Monday, November 06, 2006

Daily Calls, Tuesday Nov. 7, 2006

All major indices posted strong gains today on relatively light volumes. I kind of expected a pop given the current short-term oversold conditions, however, the strength exceeded my expectation. Tomorrow is the mid-term election day, and already, there are chats all over the Web about the "post-election" rally, which sounds quite fishy to me. My guess is that the market may rise a bit more if the GOP does not lose as badly as some fear. But in any case, let's respect the charts, which right now suggests that further gains in next day or two is likely.

1. AAPL: DT-S2 when it approaches resistances around 80 or 81.8 using tight stops, IT=79.5. It under-performed NASDAQ and could not stay above the key 80 level for even a couple of minutes, but the support at 79.5 was good enough for today.

2. ANF: DT or SW-S1 on top if it spikes towards 75 in AM, stop just above 75, IT=MA50=71.4.

3. AKAM: DT-S2 on top if it spikes towards 50 in AM, stop just above 50, IT=MA50=46.

4. CEPH: L1 on pullback, entry zone 70.5-71.3, stop just below 70.5.

5. CHAP: DT-S2 on top, entry zone 41.8-42.6, IDS=43.2, CS=42.1, IT=39.5. (shorted today @41.68, covered @41.31).

6. CRM: currently short @ 41.89, stop around 42.3, IT around 40. Probably got in too early.

7. FFIV: consider DT-S2 on top if it spikes towards 67.2, stop just above 67.4, It=64.

8. LRCX: DT-S2 on top if it spikes towards 50.75/51.4, use tight stops.

9. STP: DT-L1 when it breaks 25.5, IT=26.2 (MA50), stop around 24.8.

10. X: considering a speculative SW S3, entry zone 68.4-69.2, just above 70 or 70.38 (recent high), It=65.

11. SONS: Consider CTT between 4.5/4.8 and 5.5/5.7. Reported Q3 in AH, beat estimates by a lot, but once again delayed report due to ongoing option review. Traded as low as 5.05 and as high as 5.45 in AH, but mostly between 5.1-5.3. My take is it should stay above MA200=4.8 as it had a very strong Q3, but it probably won't break resistance zone between 5.5-5.7 because its prolonged account mess and possible delisting in the near future..

12. NTES: reported Q3 in AH, beat the estimates. traded mostly between 17 and 17.9. Key levels: 16, 16.32 (close), 16.9 (MA50), 18.3 (MA200), around 19.1. Probably a lot of shorting in AH as Ameritrade does not have any shares for short.

13. most of other stocks on the list may still follow the weekly calls.

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