Posted by 2 August 2005

Watchlist for August 2, 2005

MaoXian has posted the transcript from last night’s chat session. There’s some good info in there so check it out when you get a chance.

I’m still watching Nasdaq 2200 like a hawk. As you can see on the chart below the Naz has had a couple of those up-thrusts I talked about the other morning. Once again I’ll be sitting in cash until we can get a clean break above 2200.

Potential swing trades:

Longs – None

Shorts – None

Potential day trades:

(From Briefing.com)

Gapping Down

Gapping down on disappointing earnings/guidance:
MVSN -14%, CHCI -11%, TYC -9% (also multiple downgrades), JRJC -8%, VSH -8%, JUPM -8%, GHCI -7%, CECO -5.4%, WEBM -4%, MAS -3.7%, ADBE -3.5%, SIRI -1.4%… Other News: FMD -2.6% (Goldman downgrade), CREE -2.6% (Morgan Keegan downgrade).

Gapping Up

Gapping up on strong earnings/guidance: MYOG +33% (also First Albany upgrade), VTAL +19%, IVAC +16%, UTHR +15%, MRGE +14%, DRQ +9%, LSCP +9%, GPRO +8%, AMED +8%, CUTR +7.4%, MXIM +5.2%, IACI +4.4%, CVH +3%, RIG +3%, PFG +2.2%, WYNN +2.2%, CMCSA +2%…Other News: VITX +19% (initiated at SG Cowen), WFII +7% (selected by national wireless carrier as preferred vendor for E911 network deployment), COI +5% (started with an Outperform at Friedman Billings; tgt $11), ATYT +3.2% (JMP upgrade), LINC +3% (3 initiations of coverage for this recent IPO; bounces after 24% drop yesterday), CHK +2.3%, NOV +2% (Cramer positive on the stock)… Under $3: MDII +22% (extends yesterday’s 81% move), BCON +7% (extends yesterday’s 14% move).

Intraday Updates:

  • 09:52 Nasdaq’s over 2200. So far, so good but let’s see if we get a 10:00 reversal…

  • 11:23 Well I used up all my intraday buying power pretty quick today so now I’m just managing my stops. SHoul dbe an interesting afternoon

  • 11:25 RIMM just spiked higher

  • 11:56 There goes GOOG… back to 300?

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Comments

  1. Posted by Mousefinger on August 2, 2005 at 11:19 am

    Argh! This market is killing me without a pullback!!!

    *chews on tinfoil*

    This floating upward on thin summer volume is spooky. Good summer rally though.

  2. Posted by Michael on August 2, 2005 at 11:47 am

    I’d probably be feeling the same frustration if I was still swing trading.

  3. Posted by Mousefinger on August 2, 2005 at 12:04 pm

    Good point. I would Day Trade more if I had a good strategy. I’m still testing I few ideas (back testing in MetaStock).

    Off Topic, but I was looking through your Amazon.com wish list and I can’t believe you dig LTJ Bukem! Woo! He’s awesome. I think I own everything is label, Good Looking Records, has put out. Awesome web site as well.

    And Thievery Corporation as well…you have excellent tastes. Okay, back to trading. :-)

  4. Posted by Michael on August 2, 2005 at 12:07 pm

    Oh yeah, LTJ is the man! I make sure to see him whenever he’s in town. I need to pick up more of Thievery Corporation’s stuff…gotta fill up this iPod :-)