As you can see on the chart above the Nasdaq touched the bottom of its trend channel yesterday and bounced off of it. The big question is was that enough of a dip to bring the buyers back in full force.
Looking for swing trade entries in:
Longs – ADBE, CAKE, CERN, NKTR, SIRF
Shorts – DRIV, PCU, PDCO, PKZ
Potential day trades:
(From Briefing.com)
Gapping Down (shorts)
Gapping lower on disappointing earnings/guidance: AMWD -22%, NTOP -13%, BOBE -9%, CMGI -9%, SHLD -4.3%…. Other News: RMBS -4.3% (contract renewal discussions with Samsung fall through; adds co to patent infringement suit), RYAAY -3% (cut to reduce by ABN Amro), SCMM -3% (achieves certification from South Korea’s Telecom Technology), MSTR -2.7%, JMDT -2.4% (Pac Crest downgrade), INCX -1.5%, STLD -1.4% (Goldman downgrades steel industry view; STLD maintained In-Line), NVDA -1% (Needham downgrade), HCBK -70% (completes second-step conversion and $3.9 bln offering).
Gapping Up (longs)
SMSC +15% (guides MayQ higher), SORC +12.5% (reports at high end of preannouncement), ADBL +10% (signs deal with XMSR), TCF +9% (CEO appeared on CNBC last night), RNOW +8% (announces customer deploying its platform), KOMG +7% (increases Q2 rev outlook), IIJI +5.4% (Toshiba to adopt co’s anti-spam solution), HLIT +5% (announces customers using its products), ABS +4.7% (reports AprQ; beats by $0.03), CELG +4% (receives acceptance for review for Revlimid), UNH +3.4% (to offer AARP-branded Medicare drug plan), AUDC +3.4% (announces collaboration with IBM), WDC +3% (added to S&P MidCap 400), ECST +2% (in sympathy with Shopzilla acquisition), GOOG +1.6% (mentioned in Barron’s Online)…. Momentum stocks continue higher: GOAM +9.7%, CHINA +9.6%, ROYL +6.3%, NSI +4.8%, IPII +2.7%, SINA +2.2%… Under $3: BCGI +8% (extends yesterday’s 20% move).
Intraday Updates:
- 09:57 VEXP’s ramping
- 10:08 Looks like FFIV is breaking out of a consolidation on the daily chart.
- 10:20 Watching JUPM, SYNA and SWKS, both of which are coming out of consolidations on the daily charts
- 10:24 IIJI’s closed its gap and is not participating in today’s rally so far. Keep an eye on it.
- 10:26 Nasdaq’s closing in on last week’s high of 2097 and the 2100 resistance level
- 10:28 HAR’s picking up steam on news of some new contracts
- 10:29 DECK’s having a good day. Looks like it’s trying to bottom on the daily chart
- 11:10 ENDP just jumped 16% in a flash
- 11:12 Make that 27% on ENDP
- 11:14 Looks like ENDP just got halted.
- 11:16 Looks like IPXLE is tagging along with ENDP.
- 11:21 Keep an eye on TEVA too. Briefing say’s they’re hearing of a positive Oxycontin ruling on ENDP
- 11:26 ELOS getting slammed
- 1:49 MSO is surging on comments from their CEO about advertisers returning — and other comments at a conference
- 2:13 The Nasdaq’s really getting slammed here. Looks like that micro-dip wasn’t enough after all
- 2:16 From Briefing: 14:16 Floor Talk: Hearing weakness in equity markets attributed to Fed’s Guynn saying he’s uncomfortable with housing speculation
- 2:23 HAR is a beast today!
Any thoughts on NAVR? It was a superstar last year, but tanked when the music ended. During that time, its accumulated lots of short interest, about 10.5 million shares short on a float of 23.7 million. There was a delay in earnings conference call a few days ago as a result of a restatement of earnings. But after reading the press releases and listening to the CC, the restatement seems to be a non-issue (related to accounting of executive compensation).
Any thoughts?
Looks like it’s flat-lined. I’ll post a chart of it later.