Wishy-Washy Indecision
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.
Morning Outlook
The S&P futures are -8.75.
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
Palm
(
PALM |
Quote |
Chart |
News |
PowerRating) is trading up 2 3/8,
near 28 3/4 in the pre-market. There’s a resistance band between 29 and 30, so
this area may be choppy if the momentum continues. If the buyers really move in,
watch for a move to 30. If the mood shifts and it heads south, look for support
near 26 1/2.
3Com
(
COMS |
Quote |
Chart |
News |
PowerRating) is trading up over 2
points near 50 1/2. This pre-market price action has carried the stock above
psychological resistance. Look for the first resistance near 51 1/2 and 52 and
support near 48.
Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) is trading up 1
point near 58. There is near-term resistance, based on the trading range, at 60
and 61.
Moving Down
Rambus
(
RMBS |
Quote |
Chart |
News |
PowerRating) is trading down 3
points at 99. Opening here will make 100 resistance once again. With little, if
any, near-term support, watch for each whole number to cause a slowdown. If it
heads north, look for resistance near 102, and in an area from 106-107.
Priceline
(
PCLN |
Quote |
Chart |
News |
PowerRating) is trading 4
points lower on 16,000+ shares. Look for support just under 36 and again at 34
5/8. It’s not that far from its lows either, only about 3 points. If it takes
out 33, it could really move down. Upside resistance is at 40.
RF Microdevices
(
RFMD |
Quote |
Chart |
News |
PowerRating) is trading
near 82 1/2, down 2 points from the close. Look for support at 80 1/4. On the
upside, near-term resistance is at the 200-day MA.
Check back for Trading the Techs AM at
11:00 AM ET.
Until later,