Maybe the path of least resistance is actually sideways instead of down as I said a few days back. The market seems to be in no hurry to go anywhere. My guess is that a good number of people are waiting for more earnings reports to be released before making any more portfolio adjustments. Since the oversold condition is being worked off I’d look to play a break of the recent range (see chart) — short on a close below the range, long on a close above the range.
I’ll have my eyes on the iPod plays today to see if they can get some follow-through from last night’s Apple earnings pop. Names include PLAY, SGTL, SYNA, ADBL, and LOUD
Currently holding:
Long – None
Short – None
Looking for swing trade entries in:
(no swing trades for me until after earnings season)
Longs – None
Shorts – None
Potential day trades:
(From Briefing.com)
Gapping Down
coming…
Gapping Up
AAPL +13.4% (reports blowout qtr, raises guidance sharply; upgrades from Pru and BofA; up in sympathy: PLAY +8.2%, SYNA +5.8%, LOUD +5.5%, ADBL +4.7%), TASR +21% (Pentagon backs Taser’s assertion that its guns are safe — WSJ), FLSH +6.5% (guides higher; up in sympathy: LEXR +4.9%, SNDK +2%), VRST +59% (to be acquired by CDN for $12), TSCM +16% (to explore strategic alternatives), LCBM +15% (reports, guides higher), HLIT +13% (guides higher), CRXA +7.6% (signs licensing agreement with DNA), LCRY +7.4% (guides higher), NINE +7% (started with a Buy at Jefferies; tgt $13), DDDC +4.6%, AKAM +4% (to benefit from strong iTunes downloads – Jefferies), SIRI +2.7% (Janco upgrade)…. Under $3: XNVA +19% (signs an exclusive licensing agreement with Oxxon), SCLD +18% (gudies higher), MAHI +15%, WAVX +12% (to collaborate to address gov’t security markets), SSPI +8%.
