Intraday Investments Stalk Sheet for Monday, August 20, 2001
In overnight action, the Nasdaq Futures are down 4.00 points and the S&P futures are down 1.70 points as of 6:45 pm edt, Sunday August 19, 2001.
Companies in our sector model reporting earnings on Monday include: LOW, TOY, A, AEOS and MDT.
On the economic calendar for Monday we have: Leading Indicators for July and the Treasury Budget for July.
The Big news for the week comes on Tuesday with the FOMC meeting and expected rate cut of .25 bps.
LONGS:
PFE, Pfizer, Long >42.00, Drug Sector – Major Drug Companies, $DRG.X
Above 42.00 PFE breaks the 200 ema on the daily on it’s way to 42.55 where it will see resistance at the simple 200 ma. This stock closed at the high of the day on Friday on increasing volume. Will also consider taking PFE long on a pullback on modest volume to the 41.40 area.
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 7 day zone of consolidation. Volume must remain strong and the market must be behind this move as big volume on Friday was not enough to carry this one higher against the market sell off.
OPWV, Openwave Systems, Inc., Long > 18.09, Cellular Tele. HW/SW
This stock has showed good relative strength against a weak market for 2 days now. Above 18.09 we should see resistance at 18.37 and then 18.65. Volume must improve dramatically and the market must rally for this one to break out.
SHORTS:
AFCI, Advanced Fibre Communication, Short < 24.65, Networkers – Optical Wan/Telco, $NWX.X
Below here we break the 200 ema on the daily and the neckline of a double top/head and shoulders pattern on the daily. Would like to see an increase in volume and we must remain cautiously aware that the RSI is showing an significant oversold reading on the 60 min chart (indicating the possibility of a bounce before heading lower). Will also consider shorting this on a bounce to the 25.60 area.
LRCX, Lam Research, Short < 26.75, Semi Equipment
We have tested 26.75 three times in the past 7 days. Below here we break the 200 ema on the daily. Next support at 26.35 then 25.50.
EBAY, Ebay, Short ,<58.82 or on light vol gap up or rally, Internet Sector – eCommerce, $IIX.X
Below here EBAY breaks the neckline of a head and shoulders pattern formed on the 5 min chart. First support is at 58.00 and then 57.00. Below 56.75, EBAY breaks the 200 ema on the daily chart and could see 50.00 in a few days trading. EBAY is set up to crack wide open on the daily chart.
STM, STMicroelectronics, Short <31.30, Semiconductor Sector-Mixed Sig. Datacom, $SOX.X
This stock gapped down and closed near the low of the day on Friday. Below here we break the 200 ma on the 60 min chart and if selling pressure strong, we should be able to break the 40 ma on the daily at 31.20. Next support is at 30.35.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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