My outlook didn't change much after Friday's session. Although I found a lot of potential shorts over the weekend (see below) I'm still concerned about the market being on the oversold side. I'd rather see the stochastics much higher on the indices as well as most of the stocks on my shorting list. Housing and metals stocks appeared the most in my bearish scans, so those sectors may be worth watching closely.
To the upside, I'll still be watching the S&P's 200-day moving average (at 1261 today) for resistance.
Potential swing trades:
Shorts: ADM, ADSK, AMTD, ATHR, BEAV, CCJ, CIB, COH, CSX, CTX, CTXS, EWW, FAST, FCX, FFIV, FRK, FWLT, JOSB, KBH, MNST, NDAQ, RBAK, RTI, SOHU, STP, SWN, THO, TIE, ZOLT, ZRAN
Longs: None
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
DXPE -5.5% (falls off IBD 100 list), JVA -3.1% (files 10-Q), NBIX -2.4% (extends Friday's 22% drop), PXD -2.4% (profit taking after 12% move on Friday), VG -2.3% (VZ files patent infringement lawsuit), Mining stocks are weak on lower commodity prices: KRY -5.6%, SLV -2.7%, GLD -1.7%, PD -1.4%, GG -1.3%, ABX -1.2%.
Gapping Up
CSPLF +14% (to be acquired by Canadian Oil Sands Trust), ACV +8% (to spin off Sally Beauty Unit, to distribute $25/sh special dividend), SI +7.7% (to merge telecom equipment units with NOK +3.2%), USEY +14%, MIKR +6.5% (extends Friday's 14% move), FSII +5.9% (extends Friday's 8% move), DNDN +5.1% (director buys shares), AQNT +4.7% (upgrades from Piper and Merriman), ALGN +3.7%, NVAX +3.2% (Canada quarantines second poultry flock for bird flu), CC +3% (reports MayQ), NTES +2.7%, PEIX +2.7% (bounces after recent sell off), ALA +2.6% (in sympathy with NOK/SI), RMBS +2.1%, (bounces after recent weakness) NTRI +2% (in sympathy with Nestle buying Jenny Craig), CUP +2% (extends Friday's 12% move), INTC +1.4% (UBS upgrade), Under $3: GNTA +3.7% (proxy resolutions approved at shareholders meeting).
Disclaimer & How I use this list
Hi Mike,
I enjoyed very much your blog, in special the money management and position sizing posts.
Count on me as a regular reader. :)
As you seen to know portuguese I invite you to take a look on my blog. I write about the Brazilian stock market.
Although I trade the intermediate time frame, many of the stocks on your short list are on my short list as well.
great minds :-)
Good call on ADM, I've been doing a bear call spread on that for a while now, today it fell below a pretty significant support level (around $39 ish)
KBH??? That thing has taken a dump the last little bit!
Im thinking after the FED hike, all housing is going tank as usual.
Theres a no brainer...
Short housing!