Four Day Weekend
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.
Those which are
consistent morning movers with large average daily ranges are now highlighted by
the word "Hot".
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Morning Outlook
The S&P futures are +2.00.
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.
Heading Up (at the
open)
Scalpers should watch E.spire
Communications
(
ESPI |
Quote |
Chart |
News |
PowerRating), which surged on Friday. It’s heading a little higher
in the pre-market. Look for resistance at 7 and 7 1/4. A move above 7 3/4 could
be considered a low-level breakout on the daily charts.
Silicon Storage
(
SSTI |
Quote |
Chart |
News |
PowerRating) is trading
up 3 points near 91 in the pre-market. Watch for trouble near Friday’s high, at
92 3/4. Look for the next resistance point near 94 1/8, which was the bottom of
a recent trading range.
Synopsis
(
SNPS |
Quote |
Chart |
News |
PowerRating) is trading up 2 points.
The stock has been trading near its low, so this may be nothing more than a
dead-cat bounce. Look for a potential shorting opportunity on a break below 34
3/8. Look for upside trouble just over 37.
Engage
(
ENGA |
Quote |
Chart |
News |
PowerRating) is trading a little
higher after consolidating near its lows. Watch for a reversal and a move below
11 for a potential shorting opportunity.
Moving Down (at the
open)
Informix
(
IFMX |
Quote |
Chart |
News |
PowerRating) is trading down 2
1/2 points from the close at roughly 5. This price provides psychological
support, so use caution if you’re considering going short. Watch for a morning
reversal, as it may quickly appear.
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) is trading down 2
points from the close, near 216 3/4. With support at Thursday’s high of 205, I
would watch for a reversal, rather than a short opportunity. Look for upside
resistance near 221 and again near 230.
Orckit Communications
(
ORCT |
Quote |
Chart |
News |
PowerRating) is
trading down almost 50% from Friday’s close. At this point, there is no support
visible on the charts, and a morning reversal would require a strong move. Watch
for it to head lower, but be on the lookout for psychological support at 15.
Check back for Trading the Techs AM at
11:00 AM ET.
Until later,