We’ve got a flat/mixed open for a change, which may be a good sign given all the angst over the jobs report which was released this morning.
On Today’s Calendar:
- 10:00 — Pending Home Sales
- 10:00 — Wholesale Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Four longs and one short candidate:
99 Cents Only Stores (NDN):
First Solar, Inc. (FLSR):
Barrick Gold Corporation (ABX)
Wynn Resorts, Limited (WYNN)
Fresh Del Monte Produce Inc. (FDP):
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: GNW -17.2% , ARAY -16.5% , STV -8.4% , BEBE -5.3% , S -5.2% , WWWW -5.0% , IRF -4.6% , DIS -3.8% (also downgraded to Neutral from Accumulate at Wunderlich), QCOM -2.3%… Other news: YHOO -10.0% (Ballmer rules out new Yahoo bid – Financial Times), LVS -6.2% (affirms commitment to Marina Bay Sands development in Singapore), WFC -5.0% (prices 407.5 mln shares of common offering at $27/share), GHL -1.2% (announces the pricing of its common stock offering)… Analyst comments: CLF -1.6% (downgraded to Market Perform at Friedman Billings).
Gapping Up
In reaction to strong earnings/guidance: WPRT +34.0%, QLTY +23.0% (light volume), FSYS +17.9%, TC +13.7%, SWKS +13.7%, TBSI +13.7%, SOLR +10.7%, EBS +10.3%, NVDA +10.2%, CGV +9.4%, TRLG +9.1%, SAPE +8.7%, FLR +8.1%, CHINA +7.6% (light volume), GXDX +7.5%, MIDD +7.3%, PCLN +7.3%, SD +6.1%, ZINC +4.2% (light volume), TS +3.3%, ONXX +1.6%… M&A news: LFG +68.4% and FNF +7.8% (LandAmerica Fin to be acquired by Fidelity National Financial; LFG shareholders will receive 0.993 shares of FNF common stock )… Select oil/gas names showing strength with crude higher: TOT +2.7%, BP +2.6%, RDS.A +1.7%, CVX +1.4%… Select solar names trading higher: STP +8.2%, SOL +7.7%, CSIQ +5.8%, ESLR +3.6%, LDK +2.3%… Select metals/mining stocks showing strength with higher spot prices: GOLD +7.4%, MT +5.8%, GFI +5.8%, BBL +4.2%, RTP +4.2%, AAUK +3.6%… Other news: FULT +5.1% (will replace Valassis Communications in the S&P MidCap 400 after the close of trading on Monday), CLNE +4.8% (announces ownership plans for existing network of five existing Las Vegas compressed natural gas stations), FWLT +3.6% (Cramer makes positive comments on MadMoney), GSK +2.9% and SNY +2.0% (still checking)… Analyst comments: TKC +9.4% (upgraded to Overweight at HSBC).
Disclaimer & How I use this list
Nice looking charts, it all depends on how the overall market is gonna treat them
Thank you very much for posting these charts, they were all right on setups, please please please post more of these charts, you are doing a great job and thank you again.
NDN is an interesting investment. I am sure they have done very well in this economy; I haven’t even thought about the fact that everyone is going cheaper. I would also expect Wal-Mart to benefit greatly from this as well!
I enjoy your blog very much. However, can you elaborate on the money management method you employ when managing a trade? For example: (1) % capital risk per trade, (2) Setting of initial stop, (3) Moving stop to b/e, (3) Banking some profits, (4) Letting profits run.
Thanks, Ralph
Before the volatility went crazy this fall I was risking 1% of my equity per trade. I’ve since cut my risk per trade (R) to 0.5%.
I talk about intital stop placement at the bottom of this post – http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/ — it’s generally at the extreme of the bar that was my trigger or just beyond the nearest support (for longs) or resistance (for shorts).
I also mentioned rolling my stops and partial profits there an in this other post http://tradermike.net/2006/08/more_on_partial_profits/ and a few other posts http://tradermike.net/tag/partial_profits/