Moving And Shaking
Each morning this list will contain those stocks with the potential to
make a quick but tradable move in the first hour. The information listed
here is designed for the trader who catches the early morning momentum, between
the first five and 45 minutes of trading. Many stocks open each morning, run for
several points and then reverse. I will cover stocks with this potential and
highlight possible reversal points and resistance areas. These points need to be
monitored closely, as the stocks may turn quickly here. Be ready to lock in
profits quickly.
Morning Outlook
Earnings continue to move the markets.
Check your earnings calendar for more upcoming excitement.Â
Remember to watch for reversals.
The S&P futures are -6.75.
Watch for a turnaround in the first 10-30 minutes of trading. Keep an eye
on the stocks that gap the most in the morning. Use the Nasdaq and tracking
stock (QQQ) futures or
tracking stock as leading indicators.
AFFX and ATML have announced splits
this morning.
Heading Up (at the
open)
Palm
(
PALM |
Quote |
Chart |
News |
PowerRating) is trading up over 2
points on reasonable volume. Watch for minor resistance near 40 and potential
support near 37 7/8 and 38.
Phone.com
(
PHCM |
Quote |
Chart |
News |
PowerRating) is trading up
over 5 points on strong volume near 94. Look for near-term support in a band
near 93 to 93 1/2. Resistance may appear around 97 1/2. The stock is in a
low-level base pattern.Â
Peoplesoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) is trading up
about 1 1/4 on strong volume. Watch for resistance near 25 and 25 1/4.Â
It’s slowly forming a cupping pattern on the daily charts as it attempts to
return to its all time highs.
Atmel
(
ATML |
Quote |
Chart |
News |
PowerRating) is trading up about 1 point. Note that the 50-day MA is at
39.155. There may be resistance in a band from 38 to the 50-day MA. In a
reversal, watch for support to appear at 35 1/2 and again at 35.
Moving Down (at the
open)
Ericsson
(
ERICY |
Quote |
Chart |
News |
PowerRating) is trading down roughly 2 1/2 points on on very
strong volume. It’s poised to open below its 50-day MA. Look for support in a
band from 18 1/4 to 18 12. New resistance may form at 20. ERICY has been in a
trading range from 18 to 23 1/2 for several weeks now.
Ventro
(
VNTR |
Quote |
Chart |
News |
PowerRating) is trading for over 5 points or 27%. Look for support near
15 and 14. Below these levels there is no near-term support. In a reversal,
watch for resistance near 17 and 18.The 50-day MA is just under 23.
Broadvision
(
BVSN |
Quote |
Chart |
News |
PowerRating) was trading several points lower but has start to
recover. There is near-term resistance near 46 and just under 47, where you’ll
find the 50-day MA. Near-term support can be found in a band from 39 3/4 to 40
1/4.
Exodus
(
EXDS |
Quote |
Chart |
News |
PowerRating) is giving back a small bit following yesterday’s surge.
It’s current trading near 57 1/2, which is quite close to former the former
near-term high. Perhaps resistance will become support early in the morning.
Watch for a potential reversal move to take it positive. Pre-market volume is relatively
light.