Seems like we have a pretty good recipe for a consolidation day -- a huge move in the last trading session, the S&P 500 just below its 200-day moving average and a Fed interest rate decision tomorrow. I'll be playing real light today and as usual I'm taking tomorrow off...
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: IART -5.4%, CTSH -2.7%, GNBT -2.6%... Other News: OSTK -3.9% (tgt lowered to $31 from $38 at Piper), ABX -3.3% (makes bid for PDG assets), HOM -2%, CVS -1.6% (JP Morgan downgrade), RIMM -1.1% (target cut to $60 at CSFB).
Gapping Up
PDG +20% (receives buyout offer from ABX; GG +5.3% to buy some of PDG's assets), SKS +8% (to sell unit to Bon-Ton for 1.1bn - WSJ), LGF +7.7% (Saw 2 was leading movie this weekend), MMUS +7.5% (momentum from huge move last week), QNTA +5% (FBR upgrade), NVAX +4.5% (bounces after 10% drop on Friday), EDS +4.4% (positive Barron's article), AMR +4% (Lehman upgrade), BUD +2.7% (Barron's cover story), BCRX +2.6% (momentum), CHIR +2.4% (to merge with NVS), NIHD +2.2% (tgt upped to $125 at Legg Mason), SIRI +2.2% (expands deal with DCX; UBS upgrade), BIIB +2.1% (JP Morgan upgrade), XOM +1.7%... Gapping up on strong earnings/guidance: ORCT +29%, CELL +9% (guides only), UTHR +9%, VLO +4.1%... Under $3: LVLT +5.6% (to acquire WilTel Communications).
Intraday Updates:
- 09:14 An additional boost for BCRX -- 09:11 BCRX BioCryst Pharm: Flu puts old drug back on fast track -- USA Today (13.63 )
- 09:40 Looks like they're gunning the high dollar stocks this morning (GOOG, CME, WFMI...). Month-end mark-ups???
- 09:44 So much for my consolidation theory. :-)
- 09:48 SLAB's trying to continue the move higher from last week
- 09:52 I like the action in GNSS and BRCM based off of the daily charts
- 09:59 Market's getting more lift from the CPI numbers...
- 10:37 Nasdaq's bumping up against its 50-day moving average which has been tough resistance of late. S&P is also near its 50 DMA. Dow closing in on its 200 DMA
- 10:40 Wow, even CSCO is up 2% today. What's the world coming to?? ;-)
- 12:09 nice move in FFIV today. lemme see if I can find an entry point
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