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Intraday Update
The Techs have been trading lower all
day, but the Nasdaq Composite is still within its trading range. It looked like
we were going to see a reversal in the first hour, but it failed. Intraday
we see both the composite and the futures stuck in range. They are both
currently trading near their lows.
Today’s Watchlist:
(
SFA |
Quote |
Chart |
News |
PowerRating),
(
ACTL |
Quote |
Chart |
News |
PowerRating),
(
IRF |
Quote |
Chart |
News |
PowerRating),
(
PLXS |
Quote |
Chart |
News |
PowerRating),
(
GLW |
Quote |
Chart |
News |
PowerRating)
Scientific-Atlanta
(
SFA |
Quote |
Chart |
News |
PowerRating) has
returned to its highs once again. After eclipsing its previous high, it pulled
back a bit. Looking at the daily charts, we see a loose cup-with-handle
formation. Set your alerts near 78 3/4 and watch for it to set a new high. Should
it set a new high, swing traders should watch for a continuation the following
day.
Actel
(
ACTL |
Quote |
Chart |
News |
PowerRating) hit a new high this week on what looked like a
breakout from a consolidation. On Wednesday it re-entered the recent trading
range. Set your alerts near 49 as we wait for a continuation. If it does move
higher, watch for psychological resistance at 50. A move above 50 on a closing
basis may result in a more conservative entry point.
International Rectifier
(
IRF |
Quote |
Chart |
News |
PowerRating) broke out two weeks ago and
entered an uptrending channel. Everything was going well until someone decided
to downgrade the semis this morning. Now we’ll watch several things: 1) a
late-day recovery; 2) a close outside the channel. If we see a breakdown, we’ll
watch for a continuation to provide a near-term short opportunity. Otherwise,
we’ll watch for a continuation of the current trend.
Plexus
(
PLXS |
Quote |
Chart |
News |
PowerRating) hasn’t appeared on the Watchlist for quite a
while now. It broke out last week and set a new high. It has been trending
nicely for the last four days. Look for a continuation of the current trend,
searching for possible entry points on each bounce off of a retracement. You may
want to consider using the five-day MA as a near-term trendline as well. If you
open a position, consider placing an initial stop just under the trendline that
you used for your entry point.
Corning
(
GLW |
Quote |
Chart |
News |
PowerRating) is our one “big boy” addition to the
Watchlist today. Like out prior additions, it has been trending in an upward
channel following its breakout to new highs. Look for entry points on bounces of
the bottom of the channel. Volume has been weak across the board lately, so
we’ll take what we can get.Â
A bientot,Â
Â