S&P Addition Moves Market
Morning Outlook
The S&P futures are -1.25.
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 and tracking
stock (QQQ) futures or
tracking stock as leading indicators.
Heading Up (at the
open)
JDSU
(
JDSU |
Quote |
Chart |
News |
PowerRating) is trading higher on
news that it’s being added to the S&P 500. After plummeting one day and
skyrocketing on another, look for extreme volatility as investors decide
what to do.Â
SDLI
(
SDLI |
Quote |
Chart |
News |
PowerRating) is trading up at 426,
over 40 points higher. There is no overhead resistance and in a reversal
situation support is far off.
VerticalNet
(
VERT |
Quote |
Chart |
News |
PowerRating) is trading up
roughly 2 points on reasonably strong volume. Watch for resistance at 54 and 57
1/2.This move has filled a gap from several days ago. The near term high is 63
3/8. In a reversal, there may be psychological support near 50. Below that
point, 46 9/16 could be the next stopping point.
Exodus
(
EXDS |
Quote |
Chart |
News |
PowerRating) is trading up 5
points near 55 3/4. There is a near-term double top roughly near 59, which may
cause more resistance. Should it pull back, look for rolling pattern formation.
Moving Down (at the
open)
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) is trading down 3 points on earnings news. Watch for
potential support near 55, and psychological support at 50. In a reversal, there
may be some resistance at 60 and 62.
AtHome
(
ATHM |
Quote |
Chart |
News |
PowerRating) is trading down a point on strong volume. Watch for
support near 17 1/2 and 16 1/2. The stock has been in somewhat of a
consolidation for several weeks. Note that hte 50-day MA is just overhead at 19
1/2. It has been acting as a pivot point in the consolidation.