Intraday Investments Stalk Sheet for Tuesday, August 21, 2001
In overnight action, the Nasdaq Futures are up 2.00 points and the S&P futures are up 1.00 points as of 9:05 pm edt.
Companies in our sector model reporting earnings on Tuesday include: SCMR, TGT, SPLS, MYGN, ENZN, FNSR & INTU.
On the economic calendar for Tuesday we have: The FOMC meeting. The consensus among economists is the FED will cut rates by 25 basis points.
LONGS:
JBL, Jabil Circuit, Long > 23.40, Computer Hardware-Manufacturing
Above here we break the 200 ma on the 5 min and the 20 ma on the 60 min chart. JBL formed a long legged doji reversal candlestick on the daily chart also. May consider going long JBL above 23.30 if volume is strong.
HD, Home Depot, Long > 50.00, Retail Sector-Home Improvement, $RLX.X
HD should continue to rally in sympathy with the excellent LOW earnings news. Above 50.10 we break the top of both shoulders of a head and shoulders that was beginning to form on the daily chart. We also break above a 5 day consolidation zone. Above 50.00 we see resistance at 50.70 to 50.90 area.
MRK, Merck & Co., Long > 70.80, Drug Sector – Major Drug Companies, $DRG.X
MRK saw a nice increase in volume on Monday and closed near the day’s high. Above 70.80 we break above the high of a 6 day consolidation zone. Above here we expect to see 71.65.
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 8 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.
SHORTS:
KO, Coca-Cola, Short <48.25 or on light vol gap up or rally near 49.00, Consumer Non-Cycl.
KO has been on a tear for 12 days now and is due for a rest. At 49.35 we see a double to and the 200 ema on the daily. The ideal scenario would be a light volume gap up into resistance near 48.00.
KKD, Krispy Kream, Short < 33.50 or on a light vol rally or gap up near 34.30, Cons. Non-Cycl.
Like KO, KKD has gotten a bit over extended. KKD rallied into the 40 ma on the daily which is also Fibonacci resistance. Below 33.50 the next support is at 31.50.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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