Posted by 20 June 2007

Watchlist for June 20, 2007

It looks like we’re gonna open right near the top of the recent tight trading range. Perhaps we’ll get a breakout today… but I’m not holding my breath.

On Today’s Calendar:

  • 10:30 — Crude Inventories

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: BW -8.2%, MTRX -5.9%, DRI -3.2%, HANS -2.3% (reported somewhat ambiguous numbers in 10-Q, Herb Greenberg made cautious comments on CNBC), CC -1.7%… Other news: MGM -10.8% (Tracinda determined not to pursue negotiations regarding a possible acquisition of Bellagio and CityCenter), CPSL -4.9% (profit taking following yesterday’s strength).

Gapping Up

Gapping up on strong earnings/guidance: LYTS +11.3%, CLC +6.0%… M&A: JNC +17.4% (to be acquired by private equity group for $65 per share; GROW +3.3% up in sympathy)… Other news: AVRX +22.9% (announces positive interim results for AVN944 Phase I trial), LUNA +9.7% (co and Virginia Commonwealth University study published in Journal of Immunology), HD +6.2% (to sell HD Supply and announced $22.5 bln increase in share repurchase authorization), PTR +5.2% (co plans $5.7 bln Shanghai share sale), FRPT +4.7% (announces $221.7 mln contract), FFHL +4.3% (continued momentum from yesterday’s ~20% run), MU +3.3% & IFX +2.4%, (Inquirer.net reports that DRAM spot prices get boost from smuggling).

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Comments

  1. Posted by John Leonatti on June 20, 2007 at 5:17 pm

    As I said yesterday: “John Leonatti says: (Referring to the NASDAQ)

    June 19th, 2007 at 11:44 pm
    I think we are in trouble here. I think it will turn out to be a double top. The two reversal days, Fri and Mon, are called “upside gap two crows” in candlestick parlance, which is bearish. Essentially, its a gapping breakout with no follow through. My indicators put me short of the Russell 2000 today. This week should be interesting.”

    Am I bragging? Yes, until I screw up. It has happened.

  2. Posted by Kevin on June 20, 2007 at 5:24 pm

    Hi Mike,

    I know you like to look at On Balance Volume so I’m writing to let you know there is a bearish divergence taking place in the QQQQ.