The futures are indicating a slightly higher open today. It looks like the S&P wants to go probe that all-time closing high again. Can the bears swat it back down? Given the new highs in short interest they may have to turn into buyers and push the market even higher!
On Today’s Calendar:
- nothing
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: KONG -16.2%, GSOL -7.1%, GIGM -5.5%, APOL -4.1%, SPLS -3.2%, NTES -2.4%… Other news: OMTR -7.1% (announces a 6.8 mln share common stock offering), ACW -6.3% (files for a 5.4 mln share common stock secondary offering by selling shareholders), HRAY -4.9%, ONT -3.5% (announces acquisition of Hantro Products), DYN -3.8% (Chevron to sell Dynegy shares), MNST -2.9% (tier-1 firm suggesting sale of co may be less likely), SSL -2.7% (gives project update for Oryx gas-to-liquids venture).
Gapping Up
Gapping up on strong earnings/guidance: PSUN +6.5%, ASEI +4.4%… Casino stocks seeing strength following Tracinda/MGM negotiations: MGM +24.1%, BYD +7.0%, WYNN +4.9%, LVS +3.9%… Mortgage-related stocks moving following FMT developments: FMT +50.6%, NFI +9.9%, LEND +9.4%, IMH +6.6%, AHM +3.9%… Other news: AVNC +20.9% (announces FDA acceptance of Amoxicillin Pulsys NDA), OXPS +6.7% (continued momentum following yesterday’s 7% move higher on takeover rumors), EMU +4.9% (light volume, broker comments out of Canada discussed potential sale of co), TSS +4.5% (mentioned by Cramer next co that could be bought), DNDN +4.5% (continuation of strength from yesterday afternoon), STM +2.5% (STM, INTC and Francisco Partners to create a new independent semiconductor co), CTSH +1.8% (positive comments from tier-1 firm).
Disclaimer & How I use this list
I think these days it’s extremely risky for the bears to go short, given all the M&A/PE activity. Surprising that we still have such a high SI.
My 2 cts
Michael
I totally agree. It’s mine field out there for the bears. It must be hard to sleep for those who stay short over a weekend, knowing that another round of deals will be announced the next Monday.
Hard to fight against the tide of cash flows. The bears will eventually be right – the market will just be a lot higher before they can say “I told you so”…again.