As you can see below, the triangle patterns are still intact but we’re inching closer to the point(s) where price will have to move outside. But until we either make a higher-high vs. the Feb. high or a low beneath the January low I’ll still consider the market to be range-bound.
The market’s gapping open for the third day in a row and I’m wondering if we’re going to go 3-for-3 with those gaps being closed.
On Today’s Calendar:
- 10:00 — Leading Indicators
- 10:00 — Philadelphia Fed
- 10:00 — 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. 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: VDSI -28.8% (also downgraded to Hold at Brean Murray), LAD -25.0% (also downgraded to Underweight at Thomas Weisel and downgraded to Underperform at Raymond James), SSRX -22.6%, NVTL -18.4% (also downgraded to Mkt Perform at JMP), MSSR -13.5% (also downgraded to Hold at Morgan Joseph), ATX -9.6%, CTCT -8.1%, EMAG -8.0% (also downgraded to Mkt Perform at Friedman Billings), PSYS -6.9%, LNET -6.9%, OII -6.8%, MCRI -6.5%, VRGY -6.1%, ZEUS -5.8%, DDSS -5.6%, GLBL -3.6%, CIR -3.2%, LFG -3.1%, CECO -2.9%, QLTI -2.4%, WST -1.3%, WAB -1.1%, CR -1.1%… Analyst downgrades: BPFH -10.2% (downgraded to Mkt Perform at Keefe Bruyette), PETS -4.2% (downgraded to Underperform at Piper Jaffray), TGT -1.5% (downgraded to Sell at Citigroup), STI -1.1% (downgraded to Underperform at Oppenheimer), BP -1.0% (downgraded to Sell at Citigroup).
Gapping Up
In reaction to strong earnings/guidance: ANSS +9.9%, ARII +9.8%, RIMM +9.3%, LOCM +8.7%, NTES +8.2%, BCSI +7.7%, ITRI +7.0%, NM +6.6%, OCNW +6.5%, FADV +6.5%, TEX +6.4%, SNPS +6.4%, IFSIA +6.0%, GA +5.9%, ADI +4.6%, RRR + 3.5%, TQNT +2.7%, PLLL +2.3%, KDN +1.9%, TRN +1.9%, VIV +1.7%, ACTL +1.3%, JCP +1.3%… M&A news: CPS +43.2% (to be acquired by Reed Elsevier for $50/share), PROS +24.5% (reaches agreement to merge with MIG, PROS shreholders to receive ~$20.00/share), FBN +16.1% (Sun Capital Partners files amends 13D filing; proposes to acquire co at a “substantial premium”)… Other news: BNVI +18.1% (announces “positive developments” in on-going Phase 1/2 cancer drug trial), SQNM +5.2% (announces key milestone in development of noninvasive prenatal down syndrome test), CPST +4.5% (receives another order in the oil & gas market), IVAC +3.9% (receives orders for five 200 Lean magnetic disk sputtering systems for delivery in 2008), PQ +3.8% (will replace HH in S&P 600), FTEK +2.6% (announces two Fuel Chem orders)… Analyst upgrades: GFI +5.7% (upgraded to Buy at UBS), MDRX +3.9% (upgraded to Buy at UBS), ACH +3.6% (hearing added to Conviction Buy List at tier 1 firm), STC +3.5% (upgraded to Buy at Ferris Baker), GRMN +2.7% (upgraded to Outperform at Baird), ENR +2.5% (upgraded to Buy at Citigroup), CSCO +2.2% (upgraded to Buy at Citigroup), RIG +1.0% (hearing upgraded to Buy at tier 1 firm).
Disclaimer & How I use this list
I’d like to go 1 for 3 in being patient enough to let the gap fill instead of cutting my profits short on these trades!
Ah yes, patience grasshopper. There’s a lot to be said for the way John Carter just sets his stops and stops watching.
Mike – Hope things are good. Site looks great. In your “about” change cybertrader – good luck – here in AZ back To NYC for a visit in April
My daughter, who you met, is opening a wine store, in April…..paul
The person who said the market is a group of men acting like a capricious young woman had a point.
Will she make up her mind today I wonder? I hope so because I’m bored of waiting for her.