Bounce-daq
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 +2.80 and the
Nasdaq futures are +44.00.
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.
With the futures looking to gap up, consider waiting a few moments to let
things settle down.
Heading Up (at the
open)
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) is trading up 4 points to 62 3/4. Watch for resistance
just under 65, which is the top of the low-level trading range.
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) is trading up 4 points on light volume. The
stock bounced off a former resistance level on Monday. Watch for resistance near
196 and 200.
ADC Telecom
(
ADCT |
Quote |
Chart |
News |
PowerRating) is trading up 1 point on light volume. Watch for a
turnaround near 36 and 36 3/4. In a reversal, look for minor support near 33 and
31 1/4.
Ventro
(
VNTR |
Quote |
Chart |
News |
PowerRating) looks like it’s trying to gap over its low-level base.
Watch to see if it can hold over 18. There is resistance at 18, 19 3/4 and 24.
Moving Down (at the
open)
PRI Automation
(
PRIA |
Quote |
Chart |
News |
PowerRating) is trading down roughly 18 points on very strong
volume. There is no near-term technical support, but there may be an immediate dead-cat bounce. If there is no bounce, look for psychological
support near 20.
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