Assuming we get more selling today, I’ll be watching to see if the March lows hold. One of the better scans I ran last night was for stocks which crossed and closed below their 50-day moving averages. That filtered out a good number of stocks with a decent amount of “air” beneath them. Some of my favorites are listed below along with a couple that just *seem* too extended to hold up any more if the broader market keeps sinking.
On Today’s Calendar:
- 10:30 — Crude Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Shorts: JSDA, INSP, SNPS, TSM, SNDK, TWTC, GME, EAGL, NTGR, SINA, SONS, CRDN, NYX
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: SVNT -5.3%, NVAX -4.1%, HWCC -2.3%… Other news: DTPI -16.4% (downgraded to Neutral at Baird), BARE -4.4 (prices 12 mln share offering at $34.50/share), NYX -2.9% (don’t see any specific news; but we note that Euronext, which NYX is acquiring, fell 0.9% in Europe following its earnings), HRB -2.5% (said last night it would post an additional $29 mln in pre-tax losses from subprime mortgages and would delay its Q3 regulatory filings).
Gapping Up
Gapping up on strong earnings/guidance: SMTX +21.3%, GYMB +7.3%, HWCC +2.6% (reports, also files for 5.5 mln share common stock offering by selling shareholders), JCG +1.8%… A number of mortgage lenders up on short-covering, analyst calls, WSJ story on GS: LEND +20.0%, FMT +6.0%, NFI +5.0%, CFC +2.1% (also upgraded to Outperform at FBR), BKUNA +2.6% (also upgraded to Mkt Perform at Raymond James, defended at FBR)… Other news: ASTI +36.6% (announces Norsk Hydro today acquired 1.6 mln shares of co), ADLS +3.9% (announces Cethromycin granted FDA orphan drug designation for Anthrax), AFFX +2.2% (multiple upgrades following patent victory over Illumina), MU +2.1% (upgraded to Buy at Citi), CAKE +1.8% (to purchase $200 mln of its common stock from Goldman Sachs).
Disclaimer & How I use this list
keptical of a slow down in the mortgage industry, Michael picked New Century Financial Corp. (NEW), a sub-prime mortgage industry play, as a favorite. He noted, “I saw NEW down 30%, way oversold, everyone was talking about the “melt-down” in real estate mortgages. Give me a break. I own a couple of real estate mutual funds, they are usually up at the top of my [top] performers’ list right behind China.â€:d/
nice job idiot.
and you’re posting this here because??? I hope you don’t think that Michael is me.