T2108 dropped a little more yesterday to close at 17.01. That drop wasn't at all surprising given how bad the NYSE A/D line was yesterday. But given the extreme level of T2108 I'm still looking for a snap-back rally. And speaking of the advance/decline line, yesterday somebody asked me where I get my A/D quotes. This was my answer:
I get advance & decline data from eSignal. The tickers for NYSE stocks are $ADV and $DECL. For the Nasdaq they're $ADVQ and $DECLQ. You can also get Advances & Declines on Yahoo and ADVFN has some nice pie charts of the day's A/D line(s) on their main page
If you're interested Englishman Trader has the blow by blow of my lackluster day yesterday. On the bright side he got to see how quickly and effortlessly I can produce losses. :-) And more importantly (I think) how much you have to stay on your toes. Some of my charts were displaying erroneous data yesterday and at one point some of my eSignal charts stopped updating. Luckily I had alerts set in CyberTrader that let me know things were indeed moving. (It pays to have some redundancy.) Yesterday was one of the worst days I can remember with regard to data issues.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
SIMG -10% (VP of consumer electronics leaves the co), WAT -9% (guides lower), CAB -8% (guides below consensus), F -4.2% (downgraded to Sell at Citigroup), MAIR -3.4% (its Mesaba Air subsidiary files for bankruptcy), LANV -3.2%, BSX -2.5% (reports Q3, guides Q4 below consensus), MTU -2.3% (profit taking after recent run), TTWO -1.8% (Citigroup downgrade), RIMM -1.7% (Bear Stearns downgrade), NVLS -1.2% (profit-taking following yesterday's rally)... Oil & Gas continues to slide: NGAS -5%, TSO -2.2%, CHK -2.1%, ECA -1.6%, VLO -1.5%.
Gapping Up
ERTS +3% (teams with Steven Spielberg to create videogames), CELG +5.2% (Merrill upgrade), KOOL +13% (distribution agreement with GE Healthcare), SNTS +10%, CHIC +10.4% (raises guidance), RMBS +6.4% (continues to experience Samsung-related volatility), MSO +3.9%, CAL +3% (Lehman upgrade), VRSN +2.2% (Morgan Staley assumes coverage with an Overweight), GSK +1.8%, MOT +1.5%, GE +1.4% (reports Q3)... Under $3: USEY +23% (momentum), CNLG +9% (receives orders), AATK +4.2%.
Intraday Updates:
- 09:42 Big moves in SIRF and JAKK in the early going
- 09:49 For the second day in a row I'm shocked to see that there are no stocks on my Nasdaq percentage movers with volume surge scan. This is only the second day I've seen that
- 09:52 OK, now there are 2 stocks on my Nasdaq Gainers scan -- JAKK & CHIC. Still, the lack of stocks on this scan makes me nervous about the long side
- 09:57 SNDK's on fire
- 10:10 A nice bounce in SEPR so far today. It just crossed its 50-day moving average but the 200-day is about 4 points above
- 10:18 This is one heavy market! All the indices are now in the red. Maybe we'll finally get that flushing out of the sellers now...
- 11:27 COGT just caught fire
Disclaimer & How I use this list
BCRX, CHIC, HLEX, JAKK and SIRF on my high-volume scan so far.
Also, SSNC, ATRS are looking strong price wise.
EmT
all of those except SIRF (not enough volume yet but it should be there shortly) are on my scan now as well.
Bummer,keep your chin up brother. ;-)I didn't have any esignal problems yesterday,although I have in the past.
Congratulations Sir Mike (based on your royalty status).
It was very interesting to read the Englishman trader's account of your trading day. He says that you do not trade till 10-30 AM. That seems to be a good advice for me. I would like to know the rationale for this.
He also suggests that you could have made some profits on AAPL , if you had bought earlier. Any comment on this.
I think that your blog is the best for traders.
Hi Mike,
Sorry about the rough technical day!
I feel the markets made an important low on thursday, maybe a significant one. Monday or tuesday's action will tell for sure. An intraday print of about 2099 in the NAZ and 1195 in the S&Ps will confirm. Have a great week! Tony
I couldn't agree more concerning the potential for a snapback/technical rally based on T2108, stochastics percentage oversold readings (astronomical on the SPX after Thursday almost 60%), and other proprietary stuff.
Longer-term, I wouldn't be so sanguine as it looks like a horror flick, "Megadebt meets Printing Press Man".
Mike, I think SIRF was below your thresholds. Perhaps I am more of a bottom feeder !