The Range Remains
It looks like we’ll be
adding some new shorts to the list today. Sadly, some of these potential shorts
were once kings of the market.Â
While I’d like to thank
Yahoo for this morning’s booster shot, I’m not about to count my chickens before
they hatch. Nasdaq is still in a trading range.Â
As Dave Landry
reminded us last night, it’s a market of stocks, not a stock market.
Today’s
Watchlist:Â
(
NT |
Quote |
Chart |
News |
PowerRating),
(
CRGN |
Quote |
Chart |
News |
PowerRating),
(
AMZN |
Quote |
Chart |
News |
PowerRating),
(
ICIX |
Quote |
Chart |
News |
PowerRating)
It took long enough, but
Nortel Networks
(
NT |
Quote |
Chart |
News |
PowerRating) finally hit our alert and broke out Wednesday morning.
We saw it move up over a point and it continues to edge higher. Should Nortel
close at a new high, I’m setting my alerts just over the intraday high.
I’ll then watch for a continuation move.
Curagen
(
CRGN |
Quote |
Chart |
News |
PowerRating) broke out of a low-level pattern on Tuesday. On Wednesday we
saw what looked like a continuation move in the first hour, but there was a
reversal. I’m reminded once again why I don’t like to enter swing trades that
gap up in the morning. Watch for another move to take out Wednesday’s intraday
high. Set your alerts near 48 3/4. Watch for psychological resistance at 50.
Conservative traders should set their alerts just over 50 and look for an entry.
On the short side we’ve got two names today.
Intermedia Communications
(
ICIX |
Quote |
Chart |
News |
PowerRating) was hit pretty hard yesterday, resulting
in a closing move below support. On Wednesday morning we’re seeing a small
rebound from the opening price. Watch for former support to become resistance.
Look for potential shorting opportunities on a move below 20. That’s where I’m
setting my alerts.
Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating), after breaking one key support level, it lightly
bouncing off another one. I know what you’re thinking, “But they’ve
patented the one-click and checkout button”. (Note the sarcasm in my
voice).Â
I’m setting my alerts just under 32 1/2 and watching for a
breakdown. For daytrading purposes, some traders might want to catch an initial
breakdown, should it occur. Swing traders will want to wait for a new closing
low and watch for a continuation the following day.Â
Until later,Â
Remember, wait, don’t speculate. Always
use protective stops.
Check back at 2:00PM ET
for Trading the Techs PM.