The indices are gapping down following the 6% drop in China’s market today. It may seem like a repeat of February but this gap isn’t nearly as bad as what happened in late February. As I’m writing this the indices are set to open within yesterday’s range. So the bears still have work to do — they need to break yesterday’s lows and then Thursdays lows. I think that would cause enough technical damage to get the bulls worried. But we’re not even close to that yet…
On Today’s Calendar:
- 2:00 — FOMC Minutes
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: SOLF -20.5%, IBKR -5.5%, BGP -5.6%, JOYG -4.4%, FRO -3.0%… China-related stocks gapping down after 6.8% overnight sell-off in China: SNDA -5.1%, CAF -4.6%, KONG -4.4%, TSL -4.3%, XFML -4.0%, SOHU -3.9%, EFUT -3.8%, FFHL -3.7%, FMCN -3.6%, GCH -3.4%, SINA -2.2%, BIDU -1.7%, CTRP -1.3%… Chinese solar stocks under pressure on combination of weakness in China and in sympathy with SOLF earnings: JASO -5.9%, CSUN -5.0%, CSIQ -4.7%… Other news: IOMI -8.6% (continued pressure), TINY -6.0% (still checking), DEEP -3.6% (initiated with a Neutral at JP Morgan).Gapping Up
Gapping up on strong earnings/guidance: CWTR +12.0%, DBRN +4.5%, PVH +3.0%… M&A: CDWC +3.5% (confirms it will be acquired by Madison Dearborn Partners for $87.75/share… Other news: OPWV +4.2% (Unstrung discusses ongoing rumors of higher bid in Openwave), BIIB +3.6% (announces $3 bln share repurchase through a modified “Dutch Auction” tender offer), TASR +2.5% (announces two orders).
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