Bottom? Ha!
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 Nasdaq Futures are -91 points and the S&Ps are -11.50. A number of
downgrades are moving stocks even lower this morning. It does not look pretty
for the longs, yet.
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.
Morning Movers
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) is trading down almost 20 points to just under
127. This move takes the stock below the 200-day MA. Watch for support near 122,
120, and 118. The pre-market volume is strong.
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) is trading down 4 points on the news that a member of the
executive board is leaving to run Veritas. Currently trading at 24, the stock
may have support near 23 1/2 and 20. The pre-market volume is off the charts at
over 3.3 million.
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) is trading down 8 points, yes, 8 more points, to 125.
This once $274 stock is now searching for support near 124. If it breaks
this level, watch for tests of 120, 114, and 110. As for the major MAs, they are
a thing of the past.
JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) is trading down 3 points to roughly 67 5/8. Look for
support near 65 and 62. All of the names in the fiber group have been weaks
lately, so look for similar patterns in names like Corning
(
GLW |
Quote |
Chart |
News |
PowerRating).
Again, be careful today.
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