I think this market action is frustrating (at least) two groups of people — those who missed the move from the lows and the bears. Both of those groups want the market to fall. Those sidelined bulls want better prices and the bears want their shorts to start working. The longer we levitate here the more I think we’re headed higher due to the buying pressure from both of these groups of people. Still, it’s tough for me to be bullish with the market so overbought but I won’t be surprised if we get another spike higher from here just to flush out some more bears.
On another note, how about that HANS? Also, don’t forget that we’ve got the oil inventory report at 10:30 today.
Oh yeah, watch out for the Saifun (SFUN) IPO today. Should be a hot one.
Potential swing trades:
Longs: CTXS, ISRG, WBSN
Shorts: AMMD, JUPM, MERQE
Also see one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on disappointing earnings/guidance: MVL -27%, SNIC -18% (also JP Morgan downgrade), SONS -14%, TMTA -13%, ENER -11%, PLAB -10%, DT -3.7%… Other News: MOSS -9.3% (says rival bidder no longer interested), FUEL -5% (profit taking after 49% move yesterday), UTHR -3.9% (Wachovia downgrade), CDWC -3.8% (reports Oct sales), BOBJ -2.8% (New SAC says it has sold 9.55 mln shares), ESRX -2.6% (PBM cos suffer setback in Federal Court — WSJ), CMX -2.5% (same as ESRX; also JP Morgan removes from Focus List), SNY -1.7% (UBS downgrade), AIG -1.4% (delays 10-Q filing), TXN -1.2%, SNDK -1% (rival Saifun Semi has its IPO today).
Gapping Up
Gapping up on strong earnings/guidance: IIJI +15%, HANS +15% (also short squeeze), ASEI +14%, KG +13%, SOHU +8.8%, PIXR +7.1%, IDTI +6%, BAY +3.6%… Mad Money mentions: BMD +12%, TRDO +7%, AQNT +3.3%… Other News: HGSI +4.5% (Citigroup initiates with a $12 target), BORL +3.9%, BOOM +1.3% (bounces after yesterday’s 16% sell-off), HD +1.2% (Piper upgrade), GENZ +1.1% (Bear Stearns upgrade)… Under $3: CTIC +11% (clinical data), CBMX +7.8% (to collaborate with NVAX).
Intraday Updates:
- 09:36 Hmm, AAPL’s on the the Golden Goose scan today
- 10:17 SFUN’s open and flying. NVDA’s another ‘Golden Goose’
- 10:36 Market’s improving off of the oil report. I’m looking for longs now…
- 10:42 Sellers stepped in with a quickness. I’m back to looking for shorts
- 10:51 OK, back to the search for longs. It’s that kind of day so far — chop, chop, chop.
- 10:54 One helluva recovery in AQNT from yesterday’s drop
- 11:01 Another IPO, IRobot (IRBT) just opened
- 11:10 Heading down once again. I’m just gonna wait for the QQQQ to break 40 to start shorting or for it to breakout above 40.21 (today’s high) to go long
- 12:15 CMED’s heating up. Beware, the spreads on that thing can get pretty wide at times
- 12:22 Damn, just when I was ready to go eat lunch the market breaks to new highs. I usually don’t trust these lunch time moves so I’m just gonna go eat and see what’s going on when I get back
Disclaimer & How I use this list
hi, mike,
i have big watch list, and i noticed today that all those strong guys are down fractionly, and those weak guys are leading the way up. of course, weak or strong is based on my opinion.
my question for you is. if you see something like that, what will you think? Any actions taken?
Thanks.
Chris
Sounds like it’s just a bit of sector rotation going on. I don’t know if I’d take any action. As usual, it depends on how significant the moves were.
it’s not rotation. for example, mrvl is just strong in the past couple of days. well, nvda was weak.
would you please take a look at nvda chart? it will report after the close.
thanks for sharing your opinion.
chris
NVDA’s chart looks great but who knows what will happen after they report earnings.