All that sideways action last week reminded me that I need to do a better job of keeping an eye on opening range breakouts. Generally, if the indices don’t break their first hour range before noon I don’t do very well because that means the market is stuck in a sideways range. I could have spared myself a lot of chop last week by simply waiting for the opening range to be broken before doing anything.
There’s a ton of stuff going on this week. It’s options expiration week already plus there’s a ton of economic data to be released. Highlights include PPI, CPI, October Retail Sales, Philly Fed and the October 25th FOMC minutes. That should make for a very interesting and possibly treacherous week.
On Today’s Calendar:
- 2:00 PM — Treasury Budget
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
FVRL -29% (disappointing clinical data for FavID), BBC -16% (Amex tells co it is not in compliance with listing standards), JADE -12% (reports Q3, guides Q4 revs below consensus), ILMN -9% (to acquire SLXA), EMMS -7%, GI -6.4% (Western Refining lowers offer to acquire GI), ELNK -5.2% (announces convertible offering), ESV -4.2% (Morgan Stanley downgrade), CATY -3.2%, SWKS -2.4% (Thomas Weisel downgrade), BQI -2.3%, Copper/mining stocks are weak on spike in inventory, the highest levels since April 2004: RTP -4.6%, AAUK -3.5%, FCX -3.1%, BHP -3.1%, SLW -3%, GFI -2.7%, AUY -2.6%, RIO -2.5%, PD -2.2%, Under $3: MVIS -11% (prices offering).
Gapping Up
SLXA +37% (to be acquired by ILMN), ISIS +32% (cholesterol drug shown to be effective), EFUT +14% (recent IPO extends momentum, +80% in 2 days), VDM +11% (moves up reporting date to tomorrow), ORCT +8%, DVAX +5.7% (announces clinical data), TRMP +5.4% (Cramer bullish on Mad Money), KNOT +5% (reports Q3), DNDN +4.7% (completes submission of Biologics License Application to FDA for Provenge), MA +4.3% (on Mad Money, Cramer says it could go to $150), ELTK +3.8% (reports Q3), RIV +3.5% (receives acquisition proposal), RFMD +3.4% (CIBC upgrade), LAB +3.3% (extends Friday’s 11% move), UAUA +3.3% (co may go private — Chicago Tribune), COMS +2.8%, HANS +2.7% (Canaccord Adams upgrade).
Disclaimer & How I use this list
