Intraday Investments Stalk Sheet for Monday, September 24, 2001
In the after hours market, the Nasdaq Futures are up 8.50 and the S&P futures are up 1.50 pts as of 7:08 pm edt on Sunday.
Companies in our sector model reporting earnings on Monday include: None
On the economic calendar for Monday we have: Due out at 10:00 am edt. – August Leading Economic Indicators.
Although we have set ups chosen for Monday, we are still inclined to trade the markets based on intraday price and volume movements. I would not trade this market with big size since, on one hand, it could reverse any day but, on the other, there is still a lot of fear out there.
LONGS:
AOL, AOL-Time Warner, Long > 30.17, Internet Sector-Mega ISP, $IIX.X
This stock closed near the high of the day on Friday on a big burst of volume. Above here we break the 40 ma on the 60 min chart. We will need strong volume and a cooperative market for this one to go higher.
RIMM, Research in Motion, Long > 16.15, Computer Hardware-Handheld-PDA’s, $HWI.X
RIMM has shown incredible relative strength on increasing volume during a time of carnage in the markets. If we get a reversal in the market this should be one of the first stocks to rally. We may consider taking this on long above 15.88 if the stock in acting well on strong volume.
AMD, Advanced Micro Devices, Long > 9.45, Semiconductor Sector-CPU’s, $SOX.X
AMD closed near the day’s high on Friday on a strong burst of volume. Above 9.45 we break the 40 ma on the 60 min chart. Will also consider buying this on a low volume pullback near 9.00.
SHORTS
BAX, Baxter Healthcare, Short < 50.50, Healthcare Sector – Equip and Supplies, $HCX.X
Below here, BAX loses a critical support level on it’s way to 49.00 then 47.00 on the daily chart. 49.00 is the up trend line and 47.00 is the 200 ma on the daily chart.
JNJ, Johnson & Johnson, Short <52.00 or on light volume rally near 53.00. Drug Sector, $DRG.X
JNJ lost support on Friday and shattered its up trend line. It then rallied to close near resistance at 52.25. This stock appears to be in technical melt down and we will consider shorting any rallies.
ELNK, Earthlink, Short < 12.81, Internet Sector-Mega ISP, $IIX.X
Below here, Earthlink breaks the neckline of a head and shoulders pattern. The neckline of this set up is also the 200 ema on the daily. Next major support on the daily is at 11.50.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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