The futures are strong this morning and it looks like the S&P and Nasdaq will open right at the April highs. Hmm, a gap into resistance, my favorite… not! I’ll gladly wait out the open and play the breakout of the opening range. Besides, the oil inventory report is due at 10:30. With oil near new highs that report could have a huge impact on the markets.
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 earnings/guidance: MOT -5.7% (down in sympathy: RFMD -3%, ERICY -2%), STX -5.7% (also Bear Stearns downgrade; down in sympathy: KOMG -1.6%), LCRY -5%, USNA -4.5%, GENZ -2.7%, AMGN -1.7%, LLTC -1.4%… Other News: VTSS -22% (investigates stock options; places CEO on leave), AMKR -2.2% (Deutsche downgrade), BDCO -1.6% (profit taking after recent move), SGMS -1.3% (same), TS -1.5% (same), RTP -1.2% (same).
Gapping Up
Gapping up on strong earnings/guidance: YHOO +6.2% (up in sympathy: GOOG +2.5%, EBAY +2.4%), NITE +15%, ILMN +10%, CYMI +8.7% (also Needham upgrade), PLXT +6.7%, CSX +5.2%, LUFK +3.8%, BOT +3.4%, ALL +3.3% (also upgrades from Wachovia, KeyBanc), TXN +3.2% (up in sympathy: NSM +2.8%), UTX +3.1%, WIT +3%, ASML +1.6%, IBM +1.5%… Other News: VICL +8%, SCMR +5.7% (TWP upgrade), FRO +5.5%, BLDP +3.2%, CEPH +2.2% (provides update on Sparlon), NLY +2% (FBR upgrade), WFT +1.9%, AZR +1.6% (PNK raises offer for co), NYER +14%… Strong results from YHOO, TXN, IBM spark tech stocks higher: PALM +3%, AVNX +2.7%, BRCM +2%, SAP +1.7%, QLGC +1.7%, RMBS +1.5%, QCOM +1.3%, AAPL +1.1%… Mad Money mentions: ARDI +9.5%, WPSC +8.8%, GOL +4.6% (also UBS upgrade), CNXT +2.5%, JDSU +2.2%… Under $3: MOVI +14% (in compliance with debt covenants), QEE +6.8%.
Disclaimer & How I use this list
