OK, I’m back from my long, computer-free, weekend in California. Unfortunately I have no clue what’s going on with individual stocks since I haven’t had an opportunity to run my scans yet. All I know is what I was able to see on CNBC for a few moments on Friday morning. (How about that GOOG?!?!) My thoughts on the Nasdaq and S&P 500 are on the charts below:
Hopefully I’ll find some interesting charts to post this evening after I go through tonight’s scans…
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
VECO -11% (beats by $0.02, but guides Q4 below consensus), MEMY -5% (secondary offering), MANU -4.5% (CFO resigns), AEOS -2.9% (hearing Merrill downgrade), KSS -1% (same)… Oil & gas stocks are weak: NGAS -3.7%, HAL -2.2%, CHK -1.8%, VLO -1.4%.
Gapping Up
Gapping up on strong earnings/guidance: SLAB +16%, REDF +11%, PETS +9.5%, MICC +4.7%, SGP +2.8%, JCOM +2.2%, MRK +2%… Other News: CD +3.3% (to split into 4 cos), TASR +17% (Jefferies upgrade), ACXM +13% (ValueAct raises bid to $25/sh), USEY +7%, BIDU +6.8% (extends Friday’s 6% move), SIFY +6.1% (in sympathy with REDF), ABS +5.7% (BB&T upgrade), CSC +4.7% (lures buyout firms – WSJ), REGN +4.6%, BTUI +4.4% (Needham upgrade), BEV +4.3% (acquiror commits to debt terms – Reuters), CNC +4% (reports tomorrow), CAMP +4% (momentum), BOT +3% (momentum), CA +3% (could climb 30% or more – Barron’s), PGS +2.1%, CAT +1.7% (CSFB defends stock after nearly 10% decline Friday), GOOG +1.1% (extends Friday’s 12% move)… Bird flu stocks moving: HEB +5%, NVAX +4%.
Intraday Updates:
- 09:44 Sellers have really done a job on CD tis morning. it’s well off the pre-market highs around 22. I’m still looking for a bounce though…
- 09:52 ABFS is up over 10% after ripping right through its 200-day moving average
- 10:08 GOOG’s breaking free.
- 10:09 AAPL’s acting like it wants to pop too
- 10:18 BOT just won’t stop going up!
- 10:42 Seems like this little swoon coincided with news (a rumor?) that the President is going to announce the new Federal Reserve Chariman today
- 10:46 Via Briefing.com – CNBC reporting that Bush will name successor for Greenspan at 1pm ET, according to DJ
- 10:54 This news has thrown a monkey wrench in my plans and, I’m sure, the plans of many other traders. No reason to do anything, especially buying, ahead of the big news. It’s keep the wallet on the hip time, as Art Cashin would say
- 11:30 OK, the market’s holding up well on the rumor/news that Bernanke will be the next Fed Chair. Back to business as usual…
- 12:26 The market’s looking strong right now but the S&P is closing in on that important 1200 area
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