Intraday Investments Stalk Sheet for Wednesday, October 17, 2001
In the after hours markets the Nasdaq Futures are up 15.50 pts. and the S&P Futures are up 5.30 pts as as of 9:00 pm edt.
Companies in our sector model reporting earnings on Wednesday include: Before the Open: AOL, C, EMC, NITE, JPM, KEY, OXY, ODP, PFE, MO, After The Close: ATVI, AMD, AAPL, BRCM, CLS, EXTR, HAND, IMNX, MCDT, NEWP, PGR, SNDK, SEBL, TXN, TXCC,
On the economic calendar for Wednesday we have: 8:30 am: Housing Starts & Building Permits for September.
Tuesday brought a very whippy trading environment and the day ended with a major rally in technology. The big news in the after hours market was that IBM beat earnings by 1 penny and this sent the stock roaring up $4.00 after the close. Needless to say, many other technology stocks have gapped up as a consequence. With another plethora of earnings announcements tomorrow and with key housing numbers coming out before the open, just about any number of scenarios are possible in the morning. If the gap up holds, many of our set ups may be invalid once the market opens tomorrow.
LONGS:
EMC, EMC Corp, Long > 13.89, Computer Storage – Hardware,
Above here we break the neckline of an inverse head and shoulders formed off of a double bottom. Volume MUST increase dramatically if EMC is to continue its advance. Above here we also break the 40 ma on the daily chart.
NT, Nortel, Long > 6.14, Networking Sector-Optical WAN Telco , NWX.X
NT will need to see a continuation of the increase in volume it saw on Tuesday to break above Tuesday’s high. Next resistance for NT is near 6.60.
SEBL, Siebel Systems, Inc., Long >
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. If we see a gap up in the morning, we will consider shorting CLS into a light to modest volume gap up to the 34.50 to 35.00 range. CLS was unable to rally on Tuesday despite a very strong market into the close.
QSFT, Quest Software, Short < 16.50, Computer Software Sector – Applic. Mgmt, $GSO.X
QSFT sold off on increasing volume into the close on Tuesday as the market rallied to new highs. Below here we break the 200 ma on the 15 min chart and next support is at 15.80.
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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