An NYSE Scalper's Tale - A Trader's Diary

Sunday, February 26, 2006

On Tap for Mon Feb 27, 2006

Tomorrow I'll keep a close eye on Disney (DIS). On Friday, DIS looked very strong in the afternoon and it was able to cut through fairly large levels with relative ease. If DIS opens below $28.00, I'll watch for it to break. It closed on Friday at $27.98.

I'm also going to watch Johnson & Johnson (JNJ). For almost a year JNJ has started a slow and steady downtrend and looks like it might try to re-visit it's 52-week low after a brief bounce up. Support for JNJ is at $57.00. JNJ is on the SHO list so I'll look to go short if this level breaks. It closed at $57.76.

For the next little while I'll be watching Advanced Micro Devices (AMD). For the last month it's been ranging between $40 and $42. Currently it is near the low end of it's range. AMD is on the SHO List, so I'll try to short it if it breaks the $40 level. It closed at $40.54.

Lastly, one of Home Depot's (HD) competitors, Lowes (LOW) reports before the bell. I don't usually trade LOW, but I will be watching it's effect on Home Depot (HD). After HD reported good earnings on Feb 21, it has pulled back a little, still unable to successfully break the $43 level. HD closed at $41.63.