Intraday Investments Stalk Sheet for Wednesday, August 29, 2001
In overnight action, the Nasdaq Futures are down 2.50 points and the S&P futures are down 1.10 points as of 9:54 pm edt.
Companies in our sector model reporting earnings on Wednesday include: DDS, FCEL and TTWO.
On the economic calendar for Wednesday we have: GDP-Preliminary for Q2 and Chain Deflator – Preliminary for Q2.
Tuesday brought us a sharp sell off in the markets primarily from what appeared to be a negative reaction to the Consumer Confidence Numbers released at 10:00 am. The markets were weak into the close and we expect follow through to the downside in the morning. If the GDP numbers come in weaker than expected before the open on Wednesday, expect to see some serious selling.
LONGS:
GTW, Gateway, Long >8.80, Computer Hardware-PC Hardware OEM’s, $HWI.X
Above here, GTW breaks the 3 day high and the 40 ma on the 60 min chart. After gapping down in the morning on Tuesday, this stock rallied on strong volume to close near the high of the day. We will need a strong market and good volume for this on to follow through.
A, Agilent, Long > 28.00, Computer Hardware – Test Hardware, $HWI.X
A showed good relative strength on Tuesday in a weak market. A also had good volume. Above 28.00 (28.05 actually) we should see 28.60. Good volume and a strong market will most likely be necessary for this one to rally further.
TLAB, Tellabs, Inc., Long > 14.25, Telco Hardware, $XTC.X
TLAB also showed relative strength in a weak market on Tuesday. The volume was not great and to sustain a rally, TLAB will need to see better volume on Wednesday. Above 14.25 we break the neckline of an inverse head and shoulders pattern. Above 14.25 expect to see 14.50 and then 14.85.
SHORTS
ABGX, Abgenix, Short < 28.70, Biotech Sector-Cancer Treatment, $BTK.X
Tuesday brought the first reversal day for ABGX after a 6 day rally. Below Tuesday’s low of 28.68 expect to see 28.00 in a hurry. Below 28.00 the next significant support is at 27.00.
MEDI, Medimmune, Short < 39.72, Biotech Sector-Infectious Disease Research, $BTK.X
MEDI started to crack on Tuesday after a 5 day rally. Below the day’s low, MEDI breaks the 40 ma on the daily and the 200 ma on the 15 min chart on its way to support at 38.50 – 38.75.
CHIR, Chiron, Short < 47.95, Biotech Sector – Heart Disease Treatment, $BTK.X
Chiron has formed a distinct head and shoulders pattern on the 15 min chart. Below 47.95 we should be able to take out Tuesday’s low of 47.84 and break the neckline of the head and shoulders pattern on our way to next support at 47.40. The predicted drop of the head and shoulders formation is to 46.50.
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. |
