Sleep In
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 +2.10 and the
Nasdaq futures are +4.50.
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.
Heading Up (at the
open)
Infospace
(
INSP |
Quote |
Chart |
News |
PowerRating) is trading up 2
points. Watch for resistance at the 50-day MA of 40 5/8 and again at 42 1/8.
Vertex Pharma
(
VRTX |
Quote |
Chart |
News |
PowerRating) is trading up
3 1/4 points on very light volume. Watch for resistance near 84 1/2. Above that
level, there is no overhead resistance. Watch for support just over 80.
Lycos
(
LCOS |
Quote |
Chart |
News |
PowerRating) is trading up 2 points
to roughly 72 1/4. Watch for resistance near 72 7/8 and 73 7/8. The stock is
trying to rally out of a low-level basing pattern.Â
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) may move higher
on the Deutsche-Bank call regarding the trial.
IBM
(
IBM |
Quote |
Chart |
News |
PowerRating) may move on an upgrade as
well.
Moving Down (at the
open)
Pacific Sunwear
(
PSUN |
Quote |
Chart |
News |
PowerRating) is trading down 2 1/2 points on light pre-market
volume.
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) is trading down 6 1/2 points to roughly 232. Look for
support at 232 and at the 50-day MA of 230 5/8. Watch for resistance at 236.
Special Announcement! Registration for the King of the TradingMarkets
I, a futures trading simulation contest, is now available! Over $8,000 in prizes
will be won by Trading Markets Members over a 30-day period. Click on the
following link for details:Â