The market began the year's last day of trading with an upbeat bias and closed out 2004 on a positive note despite some last-minute selling interest closing the indices a bit lower... Most of the session was again characterized by a rather quiet day of trade which kept market activity on the NYSE roughly 38% below its three-month average and volumes on the Nasdaq under 1 bln shares until only one hour of trading remained... The absence of corporate news or economic data, coupled with uneventful action in overseas markets and an early close for the bond market, only added to Friday's lackluster activity... Steel (+2.0%), after being hit hard Thursday in the wake of potential over-supply concerns in China, was the largest gainer on the day, but it wasn't enough to keep the materials sector in the green... Semiconductor (+0.5%) was also strong with some assistance coming from Intel (INTC 23.39 +0.14), despite the chipmaker being the second biggest loser (-27%) on the Dow in 2004... Energy (+0.2%) eked out modest gains while the futures markets for trading oil contracts, which have acted as an impetus behind so many influential market swings, were closed... Thursday, the commodity closed out the year up more than 33%... On the downside, weakness in airline (-0.6%) pressured transportation (-0.3%) while selling interest in health care was spurred by news out of Eli Lilly (LLY 56.75 -0.75) that suggested its antidepressant Prozac was possibly linked to violent behavior... Utility, retail and biotech also closed lower on the day... Treasuries, however, closed at their highs of the session, pushing the benchmark 10-year note up 9 ticks to yield 4.21% while the dollar fell against the yen (102.49) for the third straight day but strengthened against the euro (1.3554) which got pummeled mid-session and lost all the gains it made for the week... The Dow, in spite of closing out the week lower than where it began, advanced 3.2% for the year... The Nasdaq also closed out 2004 higher, up 8.6%, but the S&P 500, with a gain of 9.0% in 2004, led the way among the major indices...NYSE Adv/Dec 1846/1391. ..NASDAQ Adv/Dec 1563/1539.
1.
TIBX - Tibco Software
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Long |
Above 15 min high |
Sell 1/2 once risk covered |
Below LOD at time of setup |
|
|
* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 13.49
|
2.
PDE - Pride Intl
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Long |
Above 15 min high |
Sell 1/2 once risk covered |
Below LOD at time of setup |
|
|
* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 20.58
|
3.
HGSI - Human Genome Sciences
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Long |
Above 15 min high |
Sell 1/2 once risk covered |
Below LOD at time of setup |
|
|
* Please Note: If the stock gaps down at the open do not enter the trade unless it trades above 12.10
|
4.
ERTS - Electronic Arts
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Short |
Below 15 min low |
Cover 1/2 once risk covered |
Above HOD at time of setup |
|
|
* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 61.68
|
5.
BP - Bp
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Short |
Below 15 min low |
Cover 1/2 once risk covered |
Above HOD at time of setup |
|
|
* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 58.40
|
6.
DIA - DIAMONDS
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Short |
Below 15 min low |
Cover 1/2 once risk covered |
Above HOD at time of setup |
|
|
* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 107.47
|
7.
MMM - 3M
| Entry Date |
Exit Date |
Position |
Entry Price |
Target Price |
Stop Price |
Max P/L |
| 01-03 |
|
Short |
Below 15 min low |
Cover 1/2 once risk covered |
Above HOD at time of setup |
|
|
* Please Note: If the stock gaps up at the open do not enter the trade unless it trades below 82.07
|
==============================
EOD = End of day.
LOD = Low of day.
PDC = Previous Day's Close.
S/R = Support/Resistance.
==============================
DISCLAIMER: Trading in securities may not be suitable for all individuals.
Consult your broker or other professional to determine your suitability.
The discussions provided by Day Trading It are for educational purposes
only and should not be taken as a recommendation to buy or sell the
referenced security. Past performance is not indicative of future results.
Please keep in mind that these picks are chosen up to 12 hours before the markets open. During this time conditions, which will effect entry and exit on the above listed ideas, may change.
