We’re set to gap down this morning, right to the level that’s been support for the last two days. I’m intrigued by the Nasdaq being trapped in the narrowing gap between its 50 and 10-day moving averages. The move out of that ‘triangle’ should be impressive….
Briefing just posted this about oil and Natural gas:
Crude Oil Rises, Natural Gas Jumps to 2-Year High as Storm Threatens Gulf — Bloomberg.com
Crude oil rose and natural gas reached $10 for the first time in 30 months in New York on concern a storm developing near the Bahamas may become a hurricane and threaten rigs in the Gulf of Mexico, the biggest source of U.S. production. Oil for October delivery climbed 58 cents, or 0.9 percent, to $66.29 a barrel on the New York Mercantile Exchange at 1:19 p.m. London time. Natural gas for September delivery gained as much as 44.5 cents, or 4.6 percent, to $10.128 per million British thermal units on the Nymex.
In addition, the oil inventory report is due at 10:30. Tooo much fun for one day…
Potential swing trades:
Longs – None
Shorts – None
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on earnings/guidance: SEAC -17%, APPB -7% (also downgrades from Piper and Morgan Keegan), BIDU -5.5%, WIND -4.5%… Other News: AMKR -5% (late yesterday, Moody’s lowered its debt rating), NWAC -4.2% (reveals higher rate of cancellations on strike concerns), SMTC -2.8% (CIBC downgrade), CHTT -2.8% (C.O.O. resigns), RTP -2.6% (in sympathy with BHP report), GOOG -1% (in sympathy with BIDU).
Gapping Up
Gapping up on strong earnings/guidance: KTCC +31%, FRO +8%…. Other News: MVCO +19% (its Ready Mix concrete subsidiary is set for its IPO debut today — see 8:43 comment), NEOL +12% (announces FDA acceptance of interim efficacy analysis proposal), JILL +7.3% (Women’s Wear Daily says co is for sale; URBN a possible buyer), BCRX +6.4% (extends recent momentum), MYGN +6.3% (Merrill upgrade), RFMD +5.4% (Lehman upgrade), BCON +4.2% (extends recent momentum; Note, stock is up 170% since our Aug 2 Momentum Profile), CVTX +3% (FDA approval of Aceon label expansion), YRK +2.8%…. Under $3: CHTR +36% (announces private debt exchange), TCX +12% (keeps up momentum following Monday announcement that Mark Cuban has taken an 8.9% stake), CPN +4.4% (Calyon upgrade).
Disclaimer & How I use this list
