Looks like we're set to gap down this morning and I have nothing but longs on my list. I actually like that situation because I hate chasing gaps and if any of these longs do trigger that will just confirm my read of those stocks being ready to bounce. If none of them trigger, then I'll just have a quiet day of catching up on some reading. Anyway, it is still early and I sure won't be surprised to see buyers step in to at least close the opening gap, especially since there's no real news driving the weak futures -- now that we've gotten all these earnings warnings it may just turn out to be an ugly day.
Currently holding:
Long - None
Short - None
Looking for swing trade entries in:
Longs - A, AFFX, DITC, ELAB, JNPR, PLXT, RL, RSAS, TEK, UNA
Shorts - None
Potential day trades:
(From Briefing.com)
Gapping DownA bunch of warnings: VRTS -25%, CNXT -32%, KVHI -24%, MUSE -20%, EMBT -11%.... Down in sympathy: BORL -9%, EMC -3%... LSCC -7% (cut to Sell from Neutral at BofA, tgt moves to $4), MAMA -6% (continues from 15% drop on Friday), AMCC -4% (Lehman downgrade), BOBJ -3% (JP Morgan downgrade), BRCM -3% (Lehman downgrades Semi sector).
Gapping Up
AIRT +13%, NEXM +9% (signs license and distribution agreement with Schering), PTN +6.5% (wins FDA approval), MECA +6.1% (to benefit from Pennsylvania gaming legislation), DFIB +3.3% (momentum from 24% move Friday).
