More Early Green

  • January 24, 2001
  • Kevin Haggerty

Correction
on today’s audio: Volume ratio was 71 with advancers over decliners of +1092.


The S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating) and Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating) had good runs yesterday,
after they recrossed all of their EMAs, the 8-, 20-, 60- and 260- on your
five-minute charts. For the SPX, it was above the 1343 level and it ran to an
intraday high of 1362.90, closing top range at 1360.40. It finally got through
the 1350 resistance and out of the Ascending Triangle. After the first two bars
up, the SPX had a five-bar Trap Door move down to the 260-EMA and an intraday
low of 1339.62. From there, it recrossed all EMAs above 1343.


The NDX did the same thing
and recrossed all of its EMAs above 2640, ran to an intraday high of 2738.81,
closing at 2730.05. Overall, NYSE volume was only 1.2 billion with a volume
ratio of 71. Kind of on the light side — I expected more. For the SPX, the next
upside alert levels  are the .618 RT of 1368, the 30-week EMA of 1379, and
then the 200-day EMA of 1392, with the .786 level up at 1399. 


The NDX has the .38 RT at
2870, the 30-week EMA at 3036, then convergence of the .50 RT of 3117 and the
200-day at 3148. On the downside, the 50-day EMA is 2667. Greenspan will
determine the next leg either way.

(March
Futures)

Fair Value

Buy

Sell

9.60

  10.90

 8.30 

Pattern
Setups


Although the SOX was only
up 0.6%, some of the specialized Semis had good moves, led by
(
QLGC |
Quote |
Chart |
News |
PowerRating)
+12.2%.
(
VTSS |
Quote |
Chart |
News |
PowerRating) led the integrated circuits +12.8%.
(
KLAC |
Quote |
Chart |
News |
PowerRating) led the
equipment semis +3.7% and
(
INTC |
Quote |
Chart |
News |
PowerRating) +5.9% was the leader in the broadlines
with a decent increase in volume. 

Semis to look at today that
set up in the daily chart:
(
INTC |
Quote |
Chart |
News |
PowerRating),
(
AMD |
Quote |
Chart |
News |
PowerRating),
(
ALTR |
Quote |
Chart |
News |
PowerRating),
(
KLAC |
Quote |
Chart |
News |
PowerRating),
(
NVLS |
Quote |
Chart |
News |
PowerRating),
(
MXIM |
Quote |
Chart |
News |
PowerRating),
(
IRF |
Quote |
Chart |
News |
PowerRating),
(
AMCC |
Quote |
Chart |
News |
PowerRating),
(
NVDA |
Quote |
Chart |
News |
PowerRating)
and on an intraday basis,
(
MU |
Quote |
Chart |
News |
PowerRating), because the funds love to run it. If it sets up on
your intraday charts take it if you get it. 

Other stocks:
(
JNPR |
Quote |
Chart |
News |
PowerRating),
(
CIEN |
Quote |
Chart |
News |
PowerRating),
(
CMVT |
Quote |
Chart |
News |
PowerRating),
(
JDSU |
Quote |
Chart |
News |
PowerRating),
(
EMC |
Quote |
Chart |
News |
PowerRating),
(
CSCO |
Quote |
Chart |
News |
PowerRating) and
(
AFL |
Quote |
Chart |
News |
PowerRating).

Have a good trading day.