Is It A Market Holiday?
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 -4.30 and the
Nasdaq futures are -31.50.
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.
Despite the negative tone in the futures market, stocks are hardly moving.
Heading Up (at the
open)
Amtech
(
ASYS |
Quote |
Chart |
News |
PowerRating) is gapping up once again. The stock is trading at 14 and
has no overhead resistance.
Immunex
(
IMNX |
Quote |
Chart |
News |
PowerRating) is trading up roughly 3/4 of a point on light volume.
IMNX is bouncing off the bottom of its downtrending channel. After Wednesday’s
high-volume move, this may simply be a dead-cat bounce.
Brocade
(
BRCD |
Quote |
Chart |
News |
PowerRating) is trading up roughly 2 points on light volume. It looks
like it’s simply bouncing off a near-term support level, thanks to the earnings
announcement. Watch for resistance at 200, 203 1/2, and 206. In a reversal,
watch for support at 196 3/4 and 193.
Finisar
(
FNSR |
Quote |
Chart |
News |
PowerRating) is trading up 3 points or 10% on light volume. Watch for
resistance at 33 5/8 and 34 3/8. In a reversal, look for support near 30 1/4 and
29. The 50-day MA is at 26 7/8.
Moving Down (at the
open)
Sonus Networks
(
SONS |
Quote |
Chart |
News |
PowerRating) has been trading both above and below its closing
price from Wednesday. Look for support at 195 18, 193 1/8, and 185. Watch for
resistance at 200 and 214 1/2. Note that this stock is very volatile and that it
has a huge average daily range.