Mixed Again
Each morning this list will contain those stocks with the potential to
make a quick but tradable move in the first hour. The information listed
here is designed for the trader who catches the early morning momentum, between
the first five and 45 minutes of trading. Many stocks open each morning, run for
several points and then reverse. I will cover stocks with this potential and
highlight possible reversal points and resistance areas. These points need to be
monitored closely, as the stocks may turn quickly here. Be ready to lock in
profits quickly.
Morning Outlook
The S&P futures are -2.10 and the
Nasdaq futures are unchanged.
Watch for a turnaround in the first 10-30 minutes of trading. Keep an eye
on the stocks that gap the most in the morning. Use the Nasdaq tracking
stock (QQQ)
or futures as leading indicators.
Heading Up (at the
open)
American Management Systems
(
AMSY |
Quote |
Chart |
News |
PowerRating) is trading up 3 points to 19. Look
for resistance just under 21 3/8, as it continues to try to fill the gap from
last week.
LTX Corporation
(
LTXX |
Quote |
Chart |
News |
PowerRating) is trading up 2 points on very strong volume. It
looks to gap over resistance at the 50-day MA of 26 1/2. Watch for resistance
near 28 1/16 and again at the 200-day MA of 30 1/2.
Moving Down (at the
open)
Gilatech
(
GLIA |
Quote |
Chart |
News |
PowerRating) is trading down 16 points to roughly 9 1/2 on very strong
volume. Look for support at 9, 8, and 7 3/8. In a reversal, look for resistance
near 10. There may also be an early-morning bounce.
Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) is trading down 8 points on strong volume. This move takes
it back to the top of its near-term trading range at 76 1/2. Look for support at
this key level, otherwise, it may return to its late-July, early-August trading
range.