Record Breaker

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 +7.50 and the
Nasdaq futures are +43.00.

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.

If the indices don’t make a comeback soon, this may be the first negative
year in 10 years.

Heading Up (at the
open)

Intel
(
INTC |
Quote |
Chart |
News |
PowerRating)
is finally seeing some sort of bounce, after closing on its
lows on Friday. Look for resistance at 43 1/2 and 45. Note that the current ADX
reading is 36.64, with a negative bias.

Corvis
(
CORV |
Quote |
Chart |
News |
PowerRating)
also closed on its lows on Friday and is seeing a slight
bounce today. It’s currently trading up 3 points on light volume. Look for
resistance at 64 and 67 3/4. CORV is a newer issue with a large average daily
range. 

Silicon Valley Group
(
SVGI |
Quote |
Chart |
News |
PowerRating)
is moving on news this morning. Trading up
12 points on strong pre0market volume, SVGI looks to open at a new all-time
high. If it pulls back, look for support near 33 3/4.

Moving Down (at the
open)

i2 Tech
(
ITWO |
Quote |
Chart |
News |
PowerRating)
is trading for 4 points, probably on news of a shift in
management. ITWO has been travelling north in a uptrending channel for some time
now. Look for support at 181 1/2, 181, and 175.