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  Jim Brown   5/10/02,  6:00:58 PM
Swing Trade Signals Wrap (What is this?) Link

It was a successful week with four signals triggered and three of the four produced a gain. The First signal of the week was a SPX short after the Fed meeting on Wednesday. The trading day closed with that signal four points in the money but after Cisco announced earnings we were stopped out at the open on Wednesday. All things considered a 75% win ratio in a very volatile week was not a bad way to start this new section on Option Investor.

Next week should be a banner week. First thing we are going to do is change the name to "Pivot Trade" from "Swing Trade" to avoid a conflict with the longer term Swing Trade product produced by Leigh Stevens on the Index Trader section of the website. Regardless of what we call it the plan is the same. We will continue to call breakouts/breakdowns and trend changes in the market in a way that enables the reader to profit from them.

As a reader your responsibility is to keep those suggestions coming with ways to improve. It is also your responsibility to choose your own options based on the type of signal given. If the SPX options are too expensive for your budget then you can use the OEX options as well. Just use the SPX triggers to buy the OEX options. The indexes run basically identically but the SPX is generally recognized as the most accurate representation of market movement. If you want to trade in your IRA but your broker does not allow options then you can buy/short the SPY (SPDRS) which are a basket of stocks that make up the S&P-500. They move in the same direction as the SPX.

The SPX closed exactly in the middle of support between 1053-1057 at 1055. This is exactly where it was trading on Tuesday before the Cisco event. The +40 point gain has been almost completely erased and a breakdown here would be very negative for the entire market. Monday morning should be interesting as bulls and bears battle for control and based on the Friday results it may not be pretty. Still as index traders we do not care what direction the profits come from. As evidence from the results below there is money to be made both ways. We will look for some direction at the open and establish trade triggers at that point.

Signals Triggered
Tuesday
SPX Short 3:35 PM @1053
Closed Wed 9:32 AM @ 1061 Loss of 8 points
Stopped out at open on Cisco earnings.

Wednesday
No signals triggered

Thursday
QQQ Short 10:34 AM @ $31.09
Closed Friday @ 10:38 @ $30.50 Gain of $.69
SPX Short 10:27 am @ 1078.75
Closed Friday 11:03 @ 1065 Gain of 6.25 points

Friday
SPX Short 14:50 @ 1059.50
Closed 3:54 pm @ 1055 - Gain of 4.50 points

Obviously we close the QQQ/SPX shorts from Thursday too early but the object of the game is not to buy at the exact bottom or sell at the exact top. We will always err on the side of caution and be very happy with a lot of nice gains and a few home runs. See you Monday at 9:15 !

 
 
  Leigh Stevens   5/10/02,  4:01:11 PM
Index Update: We're going out here at or near the lows, with a high TRIN on both NYSE & Nasdaq, which is two back to back down days. Suggests especially that buyers didn't want new positions ahead of the weekend, with iminent miltary action in Gaza -- June oil futures trading near $28.00.

 
 
  Jeff Bailey   5/10/02,  3:57:55 PM
QQQ Aggressive bull day-trader.... I'd take the QQQ as a buy long $29.68 here, hold over the weekend, and look to dump at the open Monday morning, or see if a squeeze above $32 doesn't take place. Stop is just below today's low of $29.50 for this trade.

 
 
  Jeff Bailey   5/10/02,  3:55:46 PM
Dow Diamonds (DIA) $99.45 ... traders short from yesterday closing out here. Good trade!

 
 
  Jim Brown   5/10/02,  3:54:32 PM
Swing Trade Exit Point Alert
We are out! The 1055 stop was triggered at 15:51. We are going into the weekend flat and I hope you had fun this week! Next week will be even better without a Fed meeting in the middle.

 
 
  Jim Brown   5/10/02,  3:48:30 PM
Swing Trade Exit Point Alert
Lower the stop on the SPX short to 1055 and let's make our sell target 1054.00. This will take us out either way. Current SPX = 1054.04

 
 
  Jim Brown   5/10/02,  3:42:48 PM
Swing Trade Exit Point Alert
A reader pointed out that time decay on May options would be huge over the weekend. For the sake of those who are using May options we are going to close the SPX short position at the close today. To avoid a bounce taking your profit away lets lower the stop to 1056 immediately. We will keep walking it down to the close.

 
 
  Jeff Bailey   5/10/02,  3:14:35 PM
Dow Diamonds (DIA) $99.66 .... from yesterday's profile of short at $101.06 (10:12:40). will stick a bid in at $99.45 into the close. This will be just above Tuesday's high. Target from yesterday was $100 and this was achieved. Would collar with stop profit at $100.02 or buy close. Link

Don't forget to reach down and pet the dog.

 
 
  Jim Brown   5/10/02,  3:00:13 PM
Swing Trade Entry Point Alert
We were triggered on the SPX short signal at 14:50 when the SPX broke below the days previous low of 1059.50. We are going to put a tight stop loss on this signal of 1062.00. That last move looked like another sell program that knocked us out of our trading range and we could still change direction quickly as the last hour arrives. Support for the SPX is still in the 1053-1057 range so the downside could be limited unless those levels are broken.

 
 
  Jeff Bailey   5/10/02,  2:45:53 PM
QQQ Here's what I'm monitoring for. See the "gap" higher on 04/16, then "fill" back on 04/18, the gap higher again on 04/19, only to collapse lower?

Link

Now, if history repeats itself, a trader knows what to look for.

HOWEVER what if we see a similar gap up like that on 04/99 (after the fill of the gap from 04/18), but instead of a sell lower, the QQQ breaks above $32 and DIVERGES from past pattern?

If a bear is a little overconfident and 100% short, then could be in some trouble. With NASDAQ-100 Bullish % ($BPNDX) from last night showing a "bull alert" status a bear can assess account risk into today's close, make sure he/she is weighted properly BEFORE something potentially harmful to the account takes place.

 
 
  Jim Brown   5/10/02,  2:36:15 PM
Swing Trade Entry Point Alert
That was really close! The SPX spiked up to 1064.48 before falling back again. I do not like the way the indexes are moving and I am going to go ahead and set the downside trigger as well. If the SPX trades below the day's previous low of 1059.50 that will trigger a new SHORT of the SPX. That will cancel the LONG trigger at 1064.50 as well. The SPX is trading in a range which we all know will eventually break in one direction or the other. By having both triggers in place we can capture the move regardless of the direction.

 
 
  Jeff Bailey   5/10/02,  2:32:48 PM
Brocade Communications (BRCD) $21.07 .... One way you can assess risk in the trade is to "pretend" you traded from the "inside day" of yesterday. If you did trade this setup, then your stop is just above yesterday's high. On Monday, it will be above today's high and so on. Excellent technique I think for managing risk. Link

 
 
  Jeff Bailey   5/10/02,  2:22:15 PM
Hi Jeff, Been keeping on eye BRCD's PnF ever since the bearish triangle broke lower in April then reversed. More recent spread triple bottom only yielded $19.50. Last two days have been down big and nearing a new double bottom. Jan bearish objective of $22.00 has been met. I'm having difficulty assessing assessing risk here. Declining stock in a weak sector of a downward moving market but the stock won't crater. Would greatly appreciate your opinion.

This is exactly what I believe the NASDAQ-100 Bullish % addresses as it relates to BRCD. Yes.... stock just won't crater will it? Almost like it's "sold out." Don't fool yourself folks. There will be levels where the MARKET just wont sell anymore. Yes... there will be some "stock specific" news that gets the stock to crater.

This is why it is so DARNED important that bears not be complacent in here. The bullish % "tells" us that bears are carrying the bulk of the risk.

What a bear is doing in here is looking for very low/risk trades where they've got a stop close by. The "inside day" technique can help with this.

As I said earlier as it relates to American Football. Bears have scored a touchdown. Now is the extra point try. Will they kick it (test the lows in the QQQ) or go for 2 points (push the issue and try and get a break of Tuesday's low)?

 
 
  Jeff Bailey   5/10/02,  2:17:51 PM
Lots of problems with bar charts today as fellow traders point out. I say we do away with computerized bar charts and just use point/figure charts!!!

For those looking for today's bars on q-charts, try typing in 720 in the interval part of your chart. This has been giving me today's bars.

 
 
  Jeff Bailey   5/10/02,  2:11:25 PM
Wireless Telecom (YLS.X) 56.31 -6.07% ... on the alert here... new all-time lows. Looking for any type of short-covering as an alert. Link

Perhaps another lesson in avoiding from the bullish side weak sectors/stocks as they usually carry higher probability of achieving lows when rallys end.

 
 
  Jim Brown   5/10/02,  2:02:47 PM
Swing Trade Signals
The SPX is nearing critical support levels at 1053-1057. If those levels fail we will be looking at a new shorting opportunity. The RUT is within 4 cents of beaking through a support level that has held since early March of 493.75. This failure of the small caps along with the sell off of the Wednesday bounce may keep traders in the market and short over the weekend. If the RUT breaks 493 it could signal a new down trend. We need to continue being patient and trade what the market gives us. If it breaks 1057 to the downside we will initiate a new SHORT trigger around 1053. If it breaks to the upside we already have a LONG trigger in place at 1064.50.

 
 
  Jeff Bailey   5/10/02,  2:01:51 PM
QQQ $29.78 -3.74% .... level to monitor near-term is Tuesday's high of $29.35 for potential near-term support. Risk management might have some bears bidding the QQQ on the filling of the gap higher from Wednesday morning. Will set alert at $29.35 on q-charts. Link

 
 
  Jim Brown   5/10/02,  1:25:31 PM
Swing Trade Signals
The possibility of an end of day bounce is looking less likely with each passing minute but there is plenty of trading day to go. The culprit of course is the Nasdaq which is leading the SPX and Dow to lower levels. A reader asked me for a QQQ trade setup assuming the same end of day short covering rally. I don't think a QQQ play carries a good risk/reward scenario at this time. Let's be patient and see what develops.

 
 
  Leigh Stevens   5/10/02,  1:18:54 PM
Subscriber QUESTION: "I think the next stop for the DOW is 9920. Given the weakness in IBM and MSFT and if MMM goes negative midday as it has everyday, then my target may be reached. Any thoughts or technical comments?"

I'm not sure. The Dow has a number of stocks that are being bought on weakness and it has the best relative strength of the indices. A break of 10,000 - 9980 suggests a target to the 9900 area as an easy stretch, yes. Momentum on a weekly chart basis is down.

On the other hand, a move above Dow 10,100 next week or the week after (assuming DJIA holds at or above this level), is an initial breakout above the weekly downtrend line and reduces the potential for a move back below 10K significantly.

 
 
  Jim Brown   5/10/02,  1:00:55 PM
Swing Trade Entry Point Alert
Let's take advantage of that sell program and lower our entry point to 1064.50.

Let's go long the SPX at 1064.50 with the goal of riding any bounce into the close and a possible continuation through Monday morning. If the markets continue to weaken we will go into the weekend flat.

 
 
  Leigh Stevens   5/10/02,  12:58:20 PM
Subscriber QUESTION: "Question regarding the e-trade story. And this probably applies to other CEO's as well. How does a company just "forgive" a loan made to a CEO. Does he/she not have to pay back ANY money. Does the company just "lose" those millions of dollars in loans?"

RESPONSE: Anything taken on as a company expense becomes the same as any other "business expense" -- if expenses are bigger than income, you have a net loss to report for any given quarter just as E*Trade did.

 
 
  Jeff Bailey   5/10/02,  12:51:37 PM
Overture Services (OVER) $16.35 -10.28% ... nice break below the $17.00 level. Stop would be today's high or just above $19.39.

 
 
  Leigh Stevens   5/10/02,  12:51:31 PM
Subscriber QUESTION: "Leigh, Does the low end of the gap signifies a strong support and possibly a bottom in qqq? Your comments are timely and educational."

RESPONSE: It (29.35) may be a strong area of support and represent a possible bottom. With gaps, you just have to wait and see. The strongest position or the degrees of possible outcomes to a retreat to an upside gap are 3 bullish & one bearish possibility: 1.)When subsequent pullbacks do not fill in ANY of the gap. 2) The gap is "filled in" partially, followed by a rally and no lower low. 3.) The entire gap area is filled in, followed by a rally and no subsequent retreat to below the low end of the gap. - 4.) - Lastly, of course, the low end of the gap is pierced and prices continue lower. The gap then has no further significance.

 
 
  Jim Brown   5/10/02,  12:32:13 PM
That was a nasty sell program! It started at 12:18 and knocked nearly -40 points off the Dow and 5 off the S&P. Hopefully there are not a bunch of those waiting in the wings for "their" trigger points. Looks like we closed those shorts a little early!

 
 
  Leigh Stevens   5/10/02,  12:26:19 PM
Index Update: Looks like the lack of buying interest and a little pick up of selling - NYSE Arms Indes (TRIN) is up to 1.7, NASD TRIN is almost 4 showing a high propensity of selling - this selling pressure is being born out on what can be seen on the hourly charts as the prior intraday lows are now being taken out. Recent minor consoidations have the appearance of minor bear flag patterns, suggesting another downswing ahead. Deeper into those chart gap areas.

 
 
  Leigh Stevens   5/10/02,  12:17:53 PM
Sector Update: We're back to resuming uptrends of the HOT movers of the past month: Oil Services ($OSX.X) up another 1.4% -- oil prices ware up again today; the most-active June Crude futures traded to over $28.00 today, but has fallen back to 27.68, still up 30+ cents; the Healthcare Index ($HMO.X) is higher today -- less than a percent gain, but if you tack on enough days like this, you have a runaway bullish sector - I feature chart analysis of a bunch of these stocks in Sector Trader last night at Link -- Continuing the small cap investing "theme" in favor, we have the Amex Composite Index ($XAX.X) in the plus column also -- what bear market? - if you owned this index for sure we would all be like that annoying guy in the ad that doesn't seem to even COMPREHEND why his friend might be down in HIS portfolio. To round off gainers, we have that harbinger of toil and trouble, precious metals sector ($XAU.X)- gold stocks slowing down their runup a bit recently, but not much. Strong MO in this sector.

 
 
  Jim Brown   5/10/02,  12:07:09 PM
Swing Trade Signals
The markets are trading sideways as traders enter the lunch doldrums. The 11:10 bounce failed as one reader pointed out, probably due to low advancing volume. The buyers are sitting on the sidelines and waiting for a sign that the profit taking from the Wednesday bounce is over. The SPX long came very close to being triggered but failed just below that resistance level. This is why we need to be patient and honor each level.

All trade are flat now since closing the SPX short at 1065 and the QQQ short at 30.50. The SPX long trigger point is 1068.55. Be patient. I will set a stop loss once our trigger is hit.

 
 
  Jeff Bailey   5/10/02,  12:04:22 PM
Carndinal Health (CAH) $67.90 -0.67% ... same thing perhaps here in CAH as we see happened in ADBE. Trade at $67 today was triple-bottom sell, but came right at bullish support. Link

I've got a stop on underlying stock just below $66.82, why? Because of the "bear trap" potential. Retracement on the bar chart from $76.52 to $60.84 gives me 50% at $68.68 and 38.2% of $66.82. To me, its worth risking an additional $0.18 cents from $67. Will also note the 04/05/02 low was $67.10 and the stock did trade right up to the 80.9% retracement level of $73.52 on 04/22/02.

 
 
  Jeff Bailey   5/10/02,  12:00:07 PM
Hi Jeff, First want to thank you for all of the knowledge that I've received from you, Austin, Jim, and the rest of the crew (can't imagine how you folks do all that you do) over the past couple of years -- especially with regards to risk management. Makes a huge difference. I understand that a new buy signal cancels out an old sell signal, but .... if you look at ADBE recently there has been a quad bottom sell followed by a triple top buy in what looks to be a sideways move...I imagine that there are others out there that would like to know what the good professor might have to say on this subject. And yes, I have a small position in Oct 35 puts that are about at a break even point as I'm writing.

Aha! I'm glad you asked. Now, I can't speak for the good Professor Earl Davis, but I was looking at ADBE Link as a potential bullish candidate in the software group on a pullback to $38-$37, with the thinking that the sell signal at $36 may be a "bear trap" that brought in some shorts. This "bear trap" will often times be found, especially in NASDAQ charts, when the bullish percent is at "oversold" levels. You know... suck in some complacent bears that have systematically been shorting breakdowns, but perhaps not understanding or monitoring market/sector risk.

For you the trader, as long as you haven't been complacent or OVERLEVERAGED on the put side, then use the "inside day" technique on the bar chart to perhaps guide you near-term. Yesterday was an "inside day" and stock did break to the downside of it today. Therefor, stop goes just above yesterday's high. Now, you're perhaps looking at the 200-day MA as longer-term support at $35 as your target? Link

 
 
  Leigh Stevens   5/10/02,  12:00:05 PM
Today's Friday Wall Street Journal has something for everyone; front page article on the astronomical compensation for E*Trade CEO Christos Cotsakos - ole Christos will haul in some $80 million, including a $15 million dollar loan that was forgiven and about $30 million in stock & options. This new breed of fat cat broker to Main Street is cut in the mold of the fat cat Wall Street broker of yore. There are little perks to like flying Mr. Cotsakos back and forth to London where he is toiling on a PhD. In case you think that E*Trade keep its brokerage humming during this bear market - wrong! - in fact, the company had a first quarter loss of $276 million. However, hard times are not being felt all around apparently. Needless to say shareholders were not happy campers when this story broke last week and for some reason decided to bail out of the stock, sending it to around $5. Well, its only down from $70.

The other "something" of interest in today's Journal are reviews on 2 books on James Cramer - one, "Trading with the Enemy", by someone who worked for him during the time Jim managed a big hedge fund. The author described dodging phones or phone books being thrown at employees -- Jim known for being somewhat VOLATILE. The other book, an autobiography - "Confessions of a Street Addict" - Jim knows it is all a show - his particular mastery was of the "buzz" on the Street. He worked his network of Wall Street Analysts like a master - and, knew "cynically, that Wall Street was simply a promotion machine."

 
 
  Jeff Bailey   5/10/02,  11:46:46 AM
Overtur Services (OVER) Profiled this one as bearish too for PI subscriber's from "inside day" of yesterday. Looking for a break of $17 to have bulls pulling the plug and perhaps a capitulation decline to $12.50. Link

Needs to break the $17.00 to trigger selling.

 
 
  Jeff Bailey   5/10/02,  11:44:10 AM
Yesterday I was hesitant to try and short any NASDAQ stocks, especially NASDAQ-100 components. Today, we did get some "inside day" trade setups in CIEN and SRNA. Reason I liked these two is that as a bearish trade, they are weak stocks longer-term, and with inside day, bear can really control his/her risk.

Yesterday, and even on Wednesday, it was rather tough to determine/control a bear's risk. Yes, I may have given up some potential bearish gains, but understanding and managing risk is so key to trading.

 
 
  Leigh Stevens   5/10/02,  11:36:47 AM
ON THIS DAY in 1503 Christopher Columbus discovered the Cayman Islands, that well-known island with more banks than residents - AND on this day in 1960 the USS Nautilus completed its first circumnavigation of the globe underwater, by ducking under the polar icecap. This area turned out to a playground for our submarine friends during the COLD war. In honor of these mariners, ancient and modern, take a seadog to lunch.

 
 
  Jeff Bailey   5/10/02,  11:33:34 AM
Now I laughed at that "look at the 5/3 bars for today's bars," but it may juuuuust be that type of "bearish confidence" that leads to "bearish complacency."

After-all, us old AMAT bulls see that AMAT is nowhere near the 5/3 bar from the bar chart, and us QQQ bulls still holding the 1/2 position Sep $30's know the QQQ hasn't taken out the 5/7 entry levels. Lots of time until September Mr. Bear.

NASDAQ-100 Bullish % ($BPNDX) turned "bull alert" yesterday. It's 4th down and the bears have scored a touchdown. They've line up for the extra-point in field goal formation. Question now is... "Are they going to kick the extra point, or are they going to try and make a 2-point conversion?" Link

 
 
  Jeff Bailey   5/10/02,  11:26:55 AM
Bearish humor? We've all had some problems with our q-charts this morning. One subscriber gives us some help.....

Roseanne Rosanadana was an oracle when she said "it's always something." If any subscribers are looking for today's bars on Qcharts, they're showing up where 5/3 was!

Maybe that commercial for Ameritrade with the bull and bear on it could use that line? Very funny.

 
 
  Jim Brown   5/10/02,  11:09:45 AM
Swing Trade Entry Point Alert
I am looking for a bounce here. Let's go long the SPX at 1068.55 with the goal of riding any bounce into the close and a possible continuation through Monday morning. If we slip lower before triggering this entry point I will lower it as conditions change. Currently 1068.55 is just above the 10:10 bounce.

 
 
  Jim Brown   5/10/02,  11:03:41 AM
Swing Trade Exit Point Alert
Close the SPX short NOW - I think the bounce is near.
Currently the SPX is 1064.97. Let's take profits and look for the next entry point.

 
 
  Jim Brown   5/10/02,  10:58:50 AM
The S&P is sitting exactly on support from the last week in April at 1065. If this support fails the next serious support level is 1052-1055. The Dow is having trouble at 10015-10020 and a break above that level could trigger the intraday trend change. If it does we will consider going long the SPX around 1069. Wait for the signal.

Several readers have asked why I am concerned about an end of day bounce. Most short traders will want to go into the weekend flat and not face the possibility of a huge gap open on Monday on some news event. As you can tell from this weeks rally the market can be explosive. I am betting they don't want to get burned.

 
 
  Leigh Stevens   5/10/02,  10:55:25 AM
CBOE Volatility ($VIX.X) index, based on S&P, continues on its uptrend, getting above 25.2 - looks like it is heading to the 26-27 zone, which it got to on 4/29 & 4/30; Volatility on VXN, based on Nasdaq 100, is rising today also -- at 50.3 and high of 50.9 is at recent prior high of 50.9

 
 
  Jeff Bailey   5/10/02,  10:48:13 AM
Jeff, why would this market rally into the weekend as Jim Brown has implied in his Swing Trade commentary?

If Jim says something and you have a question, the best way to get an answer is to ask the author of those comments.

I do see where the Stock Trader's Almanac shows that the day before Mother's Day up 9 of last 13 and Monday (day after Mother's Day) up 11 of last 13. When this Monday comes before option expiration (as Monday does this year), up 10 of last 11.

Perhaps Jim is erroring on the side of caution?

 
 
  Leigh Stevens   5/10/02,  10:45:49 AM
Index Update: COMP has gotten to next support in 1620 area at top of upside gap; next is 1605; The Composite fills in its daily chart gap completely at 1594; so, area begining around 1620 is the moment of truth for the bulls - we'll see if buyers surface again; NDX has dipped into gap area starting at 1213, at intraday low at 1210; 1178 is low end of chart gap; QQQ have held first line of support at 30.1, the top of the daily chart gap; next support 29.5 - low end of gap is 29.3;

 
 
  Jim Brown   5/10/02,  10:44:31 AM
Swing Trade Exit Point Alert
Let's tighten the stop on the SPX position to 1066.50 and get ready to close this trade if we get a bounce.

 
 
  Jeff Bailey   5/10/02,  10:41:14 AM
Ciena (CIEN) $6.87 -2.54% ... short can come in here on break below "inside day" of yesterday. Short, stop above yesterday's high of $7.33 and target new lows.

 
 
  Jim Brown   5/10/02,  10:37:49 AM
Swing Trade Exit Point Alert
Let's close the QQQ position at 30.50

 
 
  Jim Brown   5/10/02,  10:35:14 AM
Several readers who are profitable has asked if they should close the QQQ puts here since the downtrend has slowed. Please, take whatever action you like. I am only giving suggested entry/exit points which may or may not be hit. If you are profitable there is no harm in ever taking profits.

The drop does appear to be slowing. It could be just a pause or the intraday trend change we have been looking for.

 
 
  Jim Brown   5/10/02,  10:24:27 AM
Swing Trade Exit Point Alert
Correction - the QQQ stop should have been 30.65 not 31.65

 
 
  Jim Brown   5/10/02,  10:20:13 AM
Swing Trade Exit Point Alert
Maybe a possible pause soon in the morning drop. I am lowering the stops on the QQQ short to $31.65 and to 1068.50 on the SPX short. If the dip continues we will lower these stops again. Remember, I am expecting an afternoon bounce and by snugging up the stops we will close the plays when that bounce begins.

 
 
  Leigh Stevens   5/10/02,  10:17:56 AM
Index Update: SPX broke near support at 1070 and is rushing toward next hourly support at 1065; OEX broke support at 530 and looks headed for 525-526; DJX at key near support at 100; then, if broken, 99.15 to 99.

 
 
  Jim Brown   5/10/02,  10:02:25 AM
Swing Trade Exit Point Alert The Nasdaq, QQQ and SPX are plunging with the Dow playing catch up. I am lowering the stops on the QQQ short to $31.10 and to 1075.50 on the SPX short. I anticipate further reductions as the morning progresses.

 
 
  Jeff Bailey   5/10/02,  9:45:57 AM
SERENA Software (SRNA) $13.97 -0.15% ... bearish trader could come in here and short/put break of yesterday's "inside day". Stop at $14.65, target $12.25. Link

 
 
  Jeff Bailey   5/10/02,  9:40:33 AM
Movie Gallery (MOVI) $21.78 +2.73% ... reports earnings of $0.35 a share beating estimates by 6-cents. Link

 
 
  Jeff Bailey   5/10/02,  9:31:39 AM
Applied Materials (AMAT) $25.26 +1.3% ... snugging a stop under AMAT at $24.90.

 
 
  Jim Brown   5/10/02,  9:27:18 AM
Swing Trade Signals (What is this?) Link

The futures are indicating a slightly positive open. With a positive PPI these numbers should be higher and this tells me that it could only be temporary. I do expect an aftenoon bounce so I would like to close the open positions on any dip below 1070 on the S&P and $30 on the QQQ. We will watch for an opportunity but until then the current stops still apply. $32.10 on the QQQ and 1082.50 on the SPX.

 
 
  Leigh Stevens   5/10/02,  9:16:18 AM
It's showtime! Index futures up slighty. Nas + 6.5 : DJX + 30 ;SPX + 3.00

 
 

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