Expect The Unexpected
While no one can predict what will happen today, the one thing
that we do know is that there will be light volume and
exaggerated moves. We can thus expect to see abnormal spreads and
rapid turnarounds as well.
One To Watch:
(
JDSU |
Quote |
Chart |
News |
PowerRating)
JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) closed on support on Friday, exactly
on support. Because it may gap at the open, the first thing to do
is watch for a reversal pattern on the intraday chart. More
significantly, the daily chart is the key here. Watch for a break
of the 62 area. Ideally, there will be high volume backing any
move, making it more powerful. The stock has been in a downtrend
for some time now, and it is picking up steam. Also noteworthy is
the ADX reading of 40, which suggests that the trend is strong.