Intraday Investments Stalk Sheet for Thursday, August 23, 2001
In overnight action, the Nasdaq Futures are up 6.50 points and the S&P futures are up .90 points as of 9:35 pm edt.
Companies in our sector model reporting earnings on Thursday include: KM, KKD, LTD, ADCT and ELBO.
On the economic calendar for Thursday we have: FOMC minutes and Initial Jobless Claims for 08/18.
Well, we got the reversal that we cautioned about in last night’s Stalk Sheet. The markets will probably gap up in the morning but don’t expect any follow through of significance. In this whippy, choppy, back and forth, ping pong ball of a market we must be prepared for anything. Be careful.
LONGS:
TXN, Texas Instruments, Long > 34.00, Semiconductor Sector-Mixed Signal + DSP Congl. $SOX.X
TXN rallied nicely on Wednesday on strong volume. Above 34.00 we break major resistance of the 200 ma’s on the 15 and 60 min charts.
KLAC, KLA Tencor, Long > 49.43, Semi Equipment, $SOX.
This stock closed near the high of the day on a big increase in volume. Above here we break the 200 ema and the high of a 4 day consolidation zone. Next resistance at 49.74 on our way to 50.50.
HCA, HCA, Inc., Long > 57.00, Healthcare Sector – Healthcare Facil., $HCX.X
This one closed near the day’s high on very strong volume. Above 47.00 we break a double top, the neckline of an inverse head and shoulders on the daily chart and to a 52 week high.
JDSU, JDS Uniphase, Long > 7.60, Networkers-Optical WAN/Telco Play, $NWX.X
Above here we break the neckline of an inverse head and shoulders on the daily chart and the 40 ma on the 60 min chart. This stock closed at the high of the day on excellent volume. The projected run is to 8.00.
SHORTS:
FON, Sprint Corp, Short < 22.31, Telecom Sector-Major IXC’s, $XTC.X
Below here we break the 40 ma on the daily and should see 21.40. This stock closed near the day’s low on increasing volume and failed to rally with the market into the close. Head and shoulders set up on the daily chart.
KKD, Krispy Kream, Short < 34.40, Consumer Non-Cyclicals
KKD has gotten a bit over extended. Below 34.40 the next support is at 34.10. Below 34.40 we break the 20, 40 and 200 ma’s on the 5 min chart on our way to Wednesday’s low of 34.10. Below 34.10 we should see 33.00.
EBAY, Ebay, Short On a light volume rally or gap up near 58.00, Internet Sector-eCommerce, $IIX.X
This stock roared back into the close but has lost support of the neckline on the daily chart. This one has too much overhead to get very far without massive volume. Between 58.00 and 58.70 this stock runs into the 200 ma on the 5 min chart and the 20 and 40 ma’s on the 60 min chart. This is also a significant zone of Fibonacci resistance.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
Disclaimer: Intraday Investments does not advise its clients or any other person whether or not to buy or sell or take positions in securities. Further, we do not receive any form of payment or other compensation for publishing information, news, research or any other material concerning any securities on our site or publish any information on our site that is intended to affect or influence the value of securities.
We are not registered as a broker, broker-dealer, investment adviser, agent or representative of the U.S. Securities and Exchange Commission, or any similar authority. We do not teach or recommend to any Client their financial suitability to trade equities. We make and offer no analysis or advice regarding your individual financial suitability to trade equities as a day trader or otherwise. We are not responsible for what any Client does based on our opinions. |
