They don’t mess around in China. Here’s a headline you don’t see too often: “China Executes Ex-Drug Chief, Vows to Stamp Out Fakes“. In more ordinary news, Big Ben is speaking about inflation at 1:00. I really hate these mid-day Fed events. Hopefully this one won’t shock the markets.
We’re set for a pretty good drop this morning thanks to inflation & (more) housing worries combined with some weak retail numbers from the likes of HD and SHLD. QQQQ and SPY are already trading below yesterday’s lows. I guess we’ll see if last week’s low volume advance can provide any support.
On Today’s Calendar:
- 10:00 — Wholesale Inventories
- 1:00 — Bernanke speaks on inflation to the National Bureau of Economic Research
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: FACE -17.3%, UNCA -16.7%, PTRY -11.5%, WDFC -11.3%, SHLD -6.3%… Modest profit taking in some of the solar names: TSL -3.5%, JASO -3.0%, HOKU -2.9%, ESLR -2.6%, FSLR -1.4%… Other news: BCON 3.5% (profit taking after yesterday’s 20%+ move higher), LOCM -3.3% (profit taking), BHP -2.9% (Times of London reports that BHP is seeking a private equity partner to make a $40 bln offer for AA), CCL -1.7% (still checking).
Gapping Up
Gapping up on strong earnings/guidance: OBCI +35.8%, GBX +21.4%, PBG +5.3%, CAKE +3.5%… Other news: RBY +23.2% (announced gold discovered at Rubicon’s 100%-owned Alaska claims), GMST +13.9% (announces review of strategic alternatives), CMVT +7.4% (media reports say Comverse now for sale - FBR), KNSY +6.2% (co will exit embolic protection markets), CTIC +4.8% (still checking for news), AKAM +4.1% (to replace BMET in the S&P 500), BBND +3.6% (upgraded to Buy at Merrill), GMKT +3.6% (announces 2Q07 gross merchandise value increases 43% YoY), YGE +3.6% (announces long-term agreement with Wacker Chemie AG of Germany), TASR +3.8% (continued momentum from yesterday’s 18%+ move), ATVI +3.0% (announces it ships more than 8 mln units worldwide during 1Q08).
Disclaimer & How I use this list
