Posted by 7 June 2006

Watchlist for June 7, 2006

Thanks for the comments & questions on the previous post. I’ll respond to them after the close. Some of them, like SD Trader’s deserve their own posts. Actually, I could write a book in response to that comment. :-)

Potential swing trades:

See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.

Potential day trades:

(From Briefing.com)

Gapping Down

ALOG -12% (reports AprQ, misses handily), HRLY -5.5% (Raymond James downgrade), COO -5.3% (reports AprQ), KNOT -5.2% (Greenberg red flags stock on CNBC), IFN -2.3%, ALA -1.9%… Mining stocks are weak on lower gold prices: GLG -6% (lowers gold production outlook), HMY -4.5%, AU -2.9%, BGO -2.8%, ABX -2.8%, SLV -2.4%, AAUK -2%, RTP -1.8%, GG -1.7%… Under $3: DSCO -19% (withdraws drug application), CRAY -14% (provides guidance, offers a wider range of possible results, shareholders approve reverse split).

Gapping Up

MATK +10% (reports AprQ), HOM +8.9% (Sanders Morris upgrade; $15.50 tgt), IDWK +8.4% (receives volume order from tier-1 customer), CUP +7.8% (to receive offer today from PCU — Globe and Mail), DNDN +4.4% (positive data on Provenge), MOVI +4% (same), PMTI +3.4% (Mad Money mention), AUY +3% (resumed with Outperform by BMO Nesbitt), FNSR +2.8%, PEIX +2.7% (Soleil initiates with $34 tgt), IFO +2.2% (rebounds after 21% drop yesterday), RIO +2%, HNT +1.6% (Pru upgrade), BIDU +1.3% (extends yesterday’s 8% move), VOD +1.2%, GOOG +1% (RBC raises ests), Under $3: PPHM +9% (positive clinical data), PRGX +15%, ARTX +8%.

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Comments

  1. Posted by henrietta on June 8, 2006 at 4:47 am

    hi,

    i have just started following your comments. How do you use the watchlist of the day? You seem to follow gappers mainly. Do you short the gap downs and the gap ups? Pls explain.

  2. Posted by Michael on June 8, 2006 at 7:54 am

    Hi Henrietta,

    There’s a link just below the list of gappers that (I think) explains how I use the watchlists. For the gappers I generally look to go long the stocks that are gapping up and short the ones that are gapping down. As I explained yesterday, I’ll only trade the ones that actually present decent setups and are going the same direction as “the market” (Nasdaq).

    Having said that, others, like Trader-X, will often do the exact opposite of what I’m trying to do with the gappers.