Who Wants To Be A President?

November 9, 2000
Dave Baker

Each morning this
list will contain those stocks with the potential to make a quick but tradable
move in the first hour.Â 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

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.

Interestingly,
many of my trader friends told me that Wednesday was one of the hardest trading
days in the last few weeks. To be honest, the craziness resulting from the
fixation on the election makes me want to sit out a day. Of course, I probably
will not, but it is a novel idea. Yet, if you find that sitting out a day is
right for you, then go with it.

It seems like
just yesterday, PMCS and BRCM were the talk of the town. It simply amazes me
how quickly things change.

Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating)
closed on its lows for the last two days after breaking down initially on
Tuesday from the pennant that it formed. And, not only did it trade
significantly lower, it did so on blow-out volume. With this type of momentum
behind the move, it is only appropriate to watch for a third continuation move.

The 10-minute chart shows that there was minor support at 173 to
175 as well as near 160 and 150. The first two level listed are likely to act as
intraday pivot points.