Logic
People often ask me why I am a
daytrader.
Today’s Watchlist:Â
(
GLW |
Quote |
Chart |
News |
PowerRating),
(
AMCC |
Quote |
Chart |
News |
PowerRating),
(
MU |
Quote |
Chart |
News |
PowerRating)
No matter how much people
drive down Corning, the buyers always seem to come to the rescue. The recent
bounce off the 50-day MA is the beginning of another cup pattern. GLW is a
member of the strong fiber optics sector, said to be the future of
telecomm.Â
As always, we will not
make any assumptions about the price action to come. Thus, set your alerts near
the resistance level highlighted below and watch for a completion of the
pattern.
Applied Micro Circuits
(
AMCC |
Quote |
Chart |
News |
PowerRating) remains strong despite recent
market weakness. Its pattern resembles that of GLW, a pending cup formation. As
with GLW, begin to watch for a continuation of the pattern. As AMCC is one of
the stronger stocks, when the market rebounds, it is likely to be a leader on
the list. Because I tend to go long more than short, I like to keep a list of
the leaders on my watchlist.
This morning I mentioned
the trouble in the semis. This is where we will look for shorting opportunities
today.
Micron Tech
(
MU |
Quote |
Chart |
News |
PowerRating) is
poised to take out a level that has been tested several times before. Set your
alerts near 46, which was tested once again on Monday. Watch for a closing move
below this level, followed by another leg down on the following day. While it
may rebound a bit on a bounce on Tuesday, such a move will not mean much if it
cannot take out Friday’s low and Monday’s high. With resistance in both the 50s
and the 60s, it is likely to have trouble moving higher. Further, the weakness
in the semis is expecting to continue for some time, which will continue to spook investors.
Until later,Â