The buyers appear to still be determined to push the market higher. We're set to gap up right to yesterday's highs on the indices. I have no idea if they can push through what's been resistance for the last two days but this should make for an interesting first hour.
Gold is en fuego this morning as it pops above its 50-day moving average. So I'm keeping a close eye on GLD and some gold stocks.
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
Gapping down on disappointing earnings/guidance: PLUG -21%, NVT -19%, PLXS -19%, AET -15% (also Bear Stearns downgrade), BBI -13%, BIDU -13%, PMTI -13%, ISRG -10%, AMKR -9.5% (also to review stock option practices), SMSI -8%, XMSR -7.3%, KLIC -7%, PENN -6.4%, ARRS -5.5%, DOW -5.5%, KOMG -5%, AZN -4.8%, TKP -4.7%, PRST -4.6%, TLAB -4.6%, HET -4.5%, CELG -3.8%, HZO -2.7%, ALA -2.7%, NEM -1.5%, RCL -1.3%... Other News: SNY -4.1% (Plavix deal under criminal probe, also BMY -3%), UNH -3.6%, NBIX -2.9% (lays off sales force)... Under $3: DRRA -24% (reports Q2).
Gapping Up
Gapping up on strong earnings/guidance: AKAM +20% (also multiple upgrades), SIMG +20% (also Stanford upgrade), BOBJ +14% (also Credit Suisse and First Albany upgrades), GSIC +12% (also upgrades from Bear Stearns and Morgan Stanley), WLV +36%, WFR +10.4%, RAIL +10%, TSCM +8%, QLTI +8%, SYMC +7.2%, BVN +6%, LIFC +5.9%, LVLT +5.8%, TMS +5.4%, ITRI +4.6%, TLAB +4.6%, CYMI +3.6% (also BofA upgrade), DCX +3.5%, BSX +2.6%, CMCSA +2.2%, BP +2.2%, ROK +2.2% (also AG Edwards and FBR upgrades), PTRY +2.1%, NETL +1.9%... Other News: IMAX +6.6% (Sony joins in bidding for co - Globe and Mail), BTRX +5.7%, IPAS +5%, RSD.A +3%, GLW +2.1% (bounces after 14.5% drop yesterday), CHK +2.1% (JP Morgan upgrade), SAP +2% (in sympathy with BOBJ), CONR +2% (prices offering), BRCM +2%... Under $3: NYER +7.7% (reports sales).
Disclaimer & How I use this list
Hi Mike,
Looks like the Dow trendline is now broke. Bulls are really looking strong, but I got this perception of a smooth but strong distribution going on. Let's see what heppens during the day and tomorrow.