Booster Shot
Today’s PM Watchlist
(
AMAT |
Quote |
Chart |
News |
PowerRating),
(
CEFT |
Quote |
Chart |
News |
PowerRating)
Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) broke down from its near-term
consolidation thanks to guilt by association. The downgrade of
Xilinx and Altera did nothing positive for semis. What it did do
is kick some of these downward trends into overdrive.
Ironically, I do think that this type of action often leads to a
bottom, but that is beside the point. If AMAT can lose below both
50 and the bottom of the consolidation, then it will be below both
technical and psychological support. Watch for such price action
and prepare yourself for a potential short on a continuation move
on Wednesday.
Concord EFS
(
CEFT |
Quote |
Chart |
News |
PowerRating) is a stock that has almost always
treated me well as a daytrade. Currently it is sitting near the
top of a consolidation, and is poised to try for a breakout once
again. Something I really like about CEFT is that it does not gap
very often, making it easier to apply daily charts to its trade.
Set your alerts near Tuesday’s intraday high and watch for a move
above the all-time high (set just a few days ago). Watch for a
new closing high on strong volume. Should this occur, look for a
potential long entry based on a continuation move above the intraday
high.
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I am looking forward to meeting many of you in Las
Vegas this weekend.
Until later,
Dave Baker