I’m still looking for either a higher-high or a lower-low for the indices. The market’s gapping up today but we won’t get a higher-high on the open. The bulls will need to follow through on the pre-market strength, preferably with strong volume.
On Today’s Calendar:
- nothing
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. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance: ONXX -20.0%, UTHR -5.9%, MPEL -3.8%, CSG -3.5%, GPC -3.2%, ALCO -2.2%, GTXI -1.0%… Other news: TONE -16.7% (CSE announces that it will continue to evaluate its merger transaction with TierOne), ALJ -15.0% (shut its Big Spring, Texas refinery due to an explosion), GIVN -12.9% (receives ’not substantially equivalent’ letter from FDA regarding application to market PillCam COLON in U.S.), TMS -9.7% (continued weakness from last weeks decline)… Analyst downgrades: SIGM -3.7% (downgraded to Neutral at Baird), FTI -1.0% (downgraded to Neutral at JPMorgan).
Gapping Up
In reaction to strong earnings/guidance: AKNS +5.7%, HOC +5.3%, MSO +4.4%, MHS +3.3%, GIS +2.9%, FOSL +2.8%, SHOO +1.6%, RTI +1.4%, KALU +1.3%, WMT +1.1%… Select European financials trading higher: LYG +9.1%, ING +8.9%, BCS +8.4% (ups write-down to $3.1 bln but reported profits broadly in line with analysts’ expectations), HBC +3.5%… Select Chinese names trading higher following Bank of China surging 7.8% (and Heng Seng closing +1.5%) after its chairman said it had set aside enough provisions to cover its exposure to subprime credit: CEO +4.1%, ACH +4.1%, LFC +3.0%, SEED +2.2%, PTR +1.9%, JRJC +1.8%, BIDU +1.5%, CHL +1.3%… Other news: BHP +4.3% and RTP + 4.2% (still checking), QDEL +3.7% (Cramer makes positive comments on MadMoney), ARRS +3.5% (announces a $100 mln stock repurchase program), TOT +3.4% (still checking), FSLR +3.0% (up in sympahty with AKNS), SNY +2.0% (Sanofi-Aventis and UCB announce the FDA approves oral solution for the relief of seasonal and year round allergies and chronic Idiopathic Urticaria)… Analyst upgrades: ENCY +29.4% (upgraded to Buy at Collins Stewart), RIO +5.8% (upgraded to Overweight at Morgan Stanley), GFI +4.8% (upgraded to Overweight at HSBC), HANS +4.7% (upgraded to Overweight at JPMorgan), MU +4.6% (upgraded to Overweight at Thomas Weisel), GSX +4.5% (upgraded to Overweight at JPMorgan), LDK +4.5% (upgraded to Neutral at tier 1 firm), NICE +3.5% (upgraded to Buy at UBS), FBTX +3.3% (upgraded to Mkt Perform at Keefe Bruyette), B +2.9% (upgraded to Buy from Hold at BB&T), X +2.9% (upgraded to Buy at UBS), IAG +2.2% (upgraded to Neutral at HSBC), DROOY +1.7% (upgraded to Neutral at HSBC), UNH +1.3% (upgraded to Outperform at BMO Capital), WYE +1.0% (upgraded to Overweight at Morgan Stanley).
Disclaimer & How I use this list
Site looks great Mike, although I did like your name bigger.
I have two questions if you would not mind. Do you still use 30 minute charts? Also when you said in an interview “They also forced me to wait until 10:30 to enter trades. I like that because it allows the market to set a full 60 minute opening range.†Are you Talking Eastern or Central time? In other words in that quote, did the market open at 8:30 Eastern and you would wait until 10:30 Eastern?
Thanks,
Sam
Thanks Sam,
Yes, I’m still using 30 minute charts. I wait 1 hour after the open before trading (except for gap fades, which I do at the open). I’m on eastern time.