Rollin’, Rollin’, Rollin’… Over, Over, Over
It looks like I got what I was expecting. The futures went on to set a new low
after the first breakdown this morning. After failing at 3400, the futures are
trying to rally back to move back above the new intraday resistance level that
was set by the morning break of support.Â
Why does this matter to a daytrader? If you like to trade the big-name
stocks, it is always worth noting the pattern in the futures market, as many of
the market leaders move in unison with the futures. If you trade small-cap
stocks, and lesser-known names, then the futures do not play as big a role.
QLogic
(
QLGC |
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PowerRating), which I mentioned in Trading The Open,
surged higher not long after the open. It is currently consolidating near its
highs. This may be one to watch if the bulls can get their act together.Â
Today’s Watchlist:Â
(
VTSS |
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PowerRating),
(
CREE |
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PowerRating)
On the intraday radar, Vitesse
(
VTSS |
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PowerRating) has been trading
higher all day. It finally found resistance at 81. Set your alerts near 81 and
watch for a move above resistance.
Cree Systems
(
CREE |
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News |
PowerRating) is trading right under a resistance
area. This troublespot is between 126 and 128. It has continued to move higher
since the mid-October rally off the lows. There have been five consecutive
positive days since the low was set. Cree has a rather large intraday range, so
expect to see volatility.Â
The next trouble area is the consolidation pattern from August,
which was the price top of the summer. A more conservative trader would want to
watch for a move above the consolidation, as the stock may see some choppiness
in there.
Â
Until later,