Intraday Investments Stalk Sheet for Friday, September 28, 2001
In the after hours markets the Nasdaq Futures are up 5.00 and the S&P Futures are up 3.00 pts as of 9:45 pm edt.
Companies in our sector model reporting earnings on Friday include: SWY.
On the economic calendar for Friday we have: At 8:30 am: Chain Deflator-Final for Q2, GDP-Final for Q2, : 9:45 am - Univ of Michigan Consumer Sentiment –Rev. for Sept, and at 10:00 am Chicago PMI for September.
The markets finally showed signs of a reversal after the Nasdaq Futures put in an apparent double bottom on Thursday. We would expect to see some follow through to the up side Friday but as always, the market will be our guide.
LONGS:
MEDI, Medimune, Long > 34.85 or on light vol. Pullback to 34.00 area, Biotech Sector-Infectious Disease Research, $BTK.X
MEDI saw huge volume on Thursday nearly closing above a 6 day zone of consolidation. If we can break above Thursday’s high of 34.85 and volume remains strong, we could see 37.50 with resistance along the way at 35.00, 36.00 and 36.50.
DD, EI Dupont, Long > 36.20 or on light vol pullback near 38.90, Chemical Sector-Plastic and Rubber, $CEX.X
Above here DD breaks the neckline of an inverse head and shoulders. Next resistance is at 37.00 and the predicted rally from this pattern is to 38.75.
AFFX, Affymetrix, Inc., Long >16.25, Biotech Sector-Gene Mapping, $BTK.X
Above here we break the 7 day high. This stock saw great volume into the close and should catch up with the sector if it sees good volume and the market rallies. Next resistance at 16.70 and then 17.10.
A lot of Semi and Semi related stocks formed double bottoms on Thursday including: AMAT, IRF, KLAC, LRCX, LLTC, LSCC, LSI, MCHP, AND MXIM. Keep an eye on semi’s for a reversal.
SHORTS
PGR, Progressive Insurance, Short < 131.50 or on light vol rally or gap up, Insurance Sector, $IUX.X
This stock has gone parabolic in the past 4 days and is now running into resistance as its volume is decreasing. Below 131.50 this one should see 130.00.
WMT, Wall-Mart, Short < 48.75, Retail Sector – Dept Stores, $RLX.X
Wall-Mart has formed a triple top on decreasing volume. Below 48.75 we break the 20 ma on the 60 min chart. Next support at 48.20 then 47.75. Below 47.75 we should see 46.50.
The Healthcare and Drug sectors are due for a pullback. Fat cats include: ABT, AHP, JNJ, BMY, FRX, LLY, MRK, PFE, BAX, THC, STJ, HCA, SGP, WLP, HUM & UNH.
The Insurance sector also looks primed for a pullback.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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