I can’t believe a whole week has already gone by since I last traded. Based on the action over the last four days you can see why I like to avoid options expiration and Fed days — especially for swing trades.
Anyway, for today I’m obviously looking for shorts with the futures down in the pre-market. However, I don’t want to get too aggressive since the market’s already oversold. And like every Wednesday of late I’ll be waiting until after the 10:30 oil inventory report to make any moves…
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
AVP -13% (guides lower; Morgan Stanley downgrade), POSS -8.7% (reports JulQ), QLTI -7.3% (clinical data), CAL -5.6% (JP Morgan downgrade), GNVC -16% (to sell 7.25 mln shares at $2 to institutional investors), CPN -5.6%, SIMG -5.1% (CFO resigns), AZO -5.1% (reports AugQ), ALKS -3.9% (Vivitrex PDUFA delay; Jefferies downgrade), NYT -3.5% (plan job cuts – WSJ), VRSN -3.3% (BofA downgrade), AMD -2.4% (Merrill downgrade).
Gapping Up
IDCC +12% (guides higher), IMDC +7% (FDA approval letter), FDX +6.6% (reports AugQ), QCOM +1% (guides higher), NASI +37% (China approves sale of cancer treatment; news out late yesterday), PQUE +12% (Mad Money mention as a take-over play), DPH +10% (co says it would like avoid bankruptcy), BLDP +7% (Ford to push more into hybrid cars), QUIK +7% (started with a Buy at Soleil; $8 tgt), SMTS +6.4% (reports AugQ), EPL +4.4% (Mad Money mention as a take-over play), CAG +4.4% (reports AugQ), LEN +4.3% (guides above consensus; up in sympathy: TOL +2.6% – also Citigroup upgrade, PHM +2%), OXGN +3.7% (drug to enter Phase 2 trial), FFIV +3.7%, ELN +3% (provides update on TYSABRI), OSIP +2% (Roche received approval), INTC +1.6% (Merrill upgrade)…. Small cap hurricane; and energy stocks moving ahead of Rita hitting land: MPET +9.4%, BDCO +7.3%, ABIX +6%, FUEL +5%, CAV +4.2%, FLE +3.9%, ECA +3.3%, CHK +3.3%, VLO +2.3%…. Gold/mining stocks are strong again: HMY +3.8%, GFI +3.1%, N +2.8%… Under $3: ITRA +17%, PRCS +16% (presented clinical data), TBUS +13% (to display its new transit security product).
Intraday Updates:
- 09:43 A wicked reversal for SMTS right now. Dropped from 27 to 23 in a flash.
- 10:22 The A/D line looks horrible right now — about 19/7 on the Nasdaq. It’s gonna take a lot for me to start looking for longs today. I’m still waiting for the oil inventory report…
- 10:36 Nice $1.03 spread on CME. WTF? Gotta love the NYSE…
- 11:07 Seeing some decent bounces in some retailers like BEBE and URBN. It’s tempting to try one of these long. Some China internet plays are on the move too — e.g. NTES and SINA
- 11:22 That temptation to go long just went away as the market heads back towards the lows of the day
- 11:25 GNSS is just getting crushed today. I guess I shouldn’t have been concerned about it not being a safe short the other day.
Disclaimer & How I use this list
Long time reader. Great Work.
I’d like to get your views on derivative “Hybrid” plays in transportation.
Here’s are some events that led to this:
01. Turning point: JetBlue announced next quarter will be a loss after 18 straight profitable quarters
02. Toyota wil go 100% Hybrid on all vehicles over next 10 years
03. Ford to up hybrid production 10X over next 10 years
04. Peak Oil theory is confirmed and valid with gasoline price bias higher over long term
05. Large SUV sales down over 25% year over year
Toyota ADR as pure play has had a nice run. Any derivative component makers that are publicly traded. PLUG and FCEL are still in the garage. Any Hybrid technology supplier plays?
Cheers
Marina,
Sorry for the last response. I also like the story behind those hybrid/fuel cell plays but those charts just look like dead money to me. I think the fact that they did nothing on that Ford news says a lot about how tough this group is.