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

Wednesday, March 01, 2006

On Tap for Thu Mar 2, 2006

I don't know how I missed it, but there was a really strong move up on Corning (GLW) today. It broke out of it's range on strong volume and made new 52-week highs today. Aside from some positive comments from it's CFO at an investors meeting, I don't know what the catalyst for the move was. Could this be the breakout that starts a new uptrend? Again, I don't know why I didn't see this earlier today, but I will keep a close eye on GLW tomorrow. GLW was up $2.00 today to close at $26.41.

I'm also going to watch the telecom services stocks tomorrow. These stocks include Sprint-Nextel (S), AT&T (T), and Verizon (VZ). If you look at all of their charts, you will see that all three are close to testing their near term resistances. If the sector goes up tomorrow, I'll be watching for the following levels to break: for Sprint-Nextel (S) watch the level at $25, for AT&T (T) watch the level at $28.50, and for Verizon (VZ) watch for the levels at $34.50 and for the level at $35.

Sprint-Nextel closed at $24.51.
AT&T closed at $28.09.
Verizon closed at $34.20.

Also up big today was Texas Intruments (TXN). Goldman Sachs said that it expected TXN to raise it's outlook next week which sent the stock soaring today. I was watching TXN today and all I can say was that there was some CRAZY buying in the stock. I vowed not to ever trade TXN ever again after a big losing trade on the volatile stock a while back (I took a 25-cent loser on 2000 shares in less than 5 seconds - a $500 loser!), but it seemed to move quite nicely today. TXN was up $2.33 today to close at $32.18.


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