Quicksand?
Index Check Up –
Nasdaq Futures
The futures were headed
straight down this morning but found intraday support not too far off 3940.
Watch to see if the futures can take out the intraday high. As I write this, I’m
actually watching them move lower. At press time, they were trading at 3938.
Today’s Watchlist:
(
GSLI |
Quote |
Chart |
News |
PowerRating),
(
TRMB |
Quote |
Chart |
News |
PowerRating),
(
SEBL |
Quote |
Chart |
News |
PowerRating),
(
ISSX |
Quote |
Chart |
News |
PowerRating)
GSI Lumonics
(
GSLI |
Quote |
Chart |
News |
PowerRating)
moved into a cup formation near its all-time highs. On Tuesday it retested the
high and pulled back. Again, on Wednesday, it’s relaxing some. Seeing that
the last breakout resulted in roughly a 30% move, we’ll add this one to the
watchlist. Watch for a move above the all-time high.
When I look at Trimble Navigation
(
TRMB |
Quote |
Chart |
News |
PowerRating) I see breakout
after breakout after breakout. Where is it now? Nowhere important, just sitting
near the apex of an ascending triangle. (Note the sarcasm in my voice).
If you don’t know what I’m looking for in this chart, then you must have
forgotten to read my
latest trading lesson.
Siebel Systems
(
SEBL |
Quote |
Chart |
News |
PowerRating) set a lower-low for the third time on
Wednesday. Intraday it was rescued by a longer-term uptrending line. At the
same time, it tested near-term support and held up intraday. Daytraders should
watch for a move above Tuesday’s intraday high for opportunities. Swing traders
will want to watch for a move above the all-time high.
ISS Group
(
ISSX |
Quote |
Chart |
News |
PowerRating) has been in an uptrending channel while it
was working its way off its lows. On Wednesday it traded below the bottom of the
channel. It found support at the 50-day MA, so we’ll have to watch to see if
this will be enough to push it back into the channel. Watch for both long and
short opportunities. On the short side, watch for a closing break of the 50-day
MA.
Until later,