The bulls had an impressive showing yesterday as they were able to reverse what was looking like a really bad selloff. The S&P 500 and Dow both rebounded over their 50-day moving averages for at least the second time this week. Those levels bear (no pun) watching.
On Today’s Calendar:
- 10:00 — New Home Sales
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
On weak earnings/guidance: VDSI -21.1%, ALGN -20.1%, SPAR -19.7%, FORM -13.7% (also downgraded to Underperform at Friedman Billings), HLYS -11.4%, TGIC -11.2% (also downgraded to Underperform at Bear Stearns), NIHD -10.6%, SYMC -10.6% (also downgraded to Neutral at Baird), GVA -10.4%, FFIV -10% (also downgraded to Hold at Stifel), CELG -8.2%, CMI -8%, NTRI -6%, TEX -4.7%… On News: FREE -9.5% (announces pricing of common stock offering; prices 11 mln shares at $8.25/share), LLY -6.3% (halts 2 studies of blood-clotting drug, also downgraded at multiple firms).
Gapping Up
On strong earnings/guidance: DAIO +54.5%, TRCR +19.9%, EME +13.9%, PCCC +8.7%, BG +6.7%, ALXN +6.8%, EMC +5.9%, VMW +6.0%, FTE +5.3%, FLIR +5.2%, ELNK +4.7%, MOT +3.8%, DAI +3.7%, AKAM +3.6%, ABB +2.5%… Seeing a handful of solar names gapping up on continued momentum: STP +4.9% (announces $1.5 bln 7-year Polysilicon purchase contract with Asia Silicon), JASO +3.9%, LDK +3.1%, CSUN +2.4%… Other news: REFR +8.0% (Toyota subsidiary is featuring a new concept motorcoach with windows using REFR’s SPD-Smart light-control technology), LFT +5.9% (seeing follow through after yesterday’s IPO), SORL +5.4% (announces strategic partnership with Baotou North-Benz Heavy Duty Truck), PKX +2.2% (Warren Buffett said he liked the country’s equities, says they only have the one investment in PKX, which they never sold a share of – Bloomberg.com).
Disclaimer & How I use this list
They’re just not going to let this go do down before the end of the quarter/fed meeting.
Nope, it sure doesn’t seem like it. I can’t blame the bears for being gun shy ahead of the supposedly big event.