Just Another Light Monday
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 +1.50 and the
Nasdaq futures are +11.00.
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 tracking
stock (QQQ)
or futures as leading indicators.
Stocks are headed up but on very
light pre-market volume.Â
Heading Up (at the
open)
Newport
(
NEWP |
Quote |
Chart |
News |
PowerRating) is trading up 2
points on light volume. Watch for resistance at 125, 126, and 126 1/4. The all-time
high is 131. In a reversal, watch for support near 116 1/2 and 112 1/2.
Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating) is
trading up 5 points. Watch for resistance in an area from 94 1/2 to 94 7/8. In a
reversal, look for support near 89.
MRV Communications
(
MRVC |
Quote |
Chart |
News |
PowerRating) is
trading up 1 point on light volume. It looks to gap over the 50-day MA of
60.614. There may be near-term resistance at 63 and 64. If the stock turns, it
may bounce along the 50-day MA or near 58 1/2.
Immunex
(
IMNX |
Quote |
Chart |
News |
PowerRating) is trading up just
over 2 points on light volume. Watch for resistance near 53 1/2 and 55. The
current trendline shows potential resistance in between 54 1/2 and 55. There
could be near-term support at 52 1/2 and 52 1/8. The 50-day MA is sitting just
under 50.
ImClone Systems
(
IMCL |
Quote |
Chart |
News |
PowerRating) is trading
up 7 points on light-volume This move may take it out of the near-term
downtrending channel. Watch for resistance at the 50-day MA just under 80. There
may also be resistance just under 78 1/2. In a reversal, look for first-hour
support at 76 7/8 and 76 3/8.