It'll be interesting to see if these early gains in the (select) retailers will 'stick' today. Don't forget about the payroll report tomorrow morning. CNBC had an interesting discussion about how accurate the report will be (due to the hurricanes) and what the market's reaction will be (who knows). The unknowns swirling around that report are reason enough to wait another 24 hours before making any moves -- unless, of course, you're a day trader...
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
MDCO -22% (lowers guidance; multiple downgrades), CNR -30% (testing operations at a well encounters problems), TLB -12% (guides lower), PETM -7% (guides below consensus), BUCY -6.3% (Legg Mason downgrade), CHKP -6% (to acquire privately held Sourcefire), FD -4% (guides lower), JOYG -3.8% (Legg Mason downgrade), SNDK -3.5% (Citigroup downgrade; CE Unterberg downgrade), CSG -3.3%, FLSH -3% (Citigroup downgrade), ILSE -2.5%, LEXR -2.2% (in sympathy with SNDK, FLSH), CECO -2% (SunTrust downgrade), ERTS -1.2% (settles class action lawsuit)... Recent oil & gas high fliers seeing some profit taking: XTO -4%, CHK -3%, TSO -2.5%, ECA -2.5%, VLO -2.2%, GW -1.8%, COP -1.7%.
Gapping Up
Gapping up on strong Sept same store sales/guidance: PSUN +10%, ANF +5.6%, HOTT +4.2%, AEOS +4.1%, SBUX +4.1% (up in sympathy: CBOU +10%), ROST +3.2%, JOSB +3%, COST +2.8% (also reports AugQ)... Other News: ATYT +8% (reports AugQ), DIGE +6.5% (Cramer is bullish on Digene), MRK +5% (Gardasil clinical data), ELTK +17% (expands relationship with Israel Aircraft Industries), GDYS +9.5% (to be acquired for $8/sh), PUMP +4% (started with a Strong Buy at Brean Murray; tgt $21), CRXL +3.6%, BIDU +2.5%, MEDI +2.2% (mentioned in WSJ), DT +2.2%, EQT +2.1% (Mad Money mention), ENDP +1.2% (First Albany upgrade), GE +1.1% (says Q3 EPS will come in at the high end of guidance).... Under $3: SIGA +28% (announces success of its smallpox compound), ASTM +7% (clinical news), HEB +5.7% (extends yesterday's 30% move).
Intraday Updates:
- 09:48 Here we go, Nasdaq's testing support at 2100 while the S&P and Dow are trying to bounce off of their lower Bollinger Bands
- 09:50 ENER's getting slammed for the third day in a row. ;-o
- 10:02 GYMB is setting off just about every bullish alert Trade-Ideas has. But as Duru just pointed out, it's now near some resistance though.
- 10:04 And like I've been saying, as soon as I see GYMB all over Trade-Ideas Briefing.com makes a post about it. :-) I'm convinced that there are only 5 to 10 stocks that everybody watches on any given day and/or we're all using the same scanner.
- 10:36 I'm not moved to do anything yet today. I'd rather try the long side after the vicious drop the last two day but the indicators aren't bullish. The A/D/ line is about 3 to 4 negative. The indices are going in different directions if only by tiny percentages. All of that tells me to stand aside until a direction is clear.
- 10:50 Things are improving a bit on the Nasdaq. It's now joined the S&P and Dow in positive territory and its A/D line is almost even now. It still needs to take out today's high of 2108 to get me interested
- 11:20 OK, here we go... time to start lining up some longs
- 11:40 So much for that little pop over 2108. Sellers are stepping in again as oil makes new highs on the day. Also, my moving averages on my QQQQ chart are still bearish -- shorter term average under the longer-term average -- so I'll continue to wait
- 2:27 Looks like somebody turned on (another) sell program. The Nasdaq is still about 13 points away from its 200-day moving average. S&P is right around 1190, which was support back in June and July. This last 90 minutes should be real interesting. I'll happily continue to sit this one out. :-)
- 3:36 It's getting kinda hectic out there now. Looks like some capitulation kicking in. Naz down another 1.6% today and under its 200 DMA now. S&P though 1190, Dow in free-fall for the third day in a row. May be time to buy em soon :-)
Disclaimer & How I use this list
i'm curious to see if Acampora catches on anywhere else.. primarily a buy-side firm.
if he can't, that fact would underscore: (1) the non-practicality/tradeability/profitability of his views and (2) the fact that it's a lot easier to "be right" than to make money.
as a technical trader, i welcome any reduction in the use of technicals amongst other participants.
in my opinion, the "self-fullfilling" theme is 100% overcome when so many people follow techinals.. at that point, you're basically better off fading traditional patterns.