60 Minutes

October 12, 2000
Dave Baker

Each morning this list will contain those stocks with the potential to

make a quick but tradable move in the first hour.Â 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

Taking a look at a 60-minute Nasdaq
Composite chart, we can see a clear downtrend for the week. We closed right in
the middle of the channel on Thursday.

If we gap at the open, watch for filling action, as it has been
the trend of late. Hopefully, the AMCC earnings and split announcement will help
the market.Â Â Â Â

Heading Up (at the
open)

Applied Micro Circuits
(
AMCC |
Quote |
Chart |
News |
PowerRating) closed at its low on Friday, but thanks to
the earnings announcement, it looks to gap higher. It was trading at 177 in afterhours on Thursday. The five-minute chart below shows the intraday action from
Thursday. If AMCC can continue its trend, watch for resistance at 179.25, the
50-day MA.

Keep an eye on stocks that beat estimates last night to gap open
and then fill the gap.

AMD
(
AMD |
Quote |
Chart |
News |
PowerRating) beat the Street last night, but that has not meant
much of late. Strong earnings have been nothing more than a reason to sell.
There has been little pre-market trading, but there is likely to be a lot of
action at the open.

Tricon Global
(
YUM |
Quote |
Chart |
News |
PowerRating) beat the street despite weakness at Taco
Bell and KFC.

60 Minutes

BUY THE FEAR, SELL THE GREED

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