Yesterday’s action created a lot of bullish candlesticks (bullish engulfings, hammers, and piercing patterns) so I had a lot to choose from for the long side today. The dips in these stocks were not as deep as I, and I think many others, would have liked but since when does the market do what we want? Let’s see if these bullish candlesticks get confirmed…
Currently holding:
Long – AAPL, NVDA, PLMO, SGTL
Short – none
Looking for swing trade entries in:
Longs – BEBE, BMET, CCMP, CPRT, ECST, EWBC, LOW, LSCP, PCLN, SEAC, SGMS, USG, WFMI
Shorts – SLAB
Potential day trades:
(From Briefing.com)
Gapping Down
DY -19% (misses by $0.06, mixed guidance), KOSN -24% (Phase II trial discontinued), ABLE -22% (profit taking after 116% move yesterday), MOSY -9.5%, WIND -9% (reports OctQ, disappointing guidance), NVEC -7.3%, TZOO -6.2% (started with a Sell at Legg Mason), CREAF -5.2% (profit taking after 18% move yesterday), STEM -4.3%, KEYW -4.1% (prices 6 mln share offering at $16.50), BBBY -3.4% (Lehman downgrade), OVTI -3.4% (Wells Fargo downgrade), DADE -3.3% (in 8-K, co announces that a director on the audit committee resigned), VRSN -3.2% (Merrill downgrade on valuation), ESRX -3% (Wachovia downgrade ahead of guidance call tomorrow), OSIP -2.8% (launch of Tarceva), FRO -2.4%, INTC -2.1% (CSFB downgrade).
Gapping Up
SGTL +7% (guides Q4 higher; Janney raises tgt to $37, says stock could have cult appeal), ROXI +6.8% (Napster and Blockbuster Online Offer New Digital Duo Card), ASKJ +6.2% (JP Morgan upgrade), SIRI +5.4% (passes 800K subscriber mark), DAGM +17% (momentum from 18% move yesterday), ASYTE +11% (resolves contract dispute), NGEN +8% (granted patent), NSTK +5% (acquires exclusive worldwide rights to patents), MEDX +6 (announces collaboration with Medimmune), BRCD +3.5% (Merrill upgrade after co reports OctQ), TWX +3.1% (close to govt settlement regarding accounting irregularities at AOL), DE +2.3% (beats OctQ handily), ANF +1.3% (BofA upgrade).
I’m just hoping for the normal holiday pattern. We’re right at resistance, and even if the volume is low, we could potentially bust out. I don’t see any reason to sell until after early December. Let ‘em rip.