Intraday Investments Stalk Sheet for Tuesday, October 16, 2001
In the after hours markets the Nasdaq Futures are down 2.00 pts. and the S&P Futures are down 1.20 pts as of 8:00 pm edt.
Companies in our sector model reporting earnings on Tuesday include: Before the Open: ONE, BGEN, BRW, DO, ENE, JNJ, PMTC, TLAB. During Trading Hours: FRX,MEL, USB, After The Close: CDN, DIGL, FSII, ITWO, IBM, INTC, MERQ, LLTC, MLNM, PPDI, RMBS, RNWK, RFMD, TER, VRTS,
On the economic calendar for Tuesday we have: 9:15 am: Capcity Utilization and Industrial Production for September.
Earnings should dominate the spotlight on Tuesday as the likes of FRX, MEL, IBM, INTC and VRTS report. After the close on Monday NVLS brought the semiconductor industry down after the company posted in line results for the quarter but cautioned investors of soft market conditions. Overall however, the futures are only down slightly but based upon the NVLS news we are preparing for a gap down in the morning.
We are inclined to trade intraday as many setups can be disrupted by the plethora of earnings announcements coming tomorrow. Nonetheless, here a few potential set up plays for tomorrow:
LONGS:
NT, Nortel, Long > 6.00, Networking Sector-Optical WAN Telco , NWX.X
NT will need to see a dramatic increase in volume to break above the 2 day high. Above here we break away from a zone of consolidation formed over the past 2 weeks.
RIMM, Research In Motion, Long > 17.48, Computer Hardware-Handheld/PDA’s, $HWI.X
Above 17.48 we break a two day double top high and a Triple top dating back to Sept 24, 2001. Above here we will see next resistance at 17.80. Volume picked up nicely in this stock on Monday.
SHORTS
CLS, Celestica, Short <34.00, Computer Hardware-Manufacturing, $HWI.X
Below here CLS breaks the 3 day low on its way to first support at 33.50. Below 33.50 we should see next support at 33.00.
CHKP, Checkpoint Software, Short < 29.35, Computer Software, $GSO.X
Chkp closed in the low third of its trading range on Monday on decreasing volume. Below this support level we find next support at 28.65 and 27.70 with major support at 27.00.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
Disclaimer: Intraday Investments does not advise its clients or any other person whether or not to buy or sell or take positions in securities. Further, we do not receive any form of payment or other compensation for publishing information, news, research or any other material concerning any securities on our site or publish any information on our site that is intended to affect or influence the value of securities.
We are not registered as a broker, broker-dealer, investment adviser, agent or representative of the U.S. Securities and Exchange Commission, or any similar authority. We do not teach or recommend to any Client their financial suitability to trade equities. We make and offer no analysis or advice regarding your individual financial suitability to trade equities as a day trader or otherwise. We are not responsible for what any Client does based on our opinions. |
