Friday’s action did nothing to change my outlook of this little bounce we’ve had. Volume continued to decline and the market felt heavy once again. We’ve got some weakness this morning and I’ll be keying off of a break of Friday’s range. And I’ll be paying special attention to the mortgage lenders again since they’re falling apart anew today.
On Today’s Calendar:
- 2:00 — 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
Gapping down on weak earnings/guidance: STP -3.0%, TTWO -1.4%… Mortgage lenders down after banks discontinue financing to NEW, as well as other negative headlines: NEW -56.7%, IMH -11.5%, FMT -9.2%, LEND -8.4%, NFI -8.0%, CFC -3.1%, AHM -3.0%, FED -1.3% (see archive for individual news stories/broker calls)… Other News: SCUR -5.4% (downgraded at Goldman to Sell), AMGN -1.3% (downgraded to Reduce at UBS).
Gapping Up
M&A: TOMO +31.2% (confirms US$200 mln buyout offer – FT), DG +27.6% (to be acquired by KKR for $22/share… up in sympathy: FRED +2.8% and DLTR +1.2%), SIE +17.0% (to be acquired by UNH), AKZOY +15.6% (sells its Organon unit to Schering-Plough for $14.4 bln), TRB +3.8% (Sam Zell wants to take TRB private in transaction valued at ~$13 bln, according to Barron’s – Reuters), EPL +2.8% (announces self-tender offer for 22% of shares)… Other news: LMRA +32.6% (receives order from Lockheed), TSTC +8.1% (announces contract with China Mobile), RMTR +7.9% (TXN and RMTR announce they advance FRAM technology to 130-nanometer process), IMAX +4.8% (announces deals with Regal Cinemas & Dickinson Theatres; also pos comments from Merriman), KRY +3.6% (Street.com mentions co in article on stock-picking contest).
Disclaimer & How I use this list
