Things are looking pretty weak this morning, although not nearly as weak as before the payroll data hit at 8:30. The QQQQ was trading about 10 cents under the May low of 38.23 and it's now about 10 cents above. SPY is about a point higher than its May low. A high volume test of those lows may be what we need to finally get a good bottom.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
JOSB -21% (reports AprQ, misses handily on EPS; also multiple downgrades), CUP -22% (co says it has received an offer from PCU, but says PCU had no intention of making a "legitimate bid."), FNSR -13% (reports AprQ), CYBX -6.2% (releases clinical data), MOVI -5.7% (cautious BusinessWeek article), CNTY -4.5%, IFO -3.6% (profit taking after 5% move yesterday), ELN -3.3% (extends recent slide), ERICY -3.2% (European stocks weak), TIE -2.8%, PWAV -2.5% (extends recent weakness, stock -43% in 3 months), HOM -2.4% (profit taking after 17% move yesterday), ATI -2.2%, RCL -2.1% (prices $900 mln in notes), CCL -2.1% (down in sympathy with RCL), AMD -2% (target lowered at Citigroup and UBS)... European stocks are lower on weakness in those markets: BOBJ -4.5%, CRXL -4.1%, ABB -3.6%, HMY -3.6%, ASMI -3%, BP -2.5%, ALA -2.4%... Asian stock market sell-off weighs on: EWJ -3.3%, IFN -3%... Mining stocks are weak on lower gold prices: GFI -5.7%, AU -4.2%, RTP -2.6%, AUY -2.4%, PD -2%, GG -2%.
Gapping Up
ICOS +7.8% (co says it expects to be profitable in 2007 and that its joint venture with LLY has asked European regulators for marketing approval for Cialis), IRF +5.8% (withdraws convertible offering), NVLS +4.9% (mid-qtr update, raises guidance), PLAY +4.2% (announces collaborations with Acer and ASUSTeK), PALM +3.6% (Treo 650 SmartPhone launches on O2 network), ESLR +3.1% (TWP upgrade), THLD +3.1% (extends recent move higher), SZE +2.1%, KGC +1.6%... Under $3: AAU +16%, GNBT +3.5% (presents clinical data).
Disclaimer & How I use this list
