Posted by 2 March 2007

Watchlist for March 2, 2007

Here we go again — another gap down but not nearly as deep as yesterday’s open. Once again I’ll be watching this week’s lows.

On Today’s Calendar:

  • 10:00 — Mich Sentiment-Rev.

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: TSAI -13.1%, CMOS -8.7%, OVTI -8.4%, NOVL -4.5%… Mortgage lenders down in sympathy after CFC reported sharp increases in late payments & IMH -13.1% delays filing, discloses material weakness: LEND -8.6%, NEW -4.1%, NFI -1.8%… Other news: NOVN -4.6% (downgraded to Hold at Deutsche), HMY -3.6% (gold trading lower on the Comex).

Gapping Up

Gapping up on strong earnings/guidance: IMMR +36.2% (co and Sony conclude their patent litigation, enter into new business agreement; also reported Q4), VVUS +3.8%… M&A: DRTE +23.1% (to be acquired by Cegedim for $16/share)… Other news: SUPG +9.3% (profiled in BusinessWeek; also upgraded to Hold at Lazard), DF +9.2% (announces $15/share special cash dividend; guides), PKX +4.8% (Reuters reports Berkshire Hathaway held 4% stake as of Dec 31), INTU +4.0% (upgraded to Outperform at CIBC), ALTI +3.9% (profiled in BusinessWeek), BRLC +2.6% (initiated with a Buy and $13 tgt at Cantor Fitzgerald), SPN +2.5% (to replace MBRK in S&P MidCap 400), UNH +1.4% (expects to become current with SEC filings on or before March 15).

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Comments

  1. Posted by Declan Fallon on March 2, 2007 at 3:55 pm

    Mike,

    Incorrect link, or broken link (The Chairman’s)?

    http://maoxian.com/archive/warren-buffett80%99s-2006-letter-to-berkshire-shareholders/

    Declan

  2. Posted by Michael on March 2, 2007 at 4:10 pm

    It looks like the apostrophe in that link is messing it up.

  3. Posted by Nagel on March 3, 2007 at 9:43 am

    In your opinion as a Chartist, do you think the market has bottomed or are we in for more pain next week?

  4. Posted by Lauriston on March 3, 2007 at 3:37 pm

    Sold off right into the close. Could be capitulation selling, I hope nothing worse to come Monday. I suspect we are due for a bounce seeing how “oversold” it looks. I am more prepared for a bounce than more selling. Definitely will be a volatile week coming.

  5. Posted by Jon on March 3, 2007 at 10:16 pm

    Take a look at the RSI(5) day on the cubes. I have followed the strategy that calls for buying qqqq whenever the RSI falls beneath 30 and selling when it gets back to 50. The rsi (5) for qqqq right now is at an almost unheard of 15.5. I actually plan to purchase short term calls probably going out to the Q1 March contract come Monday morning. I will ditch them once qqqq hits my target of 44 (the 50DMA).

  6. Posted by Carey on March 4, 2007 at 8:37 am

    Time to pull out the handy-dandy $SPXA50R and remind us all how for the rubber band CAN stretch.