11/11/99 Bank One Corp (ONE),
Pinnacle West Capital (PNW)
Points to watch:
A pair of financial issues to watch for
potential shorting opportunities today.
Bank One fell 3 points in
yesterday's trading and after the bell the stock dropped another 2 1/2 to
32 1/2 after the company issued its second earnings warning in the last 3
months. The stocks after hours drop left it just above a key support
level at 32.06, the October 20th intraday low and a level which also
marked the 1997 low. Short term technical indicators are negative, with
OBV, RSI, and stochastics all in downtrends. We would short the
stock on a drop below 32.06, with downside targets of support at 27.5 and
then 25.9.
Pinnacle West Capital closed at
34.68 yesterday, a level which acted as support on September 20th, and
again on October 20-21, and acted as resistance in September 1997.
We would short the stock on a break below yesterday's intraday low of
34.5. The next downside support levels after a break are at
32.1-32.5 and 29.2.
