Here we go again! Credit concerns (GM) and oil, among other things, are causing a big gap down. I think it’s pretty amazing that the market’s as close to its highs as it is given the seemingly never-ending onslaught of this type of news. Yet, the bulls keep throwing money at this bad boy.
Needless to say, I’m putting my VMW plans that I mentioned last night on hold. Maybe it’ll drop closer to 100 for me. However, I am considering lightening up on my long-term oil play as oil gets closer to $100…
On Today’s Calendar:
- 10:00 — Wholesale Inventories
- 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: VLNC -14.9%, APKT -12.4%, ANW -11.6%, FLR -9%, LACO -7.9%, AINV -5.7%, GM -5.2%, WNR -4.9%… Other News: NSTK -27.5% (Reacquires Teriparatide nasal spray from Procter & Gamble), CMOS -9.5% (Announces resignation of CFO; also downgraded to Sell at Citigroup), WCG -6.9% (Tgt cut to $20 from $80 at BofA) CSUN -5.8% (Initiated with a Sell at BofA), GRMN -5.8% (TomTom raised offer for Tele Atlas, GRMN is reviewing possible responses), IMB -5.5% (Downgraded to Underperform at Friedman Billings).
Gapping Up
On strong earnings/guidance: UFPT +33.6% (light volume), PED +23.8%, PSPT +20.0%, FWLT +9.4%, NILE +7.2%, ONXX +4.9%… Gold/silver stocks trading up with gold/silver prices again at new multi-year highs and continued weakness in the dollar: HL +4.7%, SWC +4.6%, GOLD +4.1%, CDE +4.1%, KRY +3.7%, NXG +3.7%, GSS +3.2%, TOT +3.2%, AUY +3.0%
Disclaimer & How I use this list
