To Sleep Or To Trade?
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.
Those which are
consistent morning movers with large average daily ranges are now highlighted by
the word “Hot”.
Make sure to register for my
upcoming course “The Baker/Ten Electronic Trading Course”, starting
July 7. Click
here to go to the registration page.
My latest trading lesson, Finding
Intraday Trendlines for Daytrading Part I, is also available now.
Morning Outlook
The S&P futures are -1.50.
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 and tracking
stock
(
QQQ |
Quote |
Chart |
News |
PowerRating) futures or
tracking stock as leading indicators.
Heading Up
GoAmerica
(
GOAM |
Quote |
Chart |
News |
PowerRating) makes its debut
appearance this morning. It’s trading up 2 3/4 points near 17 1/2. Look for
resistance just over 18. If it takes out this level, it will set a new all-time
high.
Moving Down
Harmonic
(
HLIT |
Quote |
Chart |
News |
PowerRating) is trading down
more than 15 points on almost one million shares. Look for support just over 23
and again at 20. It’s not uncommon to see some early morning bottom fishing
after a large sell off. Look for a pause in the descent followed by another leg
down.
Worldcom
(
WCOM |
Quote |
Chart |
News |
PowerRating) is trading only
1/2 point lower on very strong volume. If it breaks below 37, look for a move
toward, with some support at 35 7/8. If it doesn’t stop at this near-term
support level, it could head toward 30. Note the series of lower highs on the
daily charts.
Intertrust Tech
(
ITRU |
Quote |
Chart |
News |
PowerRating) is trading
up 1/2 point on strong pre-market volume as well. The top of its near-term
trading range is 25, so watch for a move above this level. Scalpers may want to
focus on Intertrust, as it may only see small moves. Look for more resistance at
26 3/4.
Network Peripherals
(
NPIX |
Quote |
Chart |
News |
PowerRating) is trading near 13 1/2, down 3 1/4 points
from the close. There is no near-term support on the daily charts, and the
weeklies are showing a possible move toward 10.Â
Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating) is trading down roughly 4 points from the
close, below support at 50. Watch the first few minutes for a quick move back
above 50. Should it fail, the next support level is just over 47 1/2, which
gives it some room to move. The stock looks to open below its five-, 10-, and
50-day MAs.
NYSE Movers
Qwest
(
Q |
Quote |
Chart |
News |
PowerRating) is moving higher on
Instinet.
Check back for Trading the Techs AM at
11:00 AM ET.
Until later,