Play The Numbers
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 +5.00,
Dow futures are +40.00
and the Nasdaq futures are -9.00. 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 (QQQ)
or futures as leading indicators.
It looks like traders are satisfied with the
numbers of the day, 3.9% unemployed. Of course, the futures can be a bit
misleading, but it is an indicator, and we must acknowledge it.
Morning Movers
Internet Capital Group
(
ICGE |
Quote |
Chart |
News |
PowerRating) is trading up 3/4 of a
point to 19 3/4. Toward the close on Thrsday I saw a sea of bidders come into
ICGE and drive it higher. Watch for resistance under 21, the 50-day MA, as well
as trouble at 19, should it not hold.
In the positive earnings department, Quacomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) is
trading up roughly 4 point to 67. Look for resistance near 69, the 50-day MA.
Should it retrace, watch for a bounce near 56, which is the low of a
consolidation from October.
Micromuse
(
MUSE |
Quote |
Chart |
News |
PowerRating) is trading down almost 20 points on
light volume. With prints currently hitting the tape near 157, watch for support
at 155 and 150. This news-driven move may result in a bounce in early trading.
Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) is rebounding a bit on the release by the
company that the rumors from Thursday are false.
In the high-flyer department, Juniper
(
JNPR |
Quote |
Chart |
News |
PowerRating) is trading
up 4 points to roughly 198 1/2. Watch for resistance near 200, 201, and 207,
which is the 50-day MA.
Until later,
David Baker