All The World’s A Stage
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Intraday Trendlines for Daytrading Part I, is also available now.
It looks like a continuation from Monday’s breakout. On Tuesday the Nasdaq
has taken out Monday’s intraday high. Let’s just see how far this thing can go.
Today’s Watchlist:Â
(
INKT |
Quote |
Chart |
News |
PowerRating),
(
ALTR |
Quote |
Chart |
News |
PowerRating),
(
AAPL |
Quote |
Chart |
News |
PowerRating),
(
SNDK |
Quote |
Chart |
News |
PowerRating),
(
ALSC |
Quote |
Chart |
News |
PowerRating)
The pennant once again takes the award
for our most successful predictor of an upcoming move. We took a look at the
Inktomi
(
INKT |
Quote |
Chart |
News |
PowerRating) pennant last week as it was nearing its apex. On Monday we
saw a breakout, which was what we were looking for. Tuesday we see the continuation move. The next question is of course, “Where is it
headed?” Because this is still a low-level move, we will watch for trouble
spots at the next two resistance levels that are highlighted below. Remember to
use caution as the day is still young, and anything can happen in the next few
hours.
Altera
(
ALTR |
Quote |
Chart |
News |
PowerRating) just set a new all-time high about an hour
ago. After breaking above its previous high several times, it’s finally putting
in the continuation move that we are looking for. Watch for strong volume
today as it heads north. When there is no overhead resistance visible, I like to
use a five-day MA as a trendline. Look for it to trend with the broader market.
Add Apple Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating) to the bundle of stock in a stage
one breakout. The move outside of the trading range and above the 200-day MA is
a positive signal. Watch for a close on Tuesday as well as a continuation
tomorrow.
Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) has not yet broken out of its low-level
consolidaiton, but this morning’s gap gives us reason to take note of it. Set
your alerts just over the 50-day MA. Should it break out, we will take a look at
it. If you open a long position on a breakout, be aware of the upcoming
resistance level.
Alliance Semiconductor
(
ALSC |
Quote |
Chart |
News |
PowerRating) just is finishing off a cup-with-handle
formation. Let’s set our alerts above the all-time high at 30 1/4. A move above
this level with a continuation will take Alliance into new territory. The semis
are strong now, so make sure to keep an eye on the index
(
$SOX |
Quote |
Chart |
News |
PowerRating) and the
bellwethers.
Until later,
Check back tomorrow
morning at 9:15AM EST for Trading the Open.