Five-Minute Party
Before the open, the futures were headed up, then we had
indications of a weaker opening. After the open, we quickly saw a bout of short
covering hit the futures market, at which point, there was a 20-point rally. At
this point, there is an intraday cup-with-handle forming. Watch for a breakout
above the intraday high.
Let’s take a look at a couple of intraday tech setups. Many of the names
in the tech sector are forming similar patterns.
Today’s Tech Watchlist:Â
(
CSCO |
Quote |
Chart |
News |
PowerRating)
Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) rallied off 50 with the broader
market. Two hours into the market, you will find CSCO trading in a small
consolidation pattern near the day’s high. Watch for a breakout above 53 and a
move below 52.
i2 Technology
(
ITWO |
Quote |
Chart |
News |
PowerRating) is trying to break out from an
intraday cup pattern. While there has been a brief move over the breakout level,
we still have to watch for a continuation move.
Until later,Â
There
will be no Trading the Techs PM, as I am off to Las Vegas. I’ll see you at the
tables, oops, I mean at the cocktail party this evening.