Intraday Investments Stalk Sheet for Monday, August 27, 2001
In overnight action, the Nasdaq Futures are up 2.00 points and the S&P futures are down .30 points as of 9:15 pm edt.
Companies in our sector model reporting earnings on Monday include: No Earnings Reported Monday.
On the economic calendar for Monday we have: Existing Home Sales for July.
As of 9:30 pm Sunday evening, the futures have given us little indication of the direction of the markets for Monday morning. In This market environment news delivered near the open seems to be what drives the markets for better or worse. Based on Friday’s close, we would expect to see some follow through to the up side in semiconductors and possibly some of the networkers. The Biotechs seem a bit over heated and if we see a gap up in this sector, we will most likely look to fade it.
LONGS:
AMCC, Applied Micro Circuits, Long > 15.10, Semi Sector-Mixed Signal Datacom, $SOX.X
This stock closed near the high of the day on Friday on a huge increase in daily volume. Above here we break a 7 day high and the neckline of an inverse head and shoulders on the 15 min chart.
JDSU, JDS Uniphase, Long > 7.60 on strong volume, Networkers-Optical WAN/Telco, $NWX.X
We will consider taking JDSU long above 7.60 (which is below Friday’s high of 7.71) only on strong volume since the sell off into Friday’s close of 7.50 was on very weak volume.
ORCL, Oracle, Long 15.29, Computer Software-Enterprise Database Appl., $GSO.X
This stock has see increasing volume over the past several days and closed near the day’s high on Friday on the best volume in 6 days. Above 15.29 on strong volume, we should be able to take out the 8/16 high of 15.35 on our way to 15.50 then 16.00.
SHORTS
KO, Coca Cola, Short < 49.15, Consumer Non-Cyclicals
KO is showing signs of weakness as the RSI has reached an extreme reading and is turning down in unison with the CCI and the OBV. Reversal candle also formed on Friday on the daily. Below here we break the 200 ema on the daily on our way to 48.90 where we could see a bounce and a possible formation of a head and shoulders on the 15 min chart. There is support at 48.90 and 48.60 on the 60 min chart for Coke but we want to get in early as we see this one potentially falling quickly.
GILD, Gilead Sciences, Short <60.05, Biotech Sector-Infectious Research, $BTK.X
Gilead formed a reversal doji candlestick on the 60 min chart into the close on Friday. This stock has seen a parabolic run for 5 day. We will also look to short this one on a light volume rally or gap up on Monday. Below 60.05 we lose the 20 and 40 ma’s on the 5 min chart on our way 59.75 then 59.30. Below 59.30, GILD should fall like a rock to the 58.00 area.
INTU, Intuit, Short < 38.55 or on light vol rally or gap up , Computer Software-Productivity Apps., $GSO.X
INTU rallied into a double top on Friday but volume is drying up since Wednesday. Below 38.55 we lose the 20 and 40 ma’s on the 5 min chart but still has decent support at 38.30 (20 ma on the 15 min chart). Below 38.30 however, we should see 37.25 in a hurry. This stock has seen a parabolic rally over the past 3 days that is most likely unsustainable in the current market environment.
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. |
