Watchlist for August 9, 2004

I’m staying on the sidelines until after the Fed decision tomorrow. Even if that little event wasn’t right around the corner I’d still be disinterested in the market right now. I think it’s too extended for good risk/reward entries on the short side, and longs just aren’t attractive at all to me. I’ll be looking to try the short side again once we get a bit of a bounce.

BTW, the Yukos drama continues today. Looks like oil’s in for more shake-n-bake action. (Update, now, at 9:15, news comes out that a Russian Railway won’t transport Yukos’ oil on credit and the market has reversed yet again… drama! The Yukos Yo-Yo indeed.)

Here’s what i would be watching if I were trading today:

Currently holding:

Long – None

Short – None

Looking for swing trade entries in:

Longs – CME, CTSH, NTMD (***Earnings due on the 11^th), STJ, TEX

Shorts – MATK

Potential day trades:

(From Briefing.com)

Gapping Down

IDCC -6.3% (posts disappointing results), CHTR -2.9% (reports quarterly results), PRSF -2.7% (lowers guidance).

Gapping Up

LOUD +30.6% (NOK pact), DDS +15% (to sell credit card ops to GE for $850 mln), NITE +8.5% (selling Derivative Markets biz to Citigroup), GTW +7.5% (Barron’s article), DFIB +7.4% (receives $3.7 mln order), PCLN +4% (CSFB upgrade), IVAN +4% (continues to find momentum interest), MXIM +2% (raises guidance slightly above consensus on Friday’s conference call), SNDK +1.6% (positive comments by Goldman)

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