Thank U, JDS
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 +9.20,
Dow futures are +52.50
and the Nasdaq futures are -9.00. 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.
JDS Uniphase’s
earnings are moving the market higher this morning. Finally, something positive.
Morning Watchlist
JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) is trading up 9 points on over 650,000 shares. Watch
for strong resistance near 85 3/4.
SDL
(
SDLI |
Quote |
Chart |
News |
PowerRating) is trading in unison with JDSU and is up roughly 20 points.
Watch for resistance near 275.
Interestingly, Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating) is not participating in the morning rally,
and is trading down roughly 0.50 in the pre-market. Perhaps this is because it
closed near resistance on Thursday.
In other trading, many of the big names are up 3.5%, including: AMCC, CSCO,
SUNW, INSP, JNPR, SCMR, and CIEN (up 6%).
Carryover resistance and support levels from Thursday’s intraday charts when
looking for entry and exit points.
Keep an eye on the semis and networkers, which rebounded significantly on
Thursday.
Â
Until later,
Do you have a follow-up question about something in this column or other questions about trading stocks, futures, options or funds? Let our expert contributors provide answers in the TradingMarkets Question & Answer section! E-mail your question to questions@tradingmarkets.com.
For the latest answers to subscriber questions, check out the Q&A section, linked at the bottom-right section of the TradingMarkets.com home page.