolidated for the past 8 days after gapping down on 08/07. Volume increased nicely on Thursday as stock closed near day’s high. Above 56.85 we break the high of the past 8 days. First resistance above here is at 57.30 then 57.50.
SHORTS:
ERTS, Electronic Arts, Short < 56.00, Computer Software-Entertainment, $GSO.X
This stock sold off on heavy volume on Thursday and then rallied back on modest volume into Fibonacci resistance. Below 56.00 we break the 20 and 40 ma’s on the 5 min chart and the 20 ma on the 15 min chart. Next support is at 55.50 and then 54.89.
NVDA, Nvidia, Short < 88.85 or on light volume rally or gap up, Semiconductor Sector-Graphics/Video, $SOX.X
This stock go way ahead of itself by rallying 5 points off its low of the day on light volume. If volume remains weak, NVDA is a prime short candidate. We would love to see nothing more than a light volume gap up or rally of NVDA into resistance near 90.00.
EBAY, Ebay, Short ,<60.50 or on light vol gap up or rally, Internet Sector – eCommerce, $IIX.X
Just like NVDA, EBAY got way ahead of itself on Thursday on a rally back into major resistance on the daily chart. After breaking the neckline of a major head and shoulders pattern, EBAY rallied violently back into resistance in a parabolic manner which seems unsustainable.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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