Intraday Investments Stalk Sheet for Tuesday, October 2, 2001
In the after hours markets the Nasdaq Futures are down 3.50 and the S&P Futures are down .80 pts as of 9:45 pm edt.
Companies in our sector model reporting earnings on Tuesday include: None.
On the economic calendar for Tuesday we have: At 8:30 am: Auto and Truck sales for September and the all important FOMC meeting at 2:15 pm edt. It is expected that the Fed will cut rates by 50 bps due to the extraordinary circumstances surrounding the economy.
LONGS:
ADBE, Adobe Systems, Long > 24.34, Software Sector – Productivity Apps, $GSO.X
ADBE consolidated on Monday but was unable to sustain a rally due to light volume. To break Monday’s high and head higher, we will need to see much greater volume than we saw on Monday as 24.34 to 24.40 area represents the 200 ma on the 15 min chart.
PMTC, Parametric Technologies, Long > 5.37, Software Sector-Mfgr. Support, $GSO.X
Above here we break the 2 day high. After selling off in the morning on Monday, PMTC recovered on solid volume to close near the day’s high. With a burst of volume, PMTC should break the 2 day high on its way to 5.60.
SHORTS
BBBY, Bed Bath & Beyond, Short <24.40, Retail Sector-Specialty Stores, $RLX.X
Below here we break the four day low on our way to filling the gap at 23.40. There is support along the way at 23.95 (200 ma on the 15 min chart).
LOW, Lowe’s, Short < 29.67, Retail Sector-Home Improvement, $RLX.X
Below here we break the 4 day low and the 200ma on the 15 min chart. Volume picked up as LOW began selling off on Monday.
Almost any stock in the Drug, Healthcare or Insurance sector looks like a prime candidate to short especially if we gap up or rally on light volume at the open on Tuesday. Potential candidates include: BAX, BSX, STJ, GDT, MDT, WLP, THC, AET, AFL, AIG, AOC, ALL, CB, HIG, LNC, PGR, SPC, SAFC, JNJ, ABT, LLY, MRK, PFE & SGP. We will evaluate market conditions in the morning to determine if any of these candidates can be traded.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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