We've got a little bit of weakness this morning. Hopefully we can get more volume than yesterday, which was the lowest full-day volume of the year on the NYSE. I'm just looking to play a break of yesterday's range, up or down.
One stock that I'll be watching closely is AMD. I like the setup on the daily chart over the last few days. It's gapping up on an upgrade and a $29 price target from Bear Stearns. Hopefully it can follow-through on the pre-market strength....
Update: Wow, Amtech seems to have a vendetta against Garmin (GRMN) -- or maybe they're just short it. Seems like every other day they're out with negative comments . They just dropped another one (via Briefing.com):
GRMN Garmin: Serious concerns with the co on a forward going basis - Amtech (46.20 )Amtech says that while GRMN is the leader in GPS devices and has been a share gainer in P.N.D., they have some serious concerns with the co on a forward going basis. While they think GRMN is a well run co with a respected management, increasing competition in PNDs, expected margin pressure and questionable consumer outlook keeps them concerned. With less than 10% bottom line growth, they say a 15x multiple is fair given this deceleration in earnings growth along with expected margin compression. At 15x their CY07 they arrive at a $32pt, suggesting ~30%+ downside from current levels.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
CLZR -24% (reports JunQ, misses by $0.13; also Cowen downgrade; also Needham lowers tgt to $17 from $26, but defends the stock), AU -2.6% (profit taking after 4.3% move yesterday), AXA -2.5%, SLV -2.4% (profit taking after 3% move yesterday), S -1.8% (C.O.O. departs), AZN -1%... Under $3: CNR -8.5% (profit taking after huge move the past 3 weeks), EZM -2.3% (on Mad Money, Cramer says to take profits).
Gapping Up
XMSR +9.0% (Bear Stearns upgrade as firm believes negative news is on the cusp of reversing itself), CHINA +5.3% (acquires Chinese license for No. 1 online game in Korea cafes), SCT +4.8% (responds to credit rating reductions), OLAB +3.2% (momentum from yesterday's +100% move), SIRI +3.9% (in sympathy with XMSR), HPOL +3.8% (reports JunQ), BOOM +3.1% (light vol 2K shares), TOL +3% (reports JulQ, beats by $0.12), STJ +2.8% (FDA approves new heart device feature), AMD +2.6% (Bear Stearns upgrade), GT +2.4% (JP Morgan upgrade), PEIX +1.6%, DG +1.2% (Deutsche upgrade)... Under $3: HDY +5.8%, GTW +3.9%.
Disclaimer & How I use this list
