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  Jeff Bailey   3/1/02,  4:00:37 PM
Risk/reward think about it in every trade and your trading strategy.

Seeing some negativity in regards to MSFT short play.

What do you think has more downside in the stock. Software bellwether Microsoft (MSFT) or trucking stocks CNF, Inc. (CNF). Both are up 4.5% today. Now think about downside of each as it relates to economy.

 
 
  Jeff Bailey   3/1/02,  3:56:13 PM
Treasury Bonds are closed and 10-year YIELD finished right at 4.971%, which is right at 200-day MA and rounding 50-day MA. Monday could be important day to monitor. Has been finding buyers at this level and this may be the final straw that swings things. Will note that a downward trend taken from the spike higher from 12/17/01 downward has that trend broken today. Link

If bond market is convinced of staying power from today's economic data, then would think further selling in bonds if stocks are a bargain. Will watch and test this on Monday.

 
 
  Jeff Bailey   3/1/02,  3:51:03 PM
Semiconductor Index (SOX.X) $563 +10.29% .... from bar chart, I have downward trend from 01/3/01 high of $763 and attached to 05/22/01 high of $710. Extension of that trend is at roughly $580 level. In my mind's eye, that is perhaps correlative with bearish resistance trend on Maxim (MXIM). Link

 
 
  Jeff Bailey   3/1/02,  3:44:33 PM
Maxim Integrated (MXIM) $50.19 +9.67% ... stock gave glaring sell signal yesterday, but would not let stock get away from me if short the break at $46. Most room I'd give is $53, but first buy signal would be just above here at $51. I have retracment from $69.06 to $33.55, which puts 50% retracement at $51.30. Would suggest stop just above the $51.50 level.

May also suggest a protective call if playing the bearish resistance trend. This buys you some time to try and let that trend work in your favor. If it doesn't hold, then you're hedged. If it does and stock gets crushed lower, then bulk of capital is then protected. Link

 
 
  Jeff Bailey   3/1/02,  2:54:55 PM
CNF Inc. $32.28 +4.09% ... getting upside alert here as stock now breaks above its rolling 50-day moving average. Stock now has some upside near-term to $34. Getting some confirmation from a transport and this in my mind is rather bullish if she holds. Link

Needs some volume!

 
 
  Austin Passamonte   3/1/02,  2:53:44 PM
Readers Write: "Hi Austin: If the NAZ cannot get above 1800, is this keeping the S&P and dow pinned at 10,300ish and 1125? [C]"

Actually, the exact reverse is true. The NASDAQ indexes are lagging markets to the DOW and S&P, and we can probably expect techs to underperform stronger indexes for many months if not years to come.

 
 
  Jeff Bailey   3/1/02,  2:51:48 PM
Celestica (CLS) $31.60 -3.95% .... subscriber still hanging in their short from yesterday and a little "worried" about broader market strength.

Take some notes that it isn't all rosey in "contract manufacturing and may actually see selling into broader strength.

For subscriber's still short (smile), simply move your stop down to a level where you would be happy with profit if stock does eventually see buyers. I have a retracement level at $32.57 (broken today) and would lower stop just above there.

 
 
  Jeff Bailey   3/1/02,  2:45:38 PM
Semiconductor Bullish % As of last night, according to Dorsey/Wright and Assoc., semiconductor bullish % was "bear confirmed" at 29.3% and would take a reading of 36% to get into "bear correction," but would come from a lower level and could get some pretty meaningful upside from an "oversold" level.

 
 
  Jeff Bailey   3/1/02,  2:39:00 PM
Applied Materials (AMAT) $47.10 +8.35% ... subscriber question ... I am more of a swing traders and did take 1/2 position long other day at $45.45 on break of "inside day" as I liked stock just above bullish support from p/f chart and your notes in market monitor. Would it be good to sell the out-the money calls and March $50 to work off cost and think stock hovers near there into triple-witch?

Tough question to answer, but as long as you are happy with the OBLIGATION to sell the stock at $50 + premium received (ANQCJ) bid $0.80 then that may not be bad idea.

However, just note that trade at $49 would be spread-triple-top Link and this one has been a strong stock in sector as depicted by relative strength chart of AMAT vs. SOX.X Link

May want to also consider sharp revision of earning's estimates to Micron (MU) this morning (see 10:46). That may also boost MARKET perception toward semi-equipment and AMAT.

 
 
  Jeff Bailey   3/1/02,  2:28:28 PM
Bullish Triangle ... according to Professor Davis' Study, pattern is profitable 71.4% of time for average gain of 30.9% in 5.4 months.

**Note**... 5.4 months, NOT 2-hours or 2-days.

 
 
  Jeff Bailey   3/1/02,  2:25:42 PM
SanDisk (SNDK) $16.97 +15% ... stock traded the $16.50 level and this is break of downward trend and sets off "bullish triangle" pattern on p/f chart. Looks bullish here and good bullish trade. Link

 
 
  Jeff Bailey   3/1/02,  1:58:56 PM
Rational Software (RATL) $18.98 +2.26% ... is stock I have eye on for potential bullish trade. I'm "neutral" right now, but understand current action in Microsoft (MSFT) and will try to use to our advantage.

RATL is setting up potential "inside day" and sitting right on 50% retracement of $18.65 (retracement from $29.21-$8.10) and 200-day moving average.

From technical perspective, I truly believe that Marvell (MRVL) exuberance is technical related from 200-day moving average.

If Microsoft (MSFT) can further gains, then thinking becomes software as a whole gets a little bullish. With RATL sitting just on rounding 200-day and retracement support, then maybe gets strong move from an upward move of "inside day" and good looking bullish trade. Link

Add to that that the stock is sitting right on bullish support trend and have making for very nice bounce.

Plan... will monitor for now, but if RATL trades above yesterday's high of $19.42, then will go long. If we get "inside day" and no type of trigger, then will wait until Monday. Link

 
 
  Austin Passamonte   3/1/02,  1:58:29 PM
Readers Write: "I HAVE LEARNED MY LESSON IN THE PAST ABOUT CHASING STOCKS HIGHER OR LOWER. VERY DISIPLINED, BUT TODAY WOULD HAVE BEEN A GOOD DAY TO BREAK THAT TRAIT. SO MUCH FOR 10300 RESISTANCE. [JS]"

Then what do you do the next day, I wonder? We'll see if Dow 10,300 is resistance or not by the close, not before.

 
 
  Austin Passamonte   3/1/02,  1:50:31 PM
All intraday chart signals are looking very topping right now with the S&P 500 fluttering around 1125 area. I'll likely test the downside with a 1/2 normal position on a break below 1123 based upon this and proximity to 2:00pm EST normal start of afternoon directional movement. Either I get blown out quickly on a late-day surge or catch some downside action into the close if that mark is broken.

 
 
  Jeff Bailey   3/1/02,  1:50:29 PM
More cyclical stocks like CAT $56.80 +2.32%, DuPont (DD) $47.90 +2.26%, Intl. Paper (IP) $44.32 +1.30% have all been some of the leaders and stronger stocks in the market of late. We see today that they participate, but not at all "blowing up" and gives hint that today's economic data more likely having some bears somewhat uncertain and changing their mind near-term, moving to the sidelines and taking a look at things.

We understand that some of the cyclicals have maken some nice moves higher against the broader market, but until we see some further gains, then I'm wondering if bulk of buying isn't just a large amount of short-covering?

For most part, I will still avoid most technology, especially those with any type of telecom-equipment exposure. Any bullish plays there will have to be with the mindset that it is short-term trade oriented only where we would have very good risk/reward trade setups.

 
 
  Austin Passamonte   3/1/02,  1:46:28 PM
Readers Write: "Austin, I have been taught that when the vix is 10% above or below vix 10 day simple moving average on a daily chart to look for it to revert back to the mean average or 10 day moving average. We are there. Have you ever heard of this? Your comments. [LL]"

Yes, this is a simple trading system for the S&Ps some short-term players use. Put/call ratios, TICK and TRIN are sometimes added to the mix. In any event the VIX is low and suggests a pullback to the M/A as you point out quite soon. I for one would not be getting lone right here, that chance was missed this morning. Odds are price action will relax a bit before sustaining higher ground but could easily close near session highs today.

 
 
  Jeff Bailey   3/1/02,  1:40:35 PM
"Pru-logic" Prudential has been rather bearish on some of the "industrial metals" stock like AA and PD today. Has one wondering why? Are they that bearish on the economy that they don't believe there is any tye of pickup in these underlying commodities where their price is very demand driven?

If Prudential is bearish on the industrial metals stocks, one wonders when they'll hammer the technology stocks with downgrades that are even more dependent on the trickle down economics that would only come from a more robust economy.

My thinking is that the industrial metals stocks are a lot closer to any type of pickup in the economy than are many technology companies, especially anything that is "telecom-equipment" related.

Either Pru is dead wrong, or if they're right and industrial metals aren't going to see any demand benefit, the many tech still carry high risk.

As such, we observe Pru's comments, but test them against the MARKET'S thoughts as it votes with real money.

 
 
  Eric Utley   3/1/02,  1:35:14 PM
A very cool reader pointed out earlier in the day the heavy trading of the Brokers (XBD.X). Lehman (NYSE:LEH) trades sloppy, down by almost 3 percent. Meanwhile, the XBD bounces around the unchanged line.

The Banks (BKX.X) are not participating either, with only a marginal gain today of 0.53 percent. Compare that to the 1.61 percent pop in the S&P 500.

I think the heavy action in the financials underscores the prevailing credit concerns in corporate America. Same story in the inability of the TNX.X to break bearish trend. Yes, the economy is improving. But we're not completely out of the woods yet. That's how I see it.

 
 
  Austin Passamonte   3/1/02,  1:33:10 PM
CNBC apologized for faulty data on the Maramoco calls on his last visit to the show. I had no comment, but their correction sure puts him in a better light that before. I'm wondering why he didn't jump all over that faulty data of theirs instead of sticking to the "viewers should be in this for the long haul" defense? I always know right where every one of my holdings trade, but that's just me.

On another note, Suze Ormon, Battapaglia and numerous other analysts always touts the distant-view, buy & forget about it mantra on CNBC. They chide viewers for market timing and other short-term trading follies. That is fine by me, but what would that do for CNBC viewership? If I'm a buy & forget about type investor, why tune into CNBC every single day? What would that advice do for ad ratings, etc? Who is their core audience they constantly preach this mantra to?

Just a thought.

 
 
  Austin Passamonte   3/1/02,  1:18:13 PM
Lots of readers email asking & suggesting what will happen between here and the close. All kinds of good points have been made by both sides, I must say.

I can also tell you I have no idea what will happen from here into the bell and harbor zero preconceived notions. I plan on following the intraday charts, which right now are looking mighty toppy indeed.

If they tip over from overbought extreme and price action begins to break down I will go short again without hesistation, simple as that. If markets keep pressing to new session highs, that's fine with me too.

In either event we'll know it as we see it begin to unfold and react accordingly!

 
 
  Austin Passamonte   3/1/02,  12:41:01 PM
Tony Maramoco, analyst on CNBC is down -40% on two of his three last hot picks for buy & hold investors. Is that the type of heat our IRAs are supposed to endure? When asked what to do next, he replies if he liked them at 40% higher he must love them now, so double down right here.

No comment on my part!!!

 
 
  Austin Passamonte   3/1/02,  12:18:42 PM
My longs from 1120.00 stopped at 1122.00 and new shorts triggered at 1122.00 at the same moment in time. Now stops are set at 1124.00 on a capital-risk of zero for today's activity. If the short works from here, both plays profit. If the short fails, I lose nothing but realized gains. No initial capital at risk right now in this "free play".

 
 
  Austin Passamonte   3/1/02,  12:14:41 PM
Looks like that last big spike on a buy program petered out real quick, which suggests it might have just been big money in the CME futures pit looking to trigger (gun) a cluster of stops to kick out shorts and trip in new longs, only to take the other side and let price action relax a bit.

Think those games don't happen? Trust me... when big players team up and move the market with $billions of short-term dollars they make $millions in profits within minutes while playing games like this. Retail players who all entered stops in the same general area are vulnerable to big money moving the pile artificially.

Most retail stock players have no idea this stuff goes in in the stock indices and think such surges to the upside is just everyone going long off some brokerage house analyst market calls. Not!

 
 
  Jeff Bailey   3/1/02,  11:54:15 AM
Microsoft (MSFT) thinking this.... NASDAQ-100 bullish % Link would show "buy signal" at 40% (current reading is 34%) and I can see how that might be very similar to "buy signal" in MSFT at any trade of $63 Link.

Trader using some strategy that is outright short underlying stock of MSFT might think of a protective "at the money call" of MSFT in the April $60 call (MSQDL) offered $3.20. With thinking "if she gives the buy signal at $63, then cover short, hold call long for potential near-term rally to $67."

Instead of just stopping out of short at $63, buying protective call actually move trader into a more neutral position while MARKET digests economic data.

While some "don't like" neutral calls on a stock, sometimes strategy comes into play as we deal with what the market is doing at hand.

 
 
  Austin Passamonte   3/1/02,  11:48:29 AM
I have open longs from 1120 with sell-stop now at 1122.00 for twice the number of contracts. That means the longs will be closed +2 index points and I'll immediately switch to the short side in one fell swoop.

Then stops on the 1122 shorts will be set at 1124.00 with only capital risk that which was locked in on the long play. I hope this answers numerous email questions in one fell swoop... got company coming in from NY this afternoon and many emails will never get answered.

It's always a war of attrition with the email inbox and I apologize for those that time doesn't permit an answer to, but rest assured I read each & every one and appreciate most of them [big grin].

 
 
  Austin Passamonte   3/1/02,  11:42:40 AM
Intraday chart signals are getting "toppy" near/at overbought extreme while significant pivot points in the S&P and Dow are reached. Don't be surprised if this strength fails to hold into the close... could be a three-'fer week of pop & drop sessions this week.

I would have much preferred to see a drop & pop this morning... would have bought that one with gusto!

 
 
  Austin Passamonte   3/1/02,  11:39:04 AM
Indexes have just walked straight up the charts all day, with nary a short-term pullback to buy. I watched several oversold cycles in the 1-min tick chart but didn't dare go long on any of them. Then hit the last one at 1120.00 for a small play just before the latest buy program spiked price action higher. Stop set at 1121.00

I guess I'm playing scared instead of aggressive today, but just haven't had the ideal entry point to hit with any confidence. Missed a good move from 1112 open to 1125+ at the highs, but hindsight always escapes us when we need it most!

 
 
  Jeff Bailey   3/1/02,  11:35:27 AM
Microsoft (MSFT) $60.24 +3.27% ... market just too strong for me to think short-term trader should hold this one here. Would move to sidelines if short-term oriented as stock breaking above short-term downward trend if drawn from 01/17/02 high point, to 02/14/02 rally point. Extension of that trend shows break at $59.70 today. Link

Those still comfortable with stock short/put as outlined from p/f as "hedge" for some bearish tech can continue to hold, with firm stop at $63, which would be "double-top buy signal" and turn vertical count from bearish $47 to bullish $74. Link

 
 
  Jeff Bailey   3/1/02,  11:30:06 AM
SanDisk (SNDK) $15.65 +6.39% ... When I mentioned SNDK as potential long, criteria for trade was it needed to trade $16.50. Since it hasn't traded $16.50, then I "don't like it yet." Link

I'll wait for some type of signal from stock to get long. Haven't seen it yet.

Other option is to jump the gun here and take your chances. I tend to lean to bullish side. I think comments regarding Micron Tech (MU) may help this stock a bit.

 
 
  Jeff Bailey   3/1/02,  11:05:42 AM
Phelps Dodge (PD) $37.33 -1.52% ... why is stock down with strong ISM data?

I think in part due to Pru's call on Alcoa (AA). While PD is more "copper producer," I do think Pru's call and downgrade of Alcoa (AA) in aluminum is "spooking" industrial metals bulls a bit. Both Aluminum and Copper are very industrial based metals.

This is my thoughts at least. As such, will "listen" to the charts.

AA chart Link shows stock is at a resistance level of $38 and we might expect a range of $34-$38 until some type of further buy/sell signal is given. As such, bull holding long most likely looking to sell a covered call for now.

PD chart Link actually looks very similar as it relates to bearish resistance trend and range right now from $36-$39.

Both have longer-term bullish vertical counts that are very bullish, so longer-term trader still OK and simply assesses risk to any sell signals that might be given to cancel out current vertical counts.

 
 
  Jeff Bailey   3/1/02,  10:55:41 AM
Correction!!! From 10:46 Micron Tech (MU) comment as to bullish vertical count. I thought I saw a sell signal in chart that cancelled out "old" vertical count of $40.50. This is NOT the case as current vertical count is $40.50.

Don't panic, but may rethink things to 1/2 bullish position right now. Stocks can exceed their price objectives and I think this one will. However, I want you to know I calculated vertical count wrong earlier.

 
 
  Jeff Bailey   3/1/02,  10:46:21 AM
Micron Tech (MU) $34.57 +7.49% ... stock getting boost from Thomas Weisel Partners positive comments on contract pricing. Firm raising earnings estimates substantially for Feb quarter to loss of 4 cents from loss of 15 cents, 2002 full year to +$1.55 from loss of $0.05, and 2003 to +$4.00 from +$1.35. Firm increasing 12-month price target to $60 from $45. Link

I like the p/f chart of MU and bullish call from "Tommy." Low risk, high potential return trade here with stop at $31 (to try and dodge any potential shake-out). Vertical count is bullish to $52. Very good risk/reward trade here. Fact that it has less than four-letters in stock symbol is a small plus also.

 
 
  Eric Utley   3/1/02,  10:44:34 AM
Upside alert on the Ten-Year (TNX.X) above 4.950, now trading 4.967.

 
 
  Austin Passamonte   3/1/02,  10:42:49 AM
Those Prudential boys(girls) gave excellent fundamental analysis on AA as Jeff mentioned, but what does that have to do with stock price movement? Often very little, and a quick peek at the weekly/daily chart shows weekly chart bullish right now and forming what could be a bullish reverse head & shoulders formation.

If I were a longer-term player in low beta stocks, waiting for the daily chart signals to reach oversold extreme and turn up from there. Let the pikers sell into these media calls, pick up a nice cyclical at support and if the economy is turning so clearly as CNBC market cheerleaders profess is to be, back-month call plays will work nicely from there!

 
 
  Jeff Bailey   3/1/02,  10:40:11 AM
ImClone (IMCL) $26.10 +16% ... stock rocketing higher... if long, stick a sell order out there at $28.95. You just never know. (see 10:26). Amazing, simply amazing.

 
 
  Jeff Bailey   3/1/02,  10:38:52 AM
Celestica (CLS) $32.60 -0.91% ... yesterday thought short at $35.40 in market monitor Link at 10:39. Last night thought stop should be moved lower to $34.05. Would keep stop there, or just above today's high of $33.68.

 
 
  Jeff Bailey   3/1/02,  10:34:22 AM
Dow Breadth decidedly positive with 27 up and 3 down.

Only Dow "negative" is Alcoa (AA) $36.80 -2% after downgrade by Prudential to "hold" from "buy" to reflect large Chinese capacity additions and restarts in capacity both in US and Brazil as power shortages ease; also, general economic news worldwide outside China suggests a gradual or slow-pace of demand recovery. Pru adds that there is downside risk to their estimates. Price target is $44.

 
 
  Jeff Bailey   3/1/02,  10:26:25 AM
ImClone (IMCL) $23.86 ... what I'm looking at is the gap higher, then brief stop and indecision by market. Thinking is that lots of shorts wondering what to do and today may be near-term decision point. Break higher might have bear assessing risk to 50-day MA at $30. Link

This interested me as it relates to technicals found in past from Amazon.com (AMZN) similar "gap" from a low and what took place two days after that gap from Jan. 22nd. Link

Do you see the similarity of BIG volume day, then the uncertainty day that followed, and when the upside break came, got nice three-day gain?

 
 
  Austin Passamonte   3/1/02,  10:22:08 AM
Several readers ask what I intend to do if markets just keep plugging higher and give me no defined entries. That seldom happens when timing tick charts for intraday entry points but if it does, I'm prepared to watch the worl go by without me. If I cannot get a high-odds entry I don't want any at all. It's been a very favorable week... why screw it up taking pot-shot flyers?

And if it'd been a poor week, why throw more good money after bad? It is painful for short-term traders to sit & watch, but that's where the money is actually made.

Years of sitting endless hours in a treestand waiting for trophy whitetail deer to come along just out of firing range or otherwise make a fool out of me once again taught patience needed in the markets. But I'm still very prone to fidgeting on stand, letting that little voice inside saying, "climb down and walk over there, that's where the big racks are right now".

Invariably, staying put and sitting still works best for me in the woods and S&P screens alike!

 
 
  Jeff Bailey   3/1/02,  10:21:07 AM
ImClone (IMCL) $23.95 +6.9% ... I had my eye on this one as bullish for this morning based on technicals from bar chart for aggressive short-term bull, but didn't mention as sector weakness was a negative.

Bull can play here off of "inside day", with stop at $21.40 and target $29.

 
 
  Jeff Bailey   3/1/02,  10:16:56 AM
Johnson & Johnson (JNJ) $61 ... getting upside alert on this consumer goods stock and Dow component at new 52-week high. Bullish vertical count grows to $74. Link

 
 
  Austin Passamonte   3/1/02,  10:15:08 AM
I looked at going long 1111.00 S&Ps but didn't like the short-term charts back then. I sure like them a lot better now, but opportunity passed me by!

Now what?

From here I'm looking for a pullback to congestion near S&P 1112 - 1114 area as 10/5/1 min charts go oversold together and look to turn higher from there. If price action keeps going to 1122 area from here the picture will get much cloudier then.

 
 
  Eric Utley   3/1/02,  10:10:08 AM
I would expect a rally here in yields (sell-off in Treasuries) on the much-better-than-expected ISM number at 54.7. Watching the Ten-Year Yield (TNX.X) for a print up to 4.950, which would put it at the bearish resistance line I wrote about in yesterday's 3:00 p.m. EST Intraday Update.

 
 
  Jeff Bailey   3/1/02,  10:08:34 AM
ISM Index reading comes in at 54.7% which was much stronger than expected reading of 50.5%.

 
 
  Jeff Bailey   3/1/02,  10:05:40 AM
Univ. of Michigan Consumer Sentiment final February reading was 90.7, just below preliminary Feb reading of 90.9. A bit of negative, but no real impact for market. All eyes on turn to ISM due out at 10:00 AM.

 
 
  Austin Passamonte   3/1/02,  10:04:38 AM
With live charts and Time & Sales screens blurring all around me I get the sensation that markets are moving and I'm not on board. Makes me want to jump in and trade something just to be part of the "action". That ever happen to you?

I've blown away enough money dabbling with poor entries out of boredom for both of us, so just sit there calmly and wait for the next clear entry point. Oh... that was myself I was speaking to, but feel free to join the hand-sitting party if you choose!

 
 
  Jeff Bailey   3/1/02,  9:58:14 AM
Marvell Tech (MRVL) $33.68 +9.7% ... will admit that there will be the bar chart buyers that believe in the 200-day MA, for us p/f traders, that is the hurdle to our first target of mid-$20's. Will the p/f chart and supply/demand signals be the proper trade and downside alert? Link

or will the bar chartist win out and muster the support and defend the 200-day? Link

Lots of broker upgrades this morning and I'm wondering if they are looking to build liquidity at the retail level or if it is a true call. Analysts, I'll listen to their views, but the charts usually won't lie. Assess risk/reward, then manage it, and let things unfold. No emotion.

 
 
  Austin Passamonte   3/1/02,  9:55:48 AM
The ideal intraday call-play setup would see this morning's gap filled, with price action touching near Thursday's close as 10/5/1 minute chart signals are in (or near) oversold extreme and turing bullish from there.

If we see that setup it will be a very high-odds intraday upside entry point.

 
 
  Austin Passamonte   3/1/02,  9:52:37 AM
All intraday chart signals are now turning bullish, and we do have bullish chart patterns as depicted in last night's Swing Trade Gameplan. I'll be watching for the next trip down to oversold extreme in 10/5/1 minute chart stochastics and go long the S&Ps from there. Should happen within the next hour or so.

 
 
  Jeff Bailey   3/1/02,  9:51:33 AM
Forgot to mention.. Also due out this morning in just a few minutes is the Final Univ. of Michigan consumer sentiment number. Consensus looking for a revision reading of 91.0, slightly higher than previous reported reading of 90.9.

 
 
  Jeff Bailey   3/1/02,  9:43:24 AM
Marvell Technology (MRVL) $34.05 +11% ... getting a bump from early morning broader market strength is my opinion. Thank you, and I'll be looking short/put here at market , stop $37, and targeting mid-$20's near-term. Link

 
 
  Jeff Bailey   3/1/02,  9:37:25 AM
Integrated Device Tech. (IDTI) $25.57 ... stock trading higher at $26.79 after company saying its business with Cisco (CSCO) is growing this qtr over last qtr and expects that it should see growth from EMC Corp. (EMC) and some growth from Lucent (LU), Siemens (SI) and Invineon (IFX).

IDTI Link

CSCO Link

EMC Link

LU Link

SI Link

IFX Link

 
 
  Austin Passamonte   3/1/02,  8:46:03 AM
On a third & final pre-market note, I recently recieved two different emails from long-time readers who took offense to some of the comments I made about Abbey Joseph-Cohen and other sell-side analysts in here. They are correct in that my opinions may best be kept to myself.

With that in mind, I will do something that Cohen, Meeker, Battapaglia, Acampora and all those other shameless, hapless, overpaid crooks have never done: apologize for being wrong. I apologize to these loyal readers who wrote and anyone else who may have taken offense to any of my strong opinions shared.

On a serious and professional note, almost all of the analysts we see in public have a hidden agenda totally opposite the public: investment banking. They are literally the mouthpieces of banks that issue stocks of the companies they tout, which is why so many of their track records are beyond abysmal. They sell you lemons and call it a "strong buy" for your financial future.

It should be illegal, I have no idea why such banking issues were ever deregulated in the first place but don't look for it to cease. Too much big money flowing from their financial houses into our politician's pockets for that to happen.

The last I'll say about analysts in here is this: any trader who follows their siren song in the market will learn reality lessons for themselves, and those forewarned deserve everything they get, or I should say "will not get" when it comes to profitable portfolios.

I respectfully request no emails to me on this subject... it is a simple little housekeeping note. Now on to today's trading !!!

 
 
  Austin Passamonte   3/1/02,  8:35:49 AM
On a separate note, I get waves of email between 3:00pm and the close each day asking if they should hold open plays over the close. No way I can answer even a fraction of them in timely fashion, but there is a reason I'm flat every night myself: mixed charts = mixed market conditions. We've not had a session this week where the afternoon direction wasn't sharply reversed the following opening bell, and that may not change for a bit.

 
 
  Austin Passamonte   3/1/02,  8:33:39 AM
Great Morning!

Is this the first day of March or second day of February? Reminds me of the movie, "Groundhog Day" where Bill Murray keeps waking up and repeating the exact same sequence of events until he gets it right.

Today we have premarket futures poised to open on a gap-higher from yesterday's close, same as the past two sessions. Will we be able to short this arfternoon with gusto and repeat the past several day's success?

Perhaps, but intraday charts suggest an upmove is ahead and Friday afternoons have been short-covering events more often than not recently. With that in mind, intraday traders should look both ways before they cross the charts today!

 
 

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