The Market is set to open just about flat, be prepared for the idea that every day might not have strong trending action. The levels we are watching in the SPY are yesterday’s 108.15 high for more upside, there’s relatively little resistance until the 109 area if we get above it on volume. If the market weakens the first significant support is around the 105.90-106 area. Focus on market leaders such as GS and AAPL to determine if we are going to breakout in either direction.
Our best AM Idea for today, which we highlighted in our AM Meeting is to short NTGR @ 24.80, target on the downside is 23.60. There was significant extended hours resistance at the 25 level so watch this level closely and cover if it moves above.
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5 Comments on “SMB Morning Rundown – February 10, 2010”
Isn’t NTGR a little below the average daily volume you like to see for a in play stock?
Isn’t NTGR a little below the average daily volume you like to see for a in play stock?
NTGR:
25.00 dollars on the daily chart represents natural resistance at least for the short term. It would be prudent to have a look at the Feb 2009 time period as well in order to ascertain the next 3-5 point move. Also, the Feb 2008 time span may as well shed some light. 23.60 is just 35 cents above the first minor swing level of 23.25/30
based off of intra day charts.
NTGR:
25.00 dollars on the daily chart represents natural resistance at least for the short term. It would be prudent to have a look at the Feb 2009 time period as well in order to ascertain the next 3-5 point move. Also, the Feb 2008 time span may as well shed some light. 23.60 is just 35 cents above the first minor swing level of 23.25/30
based off of intra day charts.
the volume was a bit light in NTGR today. after the second failure above 25 i got flat and established a short in the 24.60s. added below 24.55 and covered most of the position on the hard down move to 24. covered some more later in the day in the 24.60s but still short a bit.
most of my focus in the afternoon was in AIG because of the huge spike and volume and break above the long term downtrend.