The Little Naz That Could
The tech sector has seen quite a bit of volatility intraday, but the Nadsaq
has held the morning breakout level.
The 60-minute Nasdaq Composite chart shows that there is
resistance at 3400, but that there is a near-term uptrend intact. If you trade
the big names like ARBA, PMCS, SCMR, CSCO, SDLI, JNPR, JDSU, etc., then you
you should be aware of the trend of the broader market.
Today’s Watchlist:
(
OSIP |
Quote |
Chart |
News |
PowerRating),
(
CMGI |
Quote |
Chart |
News |
PowerRating),
(
ALTR |
Quote |
Chart |
News |
PowerRating)
I took a look at OSI Pharma
(
OSIP |
Quote |
Chart |
News |
PowerRating)
earlier this week as one to watch for moves relative to its pivot point. After
trading below the pivot on Monday, it rallied back on Tuesday, and raced ahead
on Wednesday. Now is has formed a lovely high-level cup formation and taken out
the previous high, which was resistance. As for the volume, it is very
impressive.
I have taken note of OSIP on the
infamous pad next to my keyboard where I create my Watchlist. Watch this name
into the close and set your alerts for a continuation move on Thursday. Ideally,
it will close at a new high, within the top 20% of its range, and break through
the intraday high on Thursday.
CMG Inc
(
CMGI |
Quote |
Chart |
News |
PowerRating), once the don of the family Internet, is
finally bouncing off its lows. I say finally because it really does feel like
forever.Â
Low-level traders will want to watch this one as it is now
rallying out of a consolidation pattern near its 52-week low. There has been
resistance near 20 intraday, so watch for a close above this level followed by a
continuation. The next resistance area is near 25 and 30.
On the short-side, Altera
(
ALTR |
Quote |
Chart |
News |
PowerRating) tried to rally again on
Wednesday after making some real progress on Tuesday, but to no avail. It has
already pulled back to its lows with the Nasdaq and is poised to take out its
trendline. Watch for a move below 33.
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Until later,