I hate to sound like a broken record but I'm still of the opinion that over the intermediate-term this market is better sold than bought right here. The indices are gapping up this morning and long time readers know that I really don't trust gaps in the direction of the trend after a run like we've had. If I was still swing trading I'd certainly be using my #1 rule today.
Having said that, I do recognize that the market can keep floating higher from here, especially since it's month-end and there may be some mark-ups going on. I have some longs to watch today but I'm very ready to go short if the market does start selling off.
Potential swing trades:
Long: CKFR, DST, GENZ, ISIL
Short: SHLD, SPC, YHOO, SNDA
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
APPX -10% (to acquire American BioScience), SKYE -11% (extends Friday's weakness), HOM -6.4%, BOT -6% (negative Barron's article; multiple cautious initiations), DRIV -3.8%, QGEN -2.6% (extends recent weakness), VOD -1.6% (extends recent weakness), NFLX -1.5% (Thomas Weisel downgrade), CME -1.5% (Keefe Bruyette downgrade; CSFB initiates with a Neutral and $375 tgt)
Gapping Up
PTN +12% (Barron's profile), CMED +5% (extends Friday's 11% move), HEII +13%, BCRX +3.6% (files IND application for injectable Peramivir), MVCO +6% (wins contracts), KOR +3.6%, ESLR +3.5% (announces partnership with Renewable Energy Corp), ALVR +3.2% (gets a WiMAX deal), AAPL +2% (Piper raises tgt to $79 from $68), BIDU +2.1% (extends Friday's 4% move), PCZ +1.7% (Barron's profile), JNJ +1.3%... Initial reports of a strong retail weekend is driving stocks: CC +1.7%, BBY +1.7%, WMT +1%... Under $3: PRGX +35% (obtains commitment for bridge financing), CNXT +10% (selected by LG Electronics for set-top box), TGEN +31% (gets HIV vaccine funds), CCUR +16% (LMT selects co's RedHawk Linux).
Intraday Updates:
- 09:21 I'm also watching AXCA, CMTL, FLSH, GNSS, PLAY and TRID
- 09:33 DRIV's looking like toast, CMED's asking to be sold again :-)
- 09:36 GOOG is 9 points off the pre-market high :-o
- 09:41 SNDA's dive bombing without me! :-(
- 09:45 from Briefing: 09:43 CMED China Medical Tech downgraded to Reduce from Neutral at UBS in Asia (38.95 +1.60) -Update-
Disclaimer & How I use this list
RE: CMED
I'd say it's time to go long here with the stock near $35 and ride it up to $38 to $38.50.
Depending on the volume on that possible move up, I'd say that may be a reasonable entry for a short back down to re-visit $30.