T-Minus 30

  • August 8, 2000
  • Dave Baker

Let’s take a look at some charts in a
different time frame today. Just like we can’t lock ourselves into trading one
sector, we also need to keep our eyes open to different charts

Today’s Watchlist:
(
PSFT |
Quote |
Chart |
News |
PowerRating),
(
SANM |
Quote |
Chart |
News |
PowerRating).
(
MNMD |
Quote |
Chart |
News |
PowerRating),
(
UCM |
Quote |
Chart |
News |
PowerRating)

Peoplesoft
(
PSFT |
Quote |
Chart |
News |
PowerRating) is consolidating on the 30-minute charts. Let’s set
our alerts near 25 and 24 1/2 as we watch for a move outside of the trading
range. Now, when you daytrade based on a larger time frame, it doesn’t hurt to
glance over at the 5-minute charts as well, but don’t let it distract you. If it
consolidates long enough, the 50-period MA may drive it out of the range.

Sanmina
(
SANM |
Quote |
Chart |
News |
PowerRating) may offer a short opportunity based on the
30-minute charts. Set your alerts near 103 and watch for a move. Should it
breakdown, it may find support along the 50-period moving average. Ideally, if
it provides a short opportunity, it will try to fill the 5 point gap. Don’t
forget to set support alerts at 100, where it may bounce as well. 

 

MiniMed
(
MNMD |
Quote |
Chart |
News |
PowerRating) already broke out
to a new high last week and put in the continuation move on Monday, but I still
want to add it to our Watchlist. We’ll monitor MNMD for two things. First, watch
for a consolidation pattern to form near the highs. In a retracement situation,
it may pull back to the resistance level that it just cleared and provide a
trading opportunity on a bounce. Second, it may simply put in one or two inside
days and then just head higher, in which case we could look at the formation as
a very tiny pennant and play the new-high breakout. Of course, there is always
that third possibility, that the stock will just die.

Unicom
(
UCM |
Quote |
Chart |
News |
PowerRating) set a new high on Monday. Right now it’s simply
trading near its high. Set your alerts near Monday’s intraday high and watch for
a continuation move to provide a long opportunity. It may decide to pullback for
several days and trace out a cup with handle, which is another option. We’ll
have to see where it goes.

 

Today’s
Non-Tech Watchlist:
(
CPN |
Quote |
Chart |
News |
PowerRating)

Calpine
(
CPN |
Quote |
Chart |
News |
PowerRating)
hit a new high on Monday and put in a little continuation move on Tuesday. Look
for continued volume strength to back this possible

Ciao, 

Dave Baker

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