Shorts On Parade
Today’s Index Check Up
(
IIH |
Quote |
Chart |
News |
PowerRating)
Do you remember when the
Internet group was the only place to be? While at the moment they are down, it
appears that they are not out. At the moment, I’m watching for a breakout from
the near-term consolidation. The group has been basing for a quite a while now
and appears to be stairstepping higher. Only time will tell if it’s going to make
a comeback.Â
Today’s Update:
(
VYTL |
Quote |
Chart |
News |
PowerRating),
(
RFMD |
Quote |
Chart |
News |
PowerRating)
Viatel
(
VYTL |
Quote |
Chart |
News |
PowerRating), which
was added to the Shortlist recently, broke below 20 and quickly headed south 3
points. Continue to watch for weakness. Take note of the declining volume.
Also recently added to the
Shortlist was RF Micro Devices
(
RFMD |
Quote |
Chart |
News |
PowerRating). It broke down below 80 and headed
down to 75 and change. Continue to watch for similar moves.
Today’s Watchlist:
(
ADSK |
Quote |
Chart |
News |
PowerRating),
(
ASYT |
Quote |
Chart |
News |
PowerRating),
(
GNTX |
Quote |
Chart |
News |
PowerRating),
(
NTIQ |
Quote |
Chart |
News |
PowerRating)
Since so many of the shorts have been rocking, I thought that
I’d make a couple of additions to the list.
Let’s start out this morning with the Shortlist!
Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating) has moved into a descending triangle
formation. After surging lower two weeks ago, it looked like it was simply
entering a consolidation. Rather, it began to put in a series of lower highs,
forming the ascending triangle. Watch for a breakdown below the bottom of the
triangle to provide a potential short opportunity.Â
On the other side, it’s important to watch for a potential break
to the upside as well. Use caution when trying to play a reversal, as they can
often fail.
Asyst Tech
(
ASYS |
Quote |
Chart |
News |
PowerRating) makes its debut appearance on the
Watchlist. ASYS has been unable to retrace its 50-day MA for several months
now. Last week it was mauled on strong volume on some bad news. We saw an inside
day on Friday, perhaps signaling a pause in a bigger-picture move. Watch for a
move below Thursday’s low to provide potential short opportunities.
NetIQ
(
NTIQ |
Quote |
Chart |
News |
PowerRating) is our final potential short of the morning.
NTIQ has taken our two key support levels as well as its 50-day MA. While it may
be en route to strike out three times, we won’t speculate. Set your alerts just
under the third support level that I’ve highlighted below. Friday’s volume was
inspiring, if you’re watching for a short. On Thursday, I was watching for a
potential low-level cup-with-handle, but as you know, markets turn on a dime,
and sometimes on a penny.
Gentex
(
GNTX |
Quote |
Chart |
News |
PowerRating) broke down below support as well last week.
It really was a rough week for some stocks, wasn’t it? On Friday, GNTX failed to
take out the breakdown-day’s low. The weak volume on the failed continuation
move was intriguing as well. Like the aforementioned setups, look for a move
below the intraday low from Thursday. Watch for stronger-than-average volume as
well.
Until later,Â
Check back at 2:00PM ET
for Trading the Techs PM.
Waiting in the Wings:
RRRR