As The Market Turns
Intraday
Update:
(
CVTX |
Quote |
Chart |
News |
PowerRating)
I mentioned CV Therapeutics
(
CVTX |
Quote |
Chart |
News |
PowerRating)
this morning in Trading the Techs AM. We set our alerts just over the all-time
high. Daytraders may have gone long after taking out this high buy 1/8 –
1/4 point. It then proceeded to move 1 7/8 above the all-time high. If we close
above 77 5/8, look for a continuation move above Monday’s intraday high, for a swing
trade.
Today’s
Watchlist:Â
(
ELN |
Quote |
Chart |
News |
PowerRating),
(
ATON |
Quote |
Chart |
News |
PowerRating),
(
SANM |
Quote |
Chart |
News |
PowerRating),
(
VRTX |
Quote |
Chart |
News |
PowerRating),
(
JBL |
Quote |
Chart |
News |
PowerRating)
Elan
(
ELN |
Quote |
Chart |
News |
PowerRating) is perfect
example of my second favorite kind of daytrade, a breakout to new highs with an
entry on the continuation move. Swing traders should also take a look at Elan,
as it has set another new high intraday on Monday. Watch for a continuation of
the current upward trend. As always, we want to see strong volume on any follow
through moves. Unfortunately, we have seen only light volume on recent
breakouts, resulting in numberous failures.
Alteon Websytems
(
ATON |
Quote |
Chart |
News |
PowerRating)
has been consolidating for the last few days just under psychological and
technical resistance at 100. On Monday, intraday, we see Alteon moving above
this resistance level. Look for a close above 101, ideally backed by strong
volume. Should this occur, set your alerts above Monday’s intraday high.
Next on the list we have Sanmina
(
SANM |
Quote |
Chart |
News |
PowerRating). Sanmina broke out to a new high on
Friday on average volume. On Monday we’ve seen a continuation move. Look for
this new high to hold into the close. Trader’s may want to consider an initial
stop on Sanmina just under the breakout level, highlighted by the red light
below.
Vertex Pharmaceuticals
(
VRTX |
Quote |
Chart |
News |
PowerRating) broke out of a near-term
consolidation last week and put in a closing continuation move on Friday. On
Monday we see an inside day. Look for a move above Friday’s intraday
high. Should it continue to pull back, look for a retracement to the near-term
trendline.
Jabil Circuits
(
JBL |
Quote |
Chart |
News |
PowerRating) also broke out of a consolidation on
Friday. On Monday we seen the continuation move that we usually look for. Watch
for a volume backed move higher.
Until later,Â
Check back tomorrow at
9:15AM for Trading the Open.
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