We did get an increase in volume yesterday but unfortunately for the bulls it came on a down day thus creating another distribution day. I'll be watching the lows from the 13th for potential support. As you all know, Intel is getting the blame for the weak futures today. It's also close to its lows from last week so there's potential for a technical bounce. Also, I saw a pretty aggressive upgrade to 'strong buy' on INTC by JMP Securities with a price target of $35. I'd bet that they're not the only firm that thinks it's a buy down here. So I'll be watching INTC closely today.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on disappointing earnings/guidance: INTC -3.6% (down in sympathy: IFX -2.6%), GILD -3.6%, ZQK -14%, ATMI -11%, ENTU -5.2%, CAL -4.1%, HON -2.6%, LLTC -2.1%... Other News: USEY -7.2% (extends yesterday's 15% drop), KOMG -6.4% (Bear Stearns downgrade), AAUK -5.9% (in sympathy with PD downgrade at FBR; also ABX -3%), BOBJ -3.2%, SNDK -3.2% (UBS downgrade), PKZ -2.6% (shareholders approve takeover offer), DCX -2.3% (seeks same deal that GM got - WSJ), FRO -2.8%, BHP -2.7%, BCRX -2.4% (extends yesterday's 6% drop), OSIP -2% (extends yesterday's 8% drop), DB -2%, RCL -1.6%, TOL -1.4% (BofA downgrade).
Gapping Up
Gapping up on strong earnings/guidance: YHOO +2.3%, MOT +2.1%, ICUI +13%, CAKE +7.3% (also upgrades from Piper and Bear Stearns), NITE +7%, JAKK +6.9%, TER +4.5%, EMC +3.9%, BTHS +4.2%, CYMI +3.3%, JPM +1.7%... Other News: FUEL +10% (energy momentum names rebound; NGAS +5%), BWNG +7.7% (secures credit line), TAYD +7% (Tokyo quake), NVAX +12% (enters license and supply agreement)... Under $3: GNTA +16% (clinical data), GENR +9% (clinical data).
Intraday Updates:
- 09:38 I like the looks of YHOO's daily chart. It's pulling away from its 200-day moving average and testing 3-month highs. Looks like it wants to attack that July gap
- 09:42 EBAY and AMZN are showing good RS early as well
- 09:48 The S&P is just 3 points aboe last week's low -- should get interesting soon...
- 09:51 STMP is jumping over its 200-day moving average
- 09:54 Add GOOG to the internet stocks stampede
- 09:55 I almost forgot, we have oil inventories being reported at 10:30
- 10:15 GNTX just won't quit today
- 10:51 Market got a nice pop off of the oil report. trying to pull back now though.
- 10:52 BLUDE is catching a bid
Disclaimer & How I use this list
Hope you got some of that INTC action today, Mike. Good call!