We're set for a small gap down this morning. Today I'll be keying off of a break of yesterday's range. And I'm still concerned about the QQQQ's 50-day moving average capping the small upside move it's had...
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
ORCL -2.5% (reports FebQ), VRX -18% (Phase 3 results for Viramidine), MOVI -12% (delays 10-K), INTZ -11%, CNTF -10.5% (reports Q4), ACTS -10% (ITC rules against co in patent suit), PRGS -8.7% (reports FebQ), NVAX -6.5% (stock offering), NYMX -5.5% (profit taking after recent big move), BMET -3.5% (reports FebQ), AUY -3.4%, MT -3.4%, NHWK -2.9% (multiple initiations, mostly Neutral), SIRF -2.8%, FHRX -2.2% (chairman sells 2 mln shares), BWNG -1.9%.
Gapping Up
BFT +16% (Virgin Group looking at a takeover of co - NY Post), NYNY +15% (enters into pact to develop casino), HWAY +12% (reports Q2; Jefferies upgrade), SHFL +11% (reports JanQ; Bear Stearns upgrade), CRIS +10.6% (reaches first milestone with PG), JNY +10% (board is said mulling sale of whole group - WWD.com), HYGS +10% (Chinese contract), FTGX +7.5% (momentum), DRIV +7.4% (guides higher), DOC +7.4% (receives orders for livestock tags), NTMD +6.6% (C.E.O. and C.F.O. resign), ARBX +6% (founder starts proxy fight - WSJ), PTIX +5.6% (PRTL to use co's technology), GME +5.1% (reports JanQ), CPST +4.4% (MicroTurbines receive UL certification), IAG +4.2%, WPTE +3.8% (Travel Channel orders a fifth season of the World Poker Tour), CPHD +3.7% (introduces assay), RMBS +3.3% (guides higher), STKL +3.3%, MRX +2.9% (makes deal with Ipsen - Reuters), FDS +2.7% (reports FebQ), NVDA +2.7% (Lehman upgrade), ERTS +2.5% (broker upgrade), PEIX +2.5%, CMVT +1.8%, BRG +1.6%, SIRI +1.6% (settles with 3 recording cos - AP), VOD +1.1% (up on bid talk-Reuters)... Mad Money mentions: MSPD +15%, TYL +8.5%... Bird flu stocks are strong again on more reported cases: GNBT +3.9%, HEB +3.4%, SVA +1.8%.
Disclaimer & How I use this list
Great stuff as always, Mike. I think Brett's article the day resonates totally with what's happening. Although it's not random, price action has made capturing 'big' moves very difficult, with price oscillating in much smaller circles.
I can't hypothesize any cause, but why should traders care about 'why' anyway?