Volume Spike Investor

Hewlett-Packard Company (NYSE: HPQ) is already throwing up a trading alert for day traders this morning.  Some may be the market weakness indicated, but some is on the needed sell-off after you look at how much H-P ran up ahead of yesterday’s earnings reports.  Shares are down 2% at $42.98 on over 200,000 shares as of 8:24 AM EST.  We looked at the charts and at technical levels to determine further support levels.  From here after a drop of over 2% we’d note chart support lines if shares continue to pull back at close to $42.25, $41.50, and then down close to $40.10 for much much stronger support.  Again, those are more long-term and are not 5-minute support lines.

HP trades over 16 million shares per day, and we’d expect that volume to be hit by mid to late morning.

-JON OGG