One Day Left
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
The S&P
futures are +1.60 and the Nasdaq futures are +10.00. 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
tracking stock (
indicators.
Traders may still
be sitting on the sidelines until the Fed announces its decision on Tuesday. Look for light volume and choppy trading.
Heading Up
Copper Mountain
(
CMTN |
Quote |
Chart |
News |
PowerRating) is
trading up 4 points to 68. Watch for resistance at 70, and at the
20-day MA, which you’ll find at 71 7/8. In a reversal, look for
potential support near 64.
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) is poised to gap
up 2 points. Watch for resistance near 73 3/4. A breakout above
this level might provide a potential long opportunity, as it
completes it cup formation. This resistance area is also the all-time
high.
Verisign
(
VRSN |
Quote |
Chart |
News |
PowerRating) is trading up
8 points on mediocre pre-market volme. If it opens near 168, look
for near-term support at the 50-day MA of 166 7/8. Look for
resistance near 170 and 176 1/2.
Blue Martini Software
(
BLUE |
Quote |
Chart |
News |
PowerRating)
is trading up 4 points in the pre-market. Watch for a reversal
near 68, 69, and 72 1/4. The all-time high is 77 5/8. In a
reversal, look for support near 67 1/2 and 64 1/2 .
Network Associates
(
NETA |
Quote |
Chart |
News |
PowerRating) is
trading up 2 points near 22, just over the top of its near-term
trading range. Watch for resistance near 23 3/4 and 24 3/8. In a
reversal, look for a bounce near the 50-day MA of 20 7/8 and
again at the 20-day of 19 1/2.
Heading
South
II-VI is trading down 3
points after the high-volume news-driven move it made on Friday.
Look for support near the 20-day MA at 37 1/8. In a reversal, it
may find resistance near 44, which is the 50-day MA. It barely
closed above that level on Friday. Technical indicator fans may
notice that the RSI reading went from 20 to 59 in one day.