Intraday Investments Stalk Sheet for Tuesday, October 23, 2001
Longs:
INKT, Inktomi, Long >5.37, Internet Sector – B2B, $IIX.X
INKT saw a huge spike in volume on Friday and closed near the day’s high. Above Friday’s high we expect to see next resistance at 5.45 (the 7 day high). Will also consider buying this one on a pullback to the 5.20 area.
Q, Qwest, Long > 16.25, Telecom Sector - ILEC, $XTC.X
Stock is forming a potential double bottom and we will look to enter long on a break above the 200 period MA on the 5 minute.
Shorts:
IDPH, Idec Pharmaceuticals, Short < 58.00, Biotechs, Top-tier, $BTK.X
Forming a perfect head and shoulders pattern on the daily chart, with declining volume on the right shoulder. We will look to short the double top of the right shoulder at any price less than $58 (unless it gaps down big).
Trade Well Today!
Ed, Steve & Deron
General Partners
intradayinvestments.com
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