The PPT’s global rate cuts sent the futures flying this morning but they’ve since given up all of their gains. Can anybody say “pushing oin a string”? On the bright side, perhaps we’ll finally see some tru capitulation.
On Today’s Calendar:
- 10:00 — Pending Home Sales
- 10:35 — 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 disappointing earnings/guidance/same store sales: JCP -9.6%, NTGR -8.7%, TISI -8.5%, COST -6.5%, MET -5.1%, MON -4.2%, JWN -4.1%, AA -3.1%… Select financial names showing continued weakness: BAC -18.2% (announces pricing of common stock of $22 per share), MER -15.0%, WB -7.6%, ABK -5.8%, AIG -4.3%, WFC -3.6%, MS -3.0%, C -2.7% (scales back wholesale mortgage business – WSJ; also Tata Consultancy Services to acquire Citigroup Global Services for $505 mln), GS -2.6%… Other news: TELOZ -51.7% (announces hurricane damage to properties), STEI -29.5% (Service Corp withdraws proposal for Stewart Enterprises), RIO -8.6% and ACH -8.1% (still checking for anything specific)… Analyst comments: RNWK -5.9% (downgraded to Sell at Piper), X -3.9% (downgraded to Equal Weight at Morgan Stanley), TM -3.6% (downgraded to Sell at Citigroup), T -1.9% (downgraded to Sector Perform from Outperform at RBC Capital Mkts), GM -1.5% (downgraded to Hold at Citigroup),
Gapping Up
In reaction to strong earnings/guidance: ZZ +12.3% (light volume), LDK +11.5%, YUM +4.1%… Select European financial names rebounding following coordinated rate cut: RBS +35.6%, LYG +22.4%, UBS +8.2%, BCS +3.6%… Select metals/mining names showing strength with higher spot prices: GOLD +20.7% (upgraded to Buy at Citigroup), HMY +12.9%, GFI +11.2%, DROOY +9.3%, LMC +8.9%, AAUK +6.3%, SLV +4.5%, GLD +3.8%… Select solar names showing strength following LDK results: SOL +12.2%, JASO +9.5%, YGE +8.5%, STP +3.8%, CSIQ +3.3%, FSLR +1.4%… Other news: YRCW +12.9% (expects to have positive free cash flow in both Q3 and Q4 with significant debt reduction for the year), FDRY +7.9% (Brocade announces $1.1 billion term loan funding for acquisition of Foundry Networks), ASML +7.0% (still checking), LEN +3.4% (cuts dividend by 75% to $0.04), BP +2.2% (still checking), HSY +1.3% (Cramer makes positive comments on MadMoney)… Analyst comments: CELG +2.0% (upgraded to Outperform at Cowen).
Disclaimer & How I use this list
Greetings,
What with all the sentiment, breadth, volatility measures out of whack and seemingly in uncharted terrritory thus making their previous reliability skewed, I was wondering if you might comment on another “T” indicator which tracks breadth envelopes (deviations) below the 40 dma. The T2116 measures stocks that trade 2 standard deviations below the 40 dma. Instead of measuring the % (T2108) of stocks below the 40 dma, the T2116 also measures extreme readings although with a different twist. What kind of readings have you got the last couple of days? I should renew my subsription to Worden (I migrated to Esignal, but plan on going back) Hey Mike thanks for your great site for the last few years. You were truly one of a handful of pioneers from the old not so long ago days!!
$VIX almost broke 60 this morning (still could…day is young). What I find interesting is the NYSC % of stocks above their 200-DMA is lower then the 2002 bear lows:
http://stockcharts.com/h-sc/ui?s=$NYA200R&p=D&yr=6&mn=10&dy=0&id=p49516952148&a=146756564
But the NYSC % of stocks above their 50-DMA is not:
http://stockcharts.com/h-sc/ui?s=$NYA50R&p=D&yr=6&mn=10&dy=0&id=p99762028631&a=146756540
Not yet at least. At this point technical analysis is somewhat suspect due to all the Fed manipulation, but still…the number geek in me is fascinated by the historic levels in many instruments.
Great question Ezekiel. I just posted the chart http://bit.ly/4tP0k6
I agree Keith, it’s hard to know what to make of some of these indicators given the PPT’s meddling.