Low And Slow
There has been little intraday excitement. The Composite has
been hugging the flatline all day. The futures tested their lows
but bounced a bit. Volume is increasing at a nice pace, and we
are on track to have a reasonably strong day. Hopefully this is
just a pause before more upside.
The intraday tech trend appears to be down, but again, we have
not veered far from the zero line.
Today’s Watch List:
(
AMCC |
Quote |
Chart |
News |
PowerRating),
(
BEAS |
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News |
PowerRating)
Due to technical difficulties, some
of the prices on the right side of the chart are incorrect,
please obtain a current quote from the exchange or your broker.
Applied Micro Circuits
(
AMCC |
Quote |
Chart |
News |
PowerRating) is trying to complete a cup
formation as it tests its highs. Volume is only average today, but
we will still monitor it for a breakout. Set your alert from the
high set three weeks ago and watch for a move above this key
level. Conservative traders may want to watch for a new closing
high followed by a continuation on the Tuesday.
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BEA Systems
(
BEAS |
Quote |
Chart |
News |
PowerRating) has traced out two
potential patterns. The first is an uptrending channel. The stock
has been holding the two trendline highlighted below for some
time now. Currently, it is trading near the top of the channel,
suggesting some potential downside. Watch for a bounce off the
top of the channel, while also being open to a potential breakout.
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Further bolstering the long side is the recent break of
resistance. After taking out the previous high and consolidating
for some time, the stock broke out once again. It seems that
there is a balance of upside and downside potential. Watch for
the stock to move with the broader market. Let price action be
your guide when looking for potential trades.
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Until later,
David Baker