Earnings Move Markets
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 -3.00.
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 and tracking
stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) futures or
tracking stock as leading indicators. Earnings are moving some of the big names
today.
Heading Up (at the
open)
AtHome
(
ATHM |
Quote |
Chart |
News |
PowerRating) is trading up
roughly 1 point in the pre-market on strong volume. There is a congestion area
between 20 and 22 which creates numerous resistance levels between these prices.
Scalpers should watch this one.
Avax
(
AVXT |
Quote |
Chart |
News |
PowerRating) is trading up 3
points, which is significant for a nine dollar stock. Watch for resistance near
13 and at each whole number on the way up. In a reversal, watch for a bounce
near 12, 11, and 10. Lower priced stock tend to pause at each whole number.
Moving Down
Broadvision
(
BVSN |
Quote |
Chart |
News |
PowerRating) is trading down 1/2 a point on strong pre-market
volume. Watch for resistance at the 50-day MA, just under 50. There is near-term
trouble between 44 and 45. On a continuation lower, look for potential downside
support just under 40.Â
VerticalNet
(
VERT |
Quote |
Chart |
News |
PowerRating) is pulling back roughly 3 points or 5% following
Monday’s big run. Naturally we’ll watch for resistance near 60, as it is a
significant psychological level. Otherwise, look for support just over 59 and
again near 57. In a reversal, should it clear 60, watch for resistance near 64.
Copper Mountain
(
CMTN |
Quote |
Chart |
News |
PowerRating) is getting mauled after last night’s news. It’s
currently down over 16 points. Watch for support near 105 1/2, 103 1/2, as well
as again at 100. In a reversal situation, watch for potential resistance near
110 and 117 1/4. CMTN hit a new high on Monday.
Check back for Trading the Techs AM at
11:30 AM ET.
Until later,