Intraday Investments Stalk Sheet for Friday, August 24, 2001
In overnight action, the Nasdaq Futures are up 15.50 points and the S&P futures are up 3.10 points as of 10:30 pm edt.
Companies in our sector model reporting earnings on Friday include: No Earnings Reported Friday.
On the economic calendar for Friday we have: Durable Good Orders for July and New Homes Sales for July.
The big news of the evening came from CSCO:
NEW YORK (CBS.MW) -- Grasping onto a much-awaited hint that the tech slump may be subsiding, investors snapped up technology stocks late Thursday after tech bellwether Cisco Systems repeated that it's beginning to see signs that business is stabilizing.
Shares of the networking equipment giant rose 5.8 percent to $17.73 on the Island ECN, where the stock was the most active issue in the session. Rising in tandem, shares of Juniper Networks climbed 7.7 percent; Applied Micro Circuits gained 3.9 percent; PMC-Sierra tacked on 4.1 percent; and Sun Microsystems traded up 2.8 percent.
This market never ceases to deliver a surprise ! With a gap up likely in the morning, most of our setups will be disrupted. Therefore, we will evaluate the market conditions at the open and determine at that time how to trade the market.
LONGS:
Again, due to the likely gap up we will evaluate the market in the morning and determine at that time which stocks are showing the most relative strength. We will focus on companies that are most positively affected by the CSCO news such as: PMCS, JNPR, FDRY, EXTR & CIEN. It is also possible that we may fade any gap up especially those stocks showing light volume at the open.
SHORTS
Biotech Sector on a low volume rally or gap up. Some stocks to watch include GILD, HGSI, DNA, IDPH, CEPH, MEDI, and PDLI.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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