I remain very disinterested in the market right now. That's because of all of the earnings reports to be released next week as well as the election. For months now I've been having flashbacks to the last election debacle because of how close the polls have been. That messy process put the market in a serious funk. So I've had plans to avoid the market until the election was decided for a while. Now that there are reports of Republicans and Democrats lining up attorneys to contest the results I'm sure that I will be in cash until the results are official. (I'm talking about swing trading, day trades are fair game.)
As for the current market, the NASDAQ appears ready to test its 200-day moving average again. That will be an important level to watch. Let's see if it can close above it. The S&P and especially the Dow still have work to do to get back to their 200 DMAs.
How about that GOOG? I know the Google shorts are screaming bloody murder this morning, now that it's gotten price targets of $175 and $200.
Currently holding:
Long - none until after the election
Short - none until after the election
Looking for swing trade entries in:
Longs - none until after the election
Shorts - none until after the election
Potential day trades:
(From Briefing.com)
Gapping DownLDIS -41%, OMCL -25% (also multiple downgrades), ABTL -15.4%, WEBX -14.1% (also 2 downgrades from Raymond James and Baird), IFIN -8.5%, AMZN -8.2%, GILD -7.3% (also Legg Mason downgrade), ERICY -7.1%, ALSC -7.1%, AEIS -5.2% (also CIBC downgrade), TQNT -5.1%, IPIEX -4.0%, BRCM -3.8% (also Raymond James downgrade), NXTL -2.1%.
Gapping Up
GOOG +15.1% (reports strong Q3; price tgts move higher; up in sympathy: LOOK +13.9%, MAMA +11.7%, ASKJ +6.5%, YHOO +5.6%, EBAY +3.4%, INSP +2.8%), Also up on earnings/guidance: IIIN +6.9%, KLAC +4.9% (also CIBC upgrade), PKTR +4.8% (also Oppenheimer upgrade), HYSL +6% (also First Albany upgrade), OSTK +4.2%, CAMD +3.7%, TMWD +4.7%, IDTI +3.6% (also Lehman upgrade)... Other News: ADSX +13% (CNBC ran teaser for segment this evening on Implantable chips going mainstream; also co boosts cash by $11.5 mln), UTSI +5.4% (started with a Buy at Smith Barney; tgt $26), JAKK +4.7% (announces release of its newest World Wrestling licensed video game), APPX +4.4% (CIBC upgrade; short squeeze), STEM +3.2%, XMSR +2.6% (Reuters reports that co next week is expected to unveil a "wearable" device)... Under $3: ANCC +12.8%.
