Not Just Another Manic Monday
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.
Those which are
consistent morning movers with large average daily ranges are now highlighted by
the word “Hot”.
Make sure to register for my
upcoming course “The Baker/Ten Electronic Trading Course”, starting
July 7. Click
here to go to the registration page.
My latest trading lesson, Finding
Intraday Trendlines for Daytrading Part I, is also available now.
Morning Outlook
The S&P futures are flat.
Watch for a move 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 |
Quote |
Chart |
News |
PowerRating) futures or
tracking stock as leading indicators. If the market idles throughout the day,
look for action in the last hour of trading.
Heading Up
Microstrategy
(
MSTR |
Quote |
Chart |
News |
PowerRating) is trading
near 46 3/4 on strong volume. With resistance sitting just over 47 1/4, consider
waiting for a move above 47 3/4 before opening any long positions. Look for the
next resistance level at 50 and again at 55.Â
HOT: SDLI
(
SDLI |
Quote |
Chart |
News |
PowerRating) is
trading at 297, down 2 points from Friday’s close. Look for resistance at 300,
as each century mark serves as psychological resistance.
EchoStar
(
DISH |
Quote |
Chart |
News |
PowerRating) is trading just
under 38 on 66,000+ shares. There was resistance at 37 3/4, so if it opens below
this level, use caution. If it holds up in the pre-market, watch for a
resistance band between 38 5/8 and 40 1/4. The 200-day MA is just overhead
at 43 5/8. Note that this stock does not have a large average daily range, and
thus moves may be limited.
Take-Two Interactive
(
TTWO |
Quote |
Chart |
News |
PowerRating) is
trading near 13 5/8 with a current best bid at 13 3/8. If it opens above 13 1/2,
it will clear all near-term resistance. Look for the next resistance band
between 14 3/4 and 15.
Exodus
(
EXDS |
Quote |
Chart |
News |
PowerRating) is likely to move
because of the upcoming split. Although it’s only trading slightly higher in the
pre-market, look for it to get a lot of attention in the next two days.
Cyber-care
(
CYBR |
Quote |
Chart |
News |
PowerRating) is trading just
under 10, so watch the 200-day MA, just over 10 3/16, for resistance. The
pre-market volume is strong.
Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) is holding its
strength near 82 after Friday’s gap. Look for a test of Friday’s intraday high
and low, 86 3/4 and 67.
Moving Down
Healtheon WebMD
(
HLTH |
Quote |
Chart |
News |
PowerRating)
is trading near 15 after closing near 16 7/8 on Friday. This move fills the gap
from June 2. Look for support at 15 and 14 1/4.
Undecided
After Friday’s slaughter, Covad
(
COVD |
Quote |
Chart |
News |
PowerRating)
is trading 1/4 points higher on 22,500+ shares. Watch for a morning reversal as
this may be nothing more than a dead-cat-bounce. Stocks usuallyÂ
Upcoming Earnings
Announcements
Monday:Â AG
Edwards.
Tuesday: Cyberian
Outpost
(
COOL |
Quote |
Chart |
News |
PowerRating), Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating), Verita
(
VRTA |
Quote |
Chart |
News |
PowerRating), Micron Electronics
(
MUEI |
Quote |
Chart |
News |
PowerRating), Kroger
(
KR |
Quote |
Chart |
News |
PowerRating), Goldman Sachs
(
GS |
Quote |
Chart |
News |
PowerRating)
Note that this is only a partial
list..
Check back for Trading the Techs AM at
11:00 AM ET.
Until later,