If you’re a die-hard bull and have to find something positive in yesterday’s drop there are two thing you can latch on to. First, the indices finally made it into short-term oversold territory. Second, volume has actually been declining as we’ve dropped lower. One could argue that the sellers are less motivated at these levels — as they probably should be. The question is what happens after we lift…
Also, remember it’s expiration week. Let the games begin.
On Today’s Calendar:
- 10:00 — Pending Home Sales
- 2:00 — Treasury Budget
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: LMC -5.7%, ADBE -1.6% (also announces new CEO), HD -1.6%… Other News: ROC -1.1% (prices a 10 mln share common stock offering at $34/share).
Gapping Up
On strong earnings/guidance: OWW +10.5%, CFSG +6.2%, VOD +5.5%, WMT +4.1%… Select solar names gapping up: TSL +7.3% (announced a six-year polysilicon supply agreement with Sichuan Yongxiang Polysilicon), FSLR +6.8% (positive comments from Cramer), SPWR +6.7% & ESLR +6.1% (strength in solar names also attributed to broker chatter that renewable energy tax credits are back on track)… Other news: ETFC +10.9% (rebounding somewhat after yesterday’s 60% sell-off), DRYS +5.6% (enters into 3 short term charters), VMW +5.3% (multiple analysts defending co after yesterday’s ORCL announcement), PBR +5.3% (Bloomberg.com reports PBR may Start producing at Tupi in 2010 or 2011), AAPL +3.5% (China iPhone in discussions), BIDU +3.9% (Citigroup says sell-off looks overdone), YHOO +2.9% (upgraded at CIBC to Outperform).
Disclaimer & How I use this list
