Man Overboard
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Intraday Update
The Nasdaq Composite is currently
sitting near the low of the top-half of its trading range. We’ll continue to
focus on short-term trades and daytrades until we see a move outside of the
range. The semis were rebounding a bit after Wednesday’s sharp negative move
below the 50-day MA.
At this point we’re seeing some failed
break outs in the new techs and the old techs. Intel is still holding strong,
but several of the other bellwethers are having some trouble. Perhaps its a
sign of a bottom when the big boys start to sell off.
You’ll often see me refer to any of the heavily traded, widely owned
bellwethers as "the big boys."
Today’s Watchlist:
(
GLW |
Quote |
Chart |
News |
PowerRating),
(
INTU |
Quote |
Chart |
News |
PowerRating),
(
JDSU |
Quote |
Chart |
News |
PowerRating),
(
PHCM |
Quote |
Chart |
News |
PowerRating),
(
ADI |
Quote |
Chart |
News |
PowerRating)
Corning
(
GLW |
Quote |
Chart |
News |
PowerRating) was added to the Watchlist as one to monitor for move. We
set our alerts just underneath the bottom of the current channel. On Thursday we
saw the type of move that we were looking for, which was followed by an already
18 1/4 point move lower.
Intuit
(
INTU |
Quote |
Chart |
News |
PowerRating), maker of financial
software, has formed a low-level cup with a breakout area not far from its
200-day MA. Set your alerts near 43 3/4. Should it break out, look for it to
move toward 45 7/8, the next resistance level. It may also see resistance near
this level because it served as support on March 3 and April 4.
Note: This chart is missing price data from July 3-5.
JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) broke near-term support on Thursday.
This breakdown may result in a move to the next support level, just under 104.
Aggressive traders should watch for a move to this level. Swing traders should
set their alerts just under 104 and watch for a continuation move below the
200-day MA. JDSU is what I often refer to as one of the "big boys," so
a serious break down would not bode well for the techs.
Phone.com
(
PHCM |
Quote |
Chart |
News |
PowerRating) has been in a downtrending channel for the
past few weeks. It looked like it had broken out of a trading range, but it
merely ran into another key resistance level. Where does it stand now? The
channel is approaching an support level. We’ll monitor Phone.com to see if there
is enough downward pressure to provide a shorting opportunity.
Analog Devices
(
ADI |
Quote |
Chart |
News |
PowerRating) has been having some trouble in the
last few days as well. After hitting psychological resistance at 100, the stock
fell more than 30 points. Today’s price action shows a move below a near-term
support level. Should it close below this area, watch for a continuation move
toward the next support level, which I’ve taken from the weekly charts.
The weekly charts show us support from a while back.
Au revoir,