We’ve got a huge gap up tis morning. As I write this the Qs are up 0.83%. That gap forced me to do a gap fade already. I shorted QQQQ at 8:02 this morning at $43.57. Let’s see if the gap gets closed again. It’ll also be interesting to see how all those bearish charts fare today.
Take special note of the 2 PM Fed Minutes being released today.
On Today’s Calendar:
- 10:00 — ISM Index
- 2:00 — FOMC Minutes
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
SPR -8.3% (recent IPO gets multiple initiations, initial ratings a bit disappointing with 3 Neutrals), AVZ -4.4% (profit taking after 7% move on Friday), CMOS -2.9% (Goldman downgrades to Sell), HL -2.7%, NBR -2.6% (guides lower; Calyon downgrade), PEO -2.1%, AMAT -0.5% (Goldman downgrades to Sell).
Gapping Up
CPSL +45% (extends Friday’s big move as co changed from OLAB), CYTK +34% (announces strategic alliance with Amgen), HD +3.2% (CEO resigns), EAGL +24% (co to be taken private), SMI +16% (takeover speculation – Bloomberg.com), CALM +12% (reports NovQ), ZVUE +10% (announces launch of ZVUE.mobi), LFC +7.6% (extends recent weakness), FFHL +7.6% (momentum recent Chinese IPO; possibly being picked up in sympathy with CPSL; also AOB +6.3%), NUAN +5.5% (announces deal with AT&T), CSIQ +7.4% (announces new distribution agreement), RMBS +6% (signs license with QI), ALU +5.4% (completes acquisition of Nortel’s UMTS unit), SIRI +5.4% (co says it exceeds 6 mln subscribers and achieves first cash flow positive qtr), SLP +5.2% (receives large software license), TASR +5.1% (Jefferies names it as top pick for 2007), TTM +5%, CANI +3.5% (to be acquired by CKFR), NOK +1.8%, AAPL +1.8% (soleil raises tgt to $100), AZN +1.4%, KPN +1.1% (to reorganize divisions), T +0.6% (closes merger with BLS).
Disclaimer & How I use this list
Hope that gap fade works for you!
>-
Since I’m over 100% long before the holiday, and getting a little more long at the open, I’m cool. Will trim the sails tomorrow.
\:d/
Dang…every time this market looks weak to me, it just bounces back. Closed up my QID for now (small loss).
/Mouse ~o)
i was looking for a gap fade too…blah. win some lose some.
Indeed… can’t win them all
Whoa…the afternoon ain’t like the morning. The selling brutal. A couple of hard Ticks down. Good for my shorts … especially my SU short.
ch-ching! I guess I’ll take some profits now. :d
Amazing, how this market turned upside down.
My Longs were Ok, with a great 2007 start.. not anymore /:)
Isn’t it amazing though? All that gloating by the bulls this morning… A classic gap & crap. Should have some nice shooting stars in today’s charts.
Still I will wait for the next days, at least confirming this bearish scenario.
If the market keeps going down today, my short list will be big, short-term and mid-term trades.
Yeah, those Fed minutes sure turned the day around!
(
Still looking like a profitable day for me today, though! All of my positions were from before the holidays, no gap/trap here, AKAM actually looking better now than it did earlier, and AEOS, HNP, EBF, PFE, LIZ, IMKTA all up on the day!
:-”
what a crazy day this turned out to be
?
HUBG had a nice day as well, up 2.31%. Look at the 3 or 4 year chart and see how it jumps up every single January for the last 3 years. Maybe the time to buy has passed (I picked it up around 10 days ago and have made 7% on it). But it’s good one to remember to look at again this December for a quick profit.
We sure had that beloved volatility today!