‘Marco’…’Polo’
Make sure to register for the
upcoming course “The Baker/Ten Electronic Trading Course”, starting
July 7. Click
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My latest trading lesson, Finding
Intraday Trendlines for Daytrading Part I, is also available now.
Today’s Watchlist:Â
(
DCLK |
Quote |
Chart |
News |
PowerRating),
(
VIGN |
Quote |
Chart |
News |
PowerRating),
(
SNDK |
Quote |
Chart |
News |
PowerRating),
(
SYMC |
Quote |
Chart |
News |
PowerRating),
(
SEPR |
Quote |
Chart |
News |
PowerRating)
Doubleclick
(
DCLK |
Quote |
Chart |
News |
PowerRating)
has been unable to mount a successful rally. The 50-day MA continues to guide
the stock lower without ever being challenged. Currently, Doubleclick is trading
near its recent lows. Set you alerts below 39 3/4 as we watch for a breakdown to
provide a shorting opportunity.
Vignette
(
VIGN |
Quote |
Chart |
News |
PowerRating) made its last appearance on the list as it
was moving into a pennant formation. This time around we find it consolidating
along with the broader market. I like to focus on stocks that trend with the
broader market, because we then have some idea of where they may reverse course.
Look to either trade the current range, or play the breakout. Set your alerts
just outside the top and bottom of the current range. Following the breakout or
breakdown day, watch for a continuation the next day.
Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) is also in a trading range. Though, in this
case, there are several pressures just overhead. The 50-day MA is closing in
quickly and may result in a breakdown rather than a breakout. Unfortunately,
only time will tell. Should we see a breakout to the upside instead, watch for
resistance at 82 1/2, which still gives us the possibility of a 6 point move
before a pause.
This chart could also be interpreted a second way.
Sycamore Networks
(
SYMC |
Quote |
Chart |
News |
PowerRating), a former flavor of the month,
makes another appearance on the Watchlist. On Wednesday we find the stock
mimicking the Nasdaq Composite, as it stays in a trading range as well. With the
100-day MA acting as a pivot point, traders may look to profit from moves off
the near-term highs and lows. Per our usual plan we will set our alerts just
outside of the top and bottom of the range, as we wait for it to move with the
Nasdaq. In the bigger picture, you may notice the series of higher lows which
has formed an uptrend.
Sepracor
(
SEPR |
Quote |
Chart |
News |
PowerRating) has retraced back to its longer-term
uptrend after breaking away to the upside. Watch for a break above the high of
the prior three days (including the all-time high) when considering long
positions. Of course, the more aggressive trader may be watching for a break of
the prior days high.Â
Until Thursday,
Waiting in the Wings: Tollgrade
(
TLGD |
Quote |
Chart |
News |
PowerRating) – new intraday high
Check back tomorrow
morning at 9:15AM ET for Trading the Open.