Intraday Investments Stalk Sheet for Tuesday September 11, 2001
In early morning trading on Tuesday, the Nasdaq Futures are up 15.50 pts and the S&P Futrues are up 6.00 pts as of 7:15 am edt. It appears as if the markets may actually bounce today.
Companies in our sector model reporting earnings on Tuesday include: None.
On the economic calendar for Tuesday we have: No Economic News
LONGS:
ORCL, Oracle, Long > 11.65, Software Sector – Enterprise Database, $GSO.X
ORCL closed near the day’s high on increasing volume on Monday. Above 11.65 we break the 40 ma on the 60 min on our way to next resistance at 11.90.
JPM, JP Morgan, Long > 37.40, Banking Sector- Money Center Banks, $BKX.X
This stock sold off to form a double bottom on Monday and then rallied to close near the high of the day. Above here we see next reistance at 38.00.
AMD, Advanced Micro Devices, Long >12.05, Semiconductor Sector- CPU’s, $SOX.X
Although volume was only modest, AMD showed good relative strength on Monday and closed near the day’s high. Above 12.05 we break the 40 ma on the 60 min chart on our way to next resistance at 12.20, 12.40 and 12.53.
Look for a rally in telecom equipment since Solomon Smith Barney has officially downgraded them at the bottom (ha ha). It never ceases to amaze me how analysts operate.
SHORTS
BRL, Barr Labs, Short <81.00 or on a low vol bounce near 82.00, Drug/Biotech to be added
BRL closed near the low of the day on Monday on increasing volume and broke below the 40 ma on the daily and a 4 day consolidation zone. This one may bounce before heading lower. The next major support is at 78.00.
SUN, Sunoco, Short <37.45, Oil Sector-Oil Producers, $XOI.X
Below here we break the neckline of a head and shoulders pattern that has been setting up for a week. May actually enter this one early at < 37.60 if market conditions warrant such a move. Next serious support isn’t until 37.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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