Intraday Investments Stalk Sheet for Friday September 7, 2001
Strong selling into any signs of strength was the nature of things on Thursday. The markets just don’t seem able to sustain any type of bounce or rally. The gloom cloud over the chip sector on Thursday was fueled by warnings by NSM and MOT. Pre-announcement season has already gotten off to a bad start.
Companies in our sector model reporting earnings on Friday include: None.
On the economic calendar for Friday we have: Due out at 8:30 am edt. – Nonfarm Payrolls for August, Unemployment Rate for August, Hourly Earnings for August, Average Workweek for August. Due out at 10:00 am edt. - Wholesale Inventories for July.
Unemployment number Friday’s have been unkind the markets this year. One report suggests that on six of the last 8 such days, the markets have ended down. In the short run however, the markets seem a bit over cooked to the down side.
LONGS:
SLB, Schlumberger, Long >50.90, Oil Services Sector – Drillers, $0SX.X
Above here we break the 3 day high on our way to taking out the 200 ma on the 60 min. Chart. This stock has held up and consolidated well against a weak market for the past 3 days.
PTEN, Patterson-UTI Energy, Long >14.37, Oil Services – Drillers, $OSX.X
Above here we break the 200 ma on the 15 min chart. This stock has consolidated nicely for the last 5 days against the backdrop of a weak market. Volume spiked dramatically yesterday as this one began to rally.
TDW, Tidewater, Long > 31.37, Oil Services – Drillers, $OSX.X
TDW began to reverse yesterday on solid volume. Above 31.37 we break the 20 and 40 ma’s on the 60 min chart.
SHORTS
AGE, AG Edwards, Short on a bounce near 40.00, Broker/Dealer-Traditional, $XBD.X
Will consider shorting in a weak market if this one bounces to 40.00 +/-. Will also consider this one short if it trades below Thrusday’s low of 39.40.
CORR, COR Therapeutics, Short < 27.00, Biotech Sector – Heart Disease Research, $BTK.X
Below here we break the neckline of a head and shoulders on the 60 min chart. Below 27.00 there is some support at 26.80 but on this third attempt at the neckline, CORR should break down to see 26.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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