On Friday the S&P finally was able to close above 1318 and all those long upper wicks I’ve been pointing out on the chart. The one problem with Friday’s action was that the move came on average volume. But perhaps all that will do is sucker the bears into hoping that the breakout fails. Follow-through will be crucial though, especially after the Fed interest rate decision on Wednesday.
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
ERS -6.1% (falls off IBD 100 list), WB -5.4% (to acquire GDW; also downgrades from Pru and FBR), KRY -4% (bank converts debt to shares), CROX -2.4% (profit taking after big move last week), MYOG -1.4% (reports Q1), BP -1.1% (BWeek Online profile).
Gapping Up
N +22% (receives takeover bid), EMMS +24% (C.E.O. proposes to acquire remaining shares), WPSC +9.2% (forms alliance with SID; also Keybanc upgrade), GDW +7.8% (to be acquired by Wachovia), PANC +7.6% (insider buys), WOC +6.7% (approves $3/sh dividend), BOL +6.2% (NY Times report casts doubt on infections), FSH +6% (to be acquired by TMO +2%), AES +5.9% (reports Q1), SGG +5.6% (Cramer profiles a wind ower play), STKL +5.5% (momentum), TRFC +4.5% (sign deal with Nevada late Friday), XJT +4.5% (Merrill upgrade), OSUR +4.3% (WSJ mention), USEY +4.2%, VPHM +3.8% (newsletter mention), ITU +3% (Mad Money mention), CFC +2.6% (in sympathy with GDW), CMED +2.6% (UBS upgrade), ALJ +2.5%, HANS +2.2% (moves up to #2 on IBD 100), AAPL +1.9% (wins court battle with Beatles), DXPE +1.7% (retains the #1 spot on IBD), YHOO +1.5% (positive Reuters story), CCL +1.3%… Mining/metals stocks up on N deal: FAL +5.6%, GOLD +2.9%, AAUK +2.9%, AA +2.9%, AL +1.5%… Under $3: MGRM +24% (Pfizer invests $25 mln in co), PRGX +13% (reports Q1).
Disclaimer & How I use this list
