My thoughts on the Nasdaq’s chart are below. Perhaps this morning’s strength will wipe out my concerns about this little rally rolling over but for now I’m not trusting this gap up. A close above 2,157 on good volume would greatly lessen my concern about this rally failing. In fact, I may use a break of that level as my trigger to get long today…
Potential swing trades:
Longs – None
Shorts – None
Potential day trades:
(From Briefing.com)
Gapping Down
LGNDE -7.7% (NASDAQ Panel Denies Ligand Request for Additional Filing Extension), FUEL -6.8% (profit-taking following recent run; stock rallied 85% within 2 days after being highlighted on Briefing Trader), CME -1.2% (Jefferies downgrade), CAT -0.7% (Merrill downgrade), BHP -1.6% (broker downgrade), SEPR -1.5% (fallout from Sanofi approval).
Gapping Up
DXPE +15% (low float hurricane play debuts on IBD 100), ICGE +10.8% (announces that LinkShare unit to be acquired), GV +9% (continues to find interest as hurricane play), NPSP +8.9% (Lehman upgrade), IDNX +6.9% (wins 3-year exclusive Texas contract), WMGI +5.5% (First Albany upgrade), TIBX +5.5% (CSFB upgrade), AVID +5% (OpCo upgrade), PDLI +4.9% (First Albany upgrade), FNSR +4.3% (sees carryover momentum from Friday’s upgrade related rally), NOVL +2.2% (CSFB upgrade), PALM +2% (Needham upgrade), TEVA +2% (BRL and TEVA launch generic allegra tablets), ABS +2% (CIBC upgrade), CSCO +1.7% (Lehman upgrade), CHIR +1.6% (call Novartis bid inadequate)..
Disclaimer & How I use this list
Looks like we got that follow through today. Did you use it to get long Mike?
I sure did.