Me, Myself, And Mr. Softy
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My latest trading lesson, Finding
Intraday Trendlines for Daytrading Part I, is also available now.
Today’s Watchlist:Â
(
SANM |
Quote |
Chart |
News |
PowerRating),
(
SSTI |
Quote |
Chart |
News |
PowerRating),
(
REMC |
Quote |
Chart |
News |
PowerRating),
(
MSFT |
Quote |
Chart |
News |
PowerRating),
(
ABGX |
Quote |
Chart |
News |
PowerRating)
Sanmina
(
SANM |
Quote |
Chart |
News |
PowerRating) put in its first continuation day on Tuesday, when it
moved up for a second session. On Wednesday we see an inside day, suggesting a
pause (at least for the moment). Those who are not currently long may want to
look for entry points on a move above Tuesday’s intraday high. This strong
upward surge was on record news-driven volume. In the case of a pullback, look
for support at the top of the former trading range. You may also consider
drawing a trendline from the intraday low of the day before the breakout
day.Â
Silicon Storage Tech
(
SSTI |
Quote |
Chart |
News |
PowerRating) broke out this morning from a
previous resistance level. If it closes above the breakout level, we will
watch for a continuation move tomorrow. Remember, there’s no need to speculate
and enter early. Let the price action be your guide. You may want to consider an
entry point on a 1/2 point move above the intraday high, should the
aforementioned criteria be met. If it closes strongly today, it may gap
tomorrow, at which point you may have to reconsider you potential entry
point.Â
Remec
(
REMC |
Quote |
Chart |
News |
PowerRating) tested its all-time high last week but was
unable to mount a rally. It’s currently consolidating near its high. We’ll
monitor Remec for a move outside of its current trading range and toward its
high. Conservative traders will want to watch for a move above this high before
opening any positions. You many also notice the loose cup-with-handle pattern
that has formed on the daily chart. With the June 12 high at 57 3/16, I’m
setting my alert at 57 1/2.
Mr. Softy (AKA Microsoft)
(
MSFT |
Quote |
Chart |
News |
PowerRating) is finally moving again.
After closing outside of its trading range on Tuesday, it gapped higher this
morning. Look for a move toward the next resistance level, at which point will
re-assess the situation. When trading Microsoft, beware of the rumor monster, as
its near-term fate is in the hands of Big Brother.
Our last analysis for the morning is of Abgenix
(
ABGX |
Quote |
Chart |
News |
PowerRating).
After pushing through resistance over a week ago, it finally put in a
continuation day. On Wednesday we’ve been given some extra time to assess the
situation, thanks to the inside day. Look for Abgenix to take out Tuesday’s
intraday high on an upward move, and for former resistance at 130 to act as new
support. With light resistance at 144 and more at 157 3/8.
Â
Until this afternoon,
Waiting in the Wings: Apple
Computer
(
AAPL |
Quote |
Chart |
News |
PowerRating) – continuation?
Check back tomorrow
morning at 9:15AM EST for Trading the Open.