Tech Troubles
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.
Going South
Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) is trading down 7
points in the pre-market on strong volume. Look for support at 205, 200, and
193. In a reversal watch for light resistance at 210 and more at 220.
Veritas
(
VRTS |
Quote |
Chart |
News |
PowerRating) is trading down 3
points. If it doesn’t hold 97, watch for support at 95 1/5 and 94. The next
support area is between 90 and 90 3/4. In a reversal, watch for resistance at
100 and 103.
Applied Materials
(
AMAT |
Quote |
Chart |
News |
PowerRating) is
trading down 6 points on strong volume. Look for support from a long time ago at
64. There is no near-term support. In a reversal, watch for resistance at 70, 72
1/2, and 74 1/2.Â
Cree Systems
(
CREE |
Quote |
Chart |
News |
PowerRating) is trading
down 4 points. If it doesn’t hold 86, watch for support at 83 and 80. If you
play a reversal move, watch for resistance at 91 and 95.
Tollgrade Communications
(
TLGD |
Quote |
Chart |
News |
PowerRating) is
trading down 8 points. If it can’t hold 79, watch for support at 76 1/2, 74, and
73. The stock has been beaten down in the last few sessions.
Altera
(
ALTR |
Quote |
Chart |
News |
PowerRating) is trading 6 points
lower on strong volume. Watch for support 90 and near 87 5/8.
Until later,
Â