A Picture Of Health
A largely positive day on the Nasdaq was dampened
when Intel broke below its October lows.
You’ve got to keep your eyes on these big-cap Naz stocks due to their heavy
influence on the movement of the index. In fact, I find them almost as useful
as indicators. So it’s good idea to keep five-minute charts of Intel
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Sun Microsystems
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somewhere on your monitor.
Identify the major support and resistance. Be aware when those levels are
broken and whether follow-through ensues. Momentum coming into such moves will
have a big influence on the Nasdaq. Friday’s break of INTC’s October lows on big
volume suggests downward momentum continuing on Monday.
On a happier note, Universal Health Services
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PowerRating) is plugging away at new
highs.
Here we will see the classic uptrends we came to associate with semis and
biotechs early last spring. You have the series of trading-range breakouts along
a nine-month trendline.Â
Yes, you can still find these if you do your homework every night. Remember,
no TV until you get it done!
Have a nice weekend,