It looks like the bears are trying to make a little bit of a stand here. Yesterday the S&P couldn’t crack its old high and it’s gapping down today. Still, sellers have a lot of work to do in order to flip the technicals over to their side…
On Today’s Calendar:
- 10:00 — ISM Services
- 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
On weak earnings/guidance: MWY -12.6%, MU -5.3% PFCB -4.2%… China stocks continue to see volatility, with mixed trading in individual names this morning after the Hang Seng index was down 2.6%: CTDC -8%, CHNR -5.5%, RCH -5.7%, CEA -5.2%, JRJC -4.6%, PTR -4.3%, HNP -4%, ACTS -3.8%, ZNH -3.8%… Other news: MPEL -7.5%, LVS -5.4%, WYNN -5.2% (hearing weakness attributed to cautious comments from a tier-1 firm), CRNT -6.7% (downgraded to Underperform at Collins Stewart), CREE -5.3% (downgraded to Sell from Hold at Canaccord Adams), EXM -3.9% (announces plan to offer $100 mln in Convertible Senior notes).
Gapping Up
China stocks continue to see volatility, with mixed trading in individual names this morning after the Hang Seng index was down 2.6%; the following are set to gap higher: EFUT +34.0% (announces Beijing tourism group selects it as centralized purchasing and visual process mgmt system provider), GRRF +25.3%, CDS +21.2%, HIHO +17.7%, CSUN +3.9%… Other news: MBRX 21.1% (announces European Commission grants Orphan Medicinal Product Designation to MB07133), WON +10.7% (co and CBS Radio announce execution of definitive agreement), SSTR +5.6% (still checking for any news), STEM +4.6% (Reuters reports that GSK, AZN and Roche back stem cells for drug tests), PMCS +3.9% (upgraded to Overweight at Morgan Stanley), DB +2.6% (reports it will take $3.3 bln charge on leveraged loans, credit products).
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