Coming Back, A Bit
The Nasdaq has started to rally off its lows, but it is approaching an
intraday resistance level. This chart of the Nasdaq futures shows that
resistance level.
I will also bet that the world has its eyes on Cisco
(
CSCO |
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PowerRating).
Now trading under 50, if it does not rally back by the close, it will be
short-term bearish. Of course, my concern is always the continuation day, which
would be Tuesday.
For the longer-term, I think it’s important to take a look at a
bigger time frame.
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Today’s Watchlist:
(
SCMR |
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PowerRating),
(
PMCS |
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News |
PowerRating),
(
NTAP |
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PowerRating)
Noteworthy is the intraday Sycamore
Networks
(
SCMR |
Quote |
Chart |
News |
PowerRating). It is trading in a channel on the five-minute charts,
which may offer a trading opportunity based on a breakout above or below the
trendlines. If it breaks down, watch for a move below Monday’s intraday low to
complete the bearish flag.
PMC Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) is consolidating near its lows. As with
any consolidation, we will simply watch for a move outside of the trading range.
In this case, with the tech sector weak intraday, you may consider focusing on
the short side.
Also keep an eye on Network APpliance
(
NTAP |
Quote |
Chart |
News |
PowerRating), as it moved back and forth
over the pivot area I have highlighted below.
Until later,