As you’ll see in the charts below, they look like they’ve setup for a pullback to me. We’ll see if sellers try to push the market down after this morning’s gap up. If I were trading today I’d be watching closely for the 10:00 reversal. I’m going to spend the rest of the day (after my nap) going through charts of individual stocks so I can see what I’ve missed over the last two weeks. I’ll post the more interesting charts over the weekend.
Potential swing trades:
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 guidance: XXIA -26% (also multiple downgrades), AVNX -12%, MATR -3.3%… Other News: GGR -15% (Jefferies initiates coverage with $7 tgt), IMH -11% (declares dividend which appears to be a reduction), AVN -6.5% (approves 1-for-4 reverse split), MDC -6% (downgrades from JMP and FBR), TTWO -5.1% (reports OctQ, guides lower), LSCP -5.1% (profit taking after +11% move yesterday; cautious broker comments), ACAS -3.2% (stock offering), SCHL -3.1%, RCKY -2.5%, PNRA -2.5% (Merrill downgrades to Sell), TLAB -2.1% (Merrill downgrade), FORD -1.6%, ISRG -1.3%.
Gapping Up
XRTX +17% (reports NovQ; RBC upgrade), RGEN +8.2% (sues BMY), PGNX +6.8% (Mad Money mention), FOXH +6.6% (Piper upgrade), BBY +6.3% (guides to high end of range on Dec sales), CRM +6.2% (CSFB upgrade), ACN +6.1% (reports NovQ), NUVO +4.7% (tgt upped to $21 at UBS), TASR +4.4% (wrongful death lawsuit dismissed), ENWV +5.6% (to enter long-term pact with Nokia; guides Q4 revs), ASML +3.3%, STM +3.2% (introduces HD system), YHOO +3% (Goldman raises implied value to $50), EMC +2.9% (guides higher), STAK +2.6%, BEAS +2.6% (CSFB upgrade), YUM +2.2% (JP Morgan upgrade), PHG +2.1%, CC +1.8% (guides higher), NOK +1.7% (Piper raises tgt to $25), MOT +1.5% (Piper raises tgt to $25)… Under $3: LOUD +17% (announces holiday downloads), AVAN +3.6% (clinical data), EGHT +3.5% (expands service with Softalk).
Intraday Updates:
- 00:00
Disclaimer & How I use this list
Welcome back – hey, just FYI…The Shield starts next week!!!
Hi Trader Mike, my first time reading this blog…fantastic! Keep it up. Nice to see someone knows their stuff…Cant wait for your follow ups. I ll check out past blogs too. Just wanted to thank you.
Frank
Hi Mike,
I have enjoyed reading your website for the past couple of weeks. I heard about it from Brett Stenbarger. Thank you very much.
I read also about your trading spreadsheet and wanted to know if you could send me a copy. I would love to see how you have it set up.
Victor
Welcome back!
Welcome back Mike.
As for the trading opportunities missed, I took a couple of them as rough misses recently. They both spiked in Dec.
I’ll be more active in trading, but likely my blog is too much maintenance to keep going. Will need to figure out a method of posting my thoughts there without the overhead of all I have to do to do it.
Mike, welcome back. I missed the rally too, same reason.
Found a new interesting site dedicated to tech and tech-related news, one-stop search for news related to my favorite tech stocks:
http://www.dailytech.com
Mike.. sorry about the timing on your vacation. I’ve got one coming up the last 3 days of this week, and I’m sure I’ll miss some eventful action also.. now that we’ve got a decent volatility expansion in place.
I think last week’s move is a signal that we’re going to see bigger moves this year than in either of the last two. Not that that would require anything groundbreaking.
Mike I know you’re not really swing trading anymore, but are you seriously finding nothing worth buying right now?
I am finding way more opportunities than usual and am reducing position sizes to allow 30-40 stocks in the port. (my style, not for most folks). while a little rest would be great, this looks like the early stages of a multi month up-move to me. the December sideways action was very refreshing for the important indicies.
How about CTRP against Friday’s narrow range day.. or ANGO probably about to bang out that huge $27 resistance? i could name 100 more beautious swing setups, it’s just a matter of style.
meanwhile, there are a few good lookin’ shorts out there too!
Buck,
I only saw 2 stocks that I’d consider buying right here. That’s mainly because I don’t like to chase breakouts. So as you say, it’s all a style thing. I did find a good number of short candidates but given the general market strength I’m not too thrilled about trying those either. I will keep an eye on them for some quick day trades though.
CTRP is too extened for me. It s stochastic is close to overbought and it’s just a couple of percent away from the September high. The best risk/reward that I see on it is about 1:1 — I’ll pass on those odds every time.