Up, Up, And Away
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 +14.70 and the
Nasdaq futures are +88.00.
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)
Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) is trading up 2 points on light volume. Watch for
resistance near 200 and support near 197 and 195.
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) is trading up 7 points on light volume. There is
no overhead resistance, because this is a new all-time high. In a reversal,
there may be support near 213 3/4 and 211 1/2.
Global Crossing
(
GBLX |
Quote |
Chart |
News |
PowerRating) is trading up 3 points on heavy pre-market
volume. The company is guiding analysts higher and driving up its stock price.
Look for resistance near 33 1/2 and near 34 1/4. The stock has been in a basing
pattern for several weeks.
ASM Lithography
(
ASML |
Quote |
Chart |
News |
PowerRating) is trading up 2 points on stronger-than-average
volume. Watch for resistance near 40 3/16, which is the 50-day MA, and near 41
1/2.Â
Moving Down (at the
open)
Atlantic Coast Airlines
(
ACAI |
Quote |
Chart |
News |
PowerRating) is
trading down 4 points. The move in the futures may be able to cause a rebound,
but do not fight the trend. Look for support at the 200-day MA of 26.