Out Of Gas, Intraday
The S&P futures have been trending south all day. Traders may want to
look for opportunities on bounces off the trendlines. Watch for a short
opportunity on a break of 1508.
Today’s Watchlist:Â
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PowerRating),
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PowerRating)
Atmel
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PowerRating) gapped up on Thursday. Hmmm… where did it
go? As usual, the buyers ran it right into resistance. At this point, we will start to watch it for a potential breakout above
resistance. This may also be a pullback from lows, which will offer a short
opportunity. Just one to take a look at.
Checkpoint
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PowerRating) remains one of the strongest names in the
market. It’s currently trying to finish tracing out a high-level micro-cup
pattern. After it completes this pattern and closes at a new high, we’ll watch
for a volume-backed continuation move higher for a buying opportunity. Set your
alerts near Thursday’s intraday high.
Protein Design Labs
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PowerRating) broke out from a low-level
pattern on Wednesday. There is still some overhead resistance from the highs at
the beginning of the year. Use caution when considering taking a position based
on this particular breakout. If biotech remains strong, it could rally through
resistance, though.
Until later,Â