I'm expecting more chop today but as always, we'll see. I may try to short one (or more) of the stocks that warned today if they give some decent setups. On another note...
If anybody still thinks the markets are efficient and/or rational they need look no further than the action in PLAY yesterday. Granted the stock had a good regular session on the back of some bullish analyst commentary yesterday morning. That's what attracted my attention to it yesterday before the open. But the stock really didn't move very much from where it opened. Then, after the close, Cramer regurgitates reiterates the analysts' theses and boom, stock jumps about 10%. But I'm not upset or anything... :-)
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
LXK -22% (slashes guidance; down in sympathy: HPQ -2.2%), CNVX -33% (to discontinue late stage trial; announces job cuts), SPRT -10% (guides revs below consensus), STEM -5% (files to periodically sell up to $100 mln of stock), HAWK -2.2% (provides hurricane impact details), TOL -2.2% (NY Times article discusses insider sales at homebuilders), NGAS -2.1% (profit taking after recent move higher), TXN -1.9% (Goldman downgrade), PG -1% (Citigroup downgrade).
Gapping Up
PLAY +6.5% (Cramer was very bullish on the name on Mad Money), MESA +6.5%, SUNW +5.7% (extends yesterday's 7% move), FXEN +5% (contract), FWLT +4.9% (Cramer says Foster Wheeler is back on Mad Money), FPP +4%, XTO +4% (JP Morgan upgrade), IDNX +4% (receives $1.3 mln in orders), RNAI +4% (granted a patent), MYOG +3.7% (initiated with an Outperform at Goldman), CHK +3.7% (to acquire Appalachian Basin), SINA +3.7% (started with a Buy at First Albany; tgt $33), IIJI +3.6%, MYL +3.2% (FDA approval), RMBS +3%, ENWV +3%, GLBL +2.6% (awarded four contracts), VOD +2%, FDG +1.9%, BIDU +1.4% (added to Halter USX China Index)... Under $3: USEY +14%, CMGI +10% (reports Q4), TBUS +8% (announces order).
Intraday Updates:
- 10:09 Things are about as flat as they could be. The A/D/ line is basically even and indices have moved less than 0.10%. So I wait for the opening range to be broken...
- 10:14 And just that quickly the first 30-minute ranges are broken to the upside (as oil falls)... time to find some longs
- 10:22 I'm not finding much that I want to buy. So many of the daily charts are extended. I can't see many of those stocks moving much higher without some consolidation
Disclaimer & How I use this list
Sounds efficient to me. For all those folks waiting on "Kramer's" every word before they do anything, it was quite efficient to have the market still open in AH to allow all the trigger-finger buying once "Kramer" gave the go ahead...
LOL.. I guess that's one way to look at it!
Mike,
Quick, I need help here. I bought the SIRI the day I requested the chart from you. I got in at $6.25...now three days later is is taking off. I don't want to congratulate myself, what I want to do is execute correctly...so where do I get out of this one? IT is $6.75 now intraday?
SD, you're supposed to have that figured out before you enter. :-) What was your goal when you bought it? a quick trade? a certain percentage? If you want to let it ride just move your stop up to lock in a small gain and let it go. Or sell some and hold the rest. Or...
FWIW, looks like there's some resistance around 7 from late July and early August
Ok I have settled down now. I try to trade with steel emotions but sometimes I get excited. The play for me was $6.25 to $7.00, the GTC I ordered 2 weeks ago finally got filled the day I asked for your anayl, I have been waiting to execute and this morning POP, news came out and looks like they are having great sub growth. Now that is a fundy change, so of I wondor if I should stay long. But even as I type this I know thats wrong...I should just execute as planned at $7 and be happy it happened weeks earlier than expected.
The general market is just miserable. The gains that are to be had are small and short-lived while the risks seem large and abundant. Now that I've posted my sentiments the market could very well turn on a dime and advance for the next 2-3 weeks. On second thought, nahhhh ....
You said it Todd. I'm glad I avoided that morning head fake today. You've got to be really quick with this market. This is a (good) scalper's paradise though (I think).