Intraday Investments Stalk Sheet for Thursday, August 30, 2001
In overnight action, the Nasdaq Futures are down 10.50 points and the S&P futures are up 1.90 points as of 7:30 am edt.
Companies in our sector model reporting earnings on Thursday include: No companies reporting.
On the economic calendar for Thursday we have: Personal Income for July, PCE for July, Help Wanted Index for July and Initial Jobless Claims for 8/25/01.
We broke a very key support zone on the Dow at 10,120 on Wednesday. This zone had severed as support for almost 2 months. The next big support for the Dow will the 10,000.
LONGS:
BRW, Broadwing, Long > 17.80, Telco Services - CLEC”s, $XTC.X
BRW formed a long legged doji on Wednesday. Above 17.80 we break the 20 ma on the 60 min chart and a two day high.
NTAP, Network Appliance, Long > 14.20 or pullback on light vol ut 13.50 area. Computer Storage – Storage Hardware
NTAP showed good relative strength on Wednesday and managed to close near the day’s high on decent volume in a negative market. Above 14.20 we break the head of a head and shoulders pattern. This one will need to see solid volume and a cooperative market to rally further.
SHORTS
ABGX, Abgenix, Short < 30.15, Biotech Sector-Cancer Treatment, $BTK.X
This stock rallied into a double top on Wednesday on decreasing volume. Will also consider shorting it on a light volume gap up or rally near 30.65.
LXK, Lexmark, Short < 51.20, Computer Hardware – Conglomerates, $HWI.X
After a multi day rally LXK formed a reversal candle on Wednesday and closed near the day’s low. Below here we have support at 50.60 and 49.95.
AOC, AON Corp., Short < 37.50, Insurance Sector
AOC closed below the 20 per ma on the daily for the first time since 07/31/01 and also closed near the low of the day on Wednesday. Below here we should be able the break the 200 ma on the 60 min chart (at 37.40) on our way to 36.35.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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