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Date Posted: 19:55:49 05/07/00 Sun
Author: warren
Subject: Pristine"Day Trader" for 5/8...

Mixed Signals

The Biotechs had the momentum we expected heading into the first week of May, as last week's high in the Biotechnology Index ($BTK.X) was easily taken out to the upside for a second straight week. Despite the upside momentum in this formerly high-flying sector, the broader market suffered a modest setback in last week's volatile trading as the S&P 500 Index pulled back to the area of its 200ma once again, reversing strongly back to the upside Friday. While the broader market is trading in rather turbulent fashion ahead of the May 16 FOMC meeting which will decide the fate of rates, the Nasdaq Composite remains in a range below its 4/10/00 high and above its recent correction low. After two straight weeks of higher weekly lows, a break below a prior week's low may send the Composite and broader market as well back down in retest of its correction low, especially if the CBOE Volatility Index (VIX) -an inverse indicator - retests its recent high in the 41.00 area. Derived from four at-the-money puts and four at-the-money calls, the VIX is especially useful at market turning points, usually bottoms. Tip: Typically, a retest of a breakout in the VIX is needed prior to a meaningful recovery in the broader market. The action of the Russell 2000 Index is also something to watch closely, as it has moved in sync with the Nasdaq since its late October '99 lows. This week's potential market moving events include Friday's PPI report and earnings reports due for CSCO, AMAT, and DELL (see list above). Continue to trade nimbly.


This Week's Selected Scheduled Earnings

This is a partial list of companies scheduled to reports earnings in the week ahead: Monday: CVC, LM, LOR, MAY, ADSK, CAIS, CSC, PSUN, VSTR. Tuesday: CEPH, CBSI, CVS, DG, ENZN, NPLS, PSIX, SUPG, WMT, WPI, THDO, CSCO, NPLI, PRTL, SQNM, TGNT, WFMI. Wednesday: BBOX, PSS, TJOB, TFSM, AMAT, ELTX, GMST, GEEK, LHSP, PGEX, QLGC, VUSA, WAXS. Thursday: AMES, PLCE, INIT, IBI, KM, LE, LGND, BID, GPS, VHSP, ARTT, CA, DBCC, DELL, ICGE, VSAT. Friday: TGH, IATV.

Short-term Plays

* ALTERA CORP (ALTR): Price $99.62. Reversal at 20MA. We will look to buy once trades above $100.00 with our stop at $98.25. Our objective will be $3.50 to $7.00. View the Editors Chart

* ATMEL CORPORATION (ATML): Price $45 47/64. Reversal at Minor Trendline. We will look to buy once trades above $46.00 with our stop at $44.87. Our objective will be $2.00 to $4.00. View the Editors Chart

* MRV COMMUNICATIONS (MRVC): Price $63 43/64. First Pullback After Trendline Break. We will look to buy once trades above $65.00 with our stop at $62.00. Our objective will be $3.00 to $6.00. View the Editors Chart

* PMC-SIERRA INC (PMCS): Price $180.00. First Pullback After Trendline Break.We will look to buy once trades the high made in the first 30 minutes of trading with our stop below the low, or $5.00 away, whichever is less. Once $3.00 in open profits are achieved, we'll raise our stop to breakeven. Our objective will be $6.00 to $12.00. View the Editors Chart


Pristine Day Trader Watch List:

JNPR, ITWO, GLGC, NEON, EDS, EK, ALKS, NEON, ELNT, DCLK.

Stock Updates

CHINA gained $2 3/16 at high. New stop: Breakeven. IDTI gained $1.25 at high. New stop: Breakeven. NVLS gained $1.25 at high. New stop: Breakeven. CVG gained slightly at high. New stop: $40.12. AES gained slightly. New stop: $ 84 11/16. DOW was stopped out for a $2 11/16 loss.

* CHINA.COM CORP (CHINA): Price $55.50. Two Day Pullback & Reversal on Above-Average Volume. We will look to buy a significantly reduced lot once it trades above $56.50 with our distant stop at $53.12. Our objective will be $3.50 to $7.00. View the Editors Chart

* CONVERGYS CORP (CVG): Price $40.75. Five Day Pullback To 50MA. We will look to buy once trades above $41 9/16 with our stop at $39 15/16. Our objective will be $1.75 to $2.75. View the Editors Chart

* INTGD DEVICE TECH (IDTI): Price $46 9/16. Five Day Pullback To 20MA. We will look to buy once trades above the high made in the first 30 minutes of trading with our stop below the day's low or $3.00 away, whoichever is less. Our objective will be $3.00 to $6.00. View the Editors Chart

* NOVELLUS SYSTEMS (NVLS): Price $64.00. First Pullback After Double Bottom. We will look to buy once trades above $64.75 with our stop at $62 7/16. Our objective will be $2.75 to $4.75. View the Editors Chart


Pristine Day Trader Watch List:

INTC, AMAT, TXN, INSP, RBAK, GLW, ADBE, LVLT, SFE, NAVI, VSH, ADBE, CRUS, AEP, HGSI.

* = Trades Options
# = A Highly Preferred Pristine Trade



Stock Updates

BUD added to its gains, gaining $4.12 at high yesterday. NGH gained $3 11/16 by yesterday's high. PHA gained $2.50 at high to hit obj. AES gained $1.50 at high but closed neutral. Same stop. DOW short gained $1 1/16 at low but closed neutral. New stop: $117.75. Aggressive-High Risk Play QLGC gained $3 3/16 at high but was stopped out for a $4.00 loss. Traders utilizing Pristine's $1.00 Rule would have broken even at worst after raising their stops to breakeven once achieving $1.00 in open profits. Aggressive-High Risk Play EXDS was stopped out for a $4.00 loss. DYN was stopped out for a $1.62 loss. ZZZ didn't meet our entry criteria

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