Intraday Investments Stalk Sheet for Tuesday September 4, 2001
The futures markets have traveled the extremes from down as much as 14.50 pts late last night to up as much 30.00 pts after the HWP announcement that it is buying CPQ. As of 7:17 am the Nasdaq Futures are up 12.50 pts and the S&P Futures are up 3.90 pts.
Companies in our sector model reporting earnings on Tuesday include: ABS.
On the economic calendar for Tuesday we have: Auto Sales for August, Truck Sales for August, Construction Spending for July and the NAPM index for August.
I wrote the following prior to the HWP news last night:
{On the day off in the US markets, the European and Japanese markets sold off briskly. Based upon the overnight action in the Nasdaq and S&P futures, for the moment, we expect to see a gap down on Tuesday morning. If the markets gap down we will look to fade the gap by going long those stocks that closed near the highs of the day on Friday with the strongest volume.}
However, based upon what we know now and the whippy action in the markets, we will wait for the markets to settle before we trade on today.
LONGS:
Potential longs: We will look for are those stocks that don’t gap up severely and that closed on strong volume near their highs on Friday. Candidates include: AETH, PROX, JDSU, SFA, SONS, CREE, LVLT, AOL and SUNW. Market action will dictate how we trade any of these positions.
SHORTS
The biotechs still look primed for further retraction but once again due to market conditions we must be careful with pre conceived notions. Potential shorts on a gap up include, ERTS, EBAY, NVDA, CELG, CEPH, DNA, IDPH, MEDI, PDLI, BLS, FRX, BAX, THC and ATVI.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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