D.C.B.?
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 +.40, and the
Nasdaq futures are +13.00.
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.
Heading Up (at the
open)
Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating) is trading up 1 point on a slight bounce
following Monday’s large decline. Watch for resistance near 134 3/4 and 139 3/4.
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) is trading up 1/2 point on strong volume. Lke NTAP, it is
trying to bounce a bit. Watch for a short opportunity on a move below the
intraday low from Monday. It may also see resistance near 46 1/2.
Ciena
(
CIEN |
Quote |
Chart |
News |
PowerRating) is trading up 1 1/2 points on light volume. Look for
resistance near 129Â and 130 1/2. Use a 10-minute intraday chart from
Monday to find other hot spots. The stock is trading near an all-time high.
Juniper Networks
(
JNPR |
Quote |
Chart |
News |
PowerRating) is trading up 3 points on light volume as well.
Look for resistance near 231 and 240.
Moving Down (at the
open)
Lexmark
(
LXK |
Quote |
Chart |
News |
PowerRating) is likely to trade down based on the earnings warning.
Hewlett-Packard
(
HWP |
Quote |
Chart |
News |
PowerRating) is poised to move lower on the same warning.