Intraday Investments Stalk Sheet for Wednesday, August 22, 2001
In overnight action, the Nasdaq Futures are up 7.00 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 Wednesday include: ROST and SNPS.
On the economic calendar for Wednesday we have: No economic reports due out Wednesday.
There was total panic selling into the close on Tuesday and we would expect to see follow through selling into the morning on Wednesday. As always, if we gap down in the morning, we will evaluate the market and look to fade the gap down. The markets seem to be in big trouble but we don’t want to get blind sided by a reversal by falling too much in love with the short side of the market. Be careful.
LONGS:
AMD, Advanced Micro Devices, Long >15.00, Semiconductor Sector-CPU’s, $SOX.X
Amazingly, AMD closed at the high of the day on big burst of volume into the close. This one has been consolidating nicely for the past 3 days and should be one of the first stocks to rally if the market reverses. Above 15.00 we will see resistance at 15.50 and 16.00.
ABX, PDG and NEM (the gold stocks). When there is panic in the markets, money flows into gold. Almost every gold stock closed in the upper 10% of its trading range on Tuesday.
HRC, Health South Corp, Long > 17.70, Healthcare- Healthcare Facilities (to be added) $HCX.X
This stock closed within 10% of the days high on Tuesday on very strong volume. Above 17.70 with continued strong volume, we should test the highs of the year at 18.00.
THC, Tenet Healthcare, Long > 55.99, Healthcare-Healthcare Facilities, $HCX.X
THC also closed within 10% of the days high on Tuesday. Volume was not very strong however. If volume picks up and the market reverses, THC could break resistance at 55.99 on its way to 56.50 then 57.00.
SHORTS:
AFCI, Advanced Fibre Comm., Short < 24.00, Networkers-Optical Wan/Telco, $NWX.X
Below here we should be able to break the 2 day low of 23.96 and the 200 ema on the daily. AFCI looks like it’s ready to fill the gap down to 23.00. If the market stays negative, this one could see the 200 ma on the daily.
KKD, Krispy Kream, Short < 34.50, Consumer Non-Cyclicals
KKD has gotten a bit over extended. Below 34.50 the next support is at 33.70. Stocks like this are primed to get killed if the market environment stays as negative as the close was on Tuesday.
ADI, Analog Devices, Short <45.00, Semiconductor Sector, Mixed Signal + DSP Conglom., $SOX.X
Below 45.00 we lose the 40 ma on the daily and the low of the past 25 days. We will also consider shorting this one if it bounces into moving average or Fibonacci resistance near 46.00.
EBAY, Ebay, Short < 57.59, Internet Sector-eCommerce, $IIX.X
Below Tuesday’s low of 57.59 EBAY and with a negative market behind it, EBAY should be able to break 56.75 on its way to the 200 ema at 56.00. If we lose 56.00 EBAY could see 50.00 over the next couple of days. This stock was pounded into the close on Tuesday and closed at its lowest point since May 16th of this year.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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