The futures have been creeping higher all morning and have swung from negative to positive. I’m not convinced that the bulls can push things much higher without a bit of a consolidation / pullback. If it does pull back I’m looking for support at the 50 day moving average.
Also, Big Ben is speaking on credit risk today…
On Today’s Calendar:
- 10:00 — Leading Indicators
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: MLHR -9.4%, MOT -5.3%… Down in sympathy with MOT guidance: RFMD -5.4%, PALM -4.7% (also Morgan Keegan sees near-term acquisition as unlikely), MFLX -4.6%, SWKS -3.8%, FLEX -2.9%, IRF -2.3%, ANAD -2.2%, CELL -1.7%… Other news: INTU -6.7% (reports TurboTax sales through March 17; ThinkEquity cuts their tgt to $31 citing weak TurboTax sales), EAS -2.3% (additional 9 mln share offering priced at 24.25), ALU -2.2% (downgraded to Neutral at Goldman), ABMD -1.1% (to sell 5 mln shares at $13.75/share).
Gapping Up
Gapping up on strong earnings/guidance: RCMT +25.4%, AEZS +3.4%, SIGM +2.5%, KOMG +1.3%… Mortgage lenders squeeze higher following lack of specific mention by the Fed yesterday of subprime concerns: LEND +6.7%, NFI +3.9%, FMT +3.0%… Other news: AGIX +13.7% (Reuters runs story covering PFE failed heart drug, mentions AZN-AGIX drug announcement from 3/19 and data expected at upcoming ACC meeting; also short-covering as short interest is 53%), ARXT +10.3% (announces settlement agreement with Mutual Pharma), LGND +6.0% (announces $2.50/share cash dividend, $100 mln buyback), ISIS +5.1% (follow-through momentum), TSL +4.8% (positive newsletter mention), BQI +4.7% (follow-through momentum), HAYN +3.6% (Cramer positive on stock; also positive on FCX +1.9% & FSLR +1.1%, among others).
Disclaimer & How I use this list
“’m not convinced that the bulls can push things much higher without a bit of a consolidation / pullback. If it does pull back I’m looking for support at the 50 day moving average.”
Well said Mike, I am looking for this pullback as well. The Nasdaq is down half a percent as of 10:40 AM, we will see what happens!