Note to self: Add Fed Minutes release days to the list of days to take off. It's just pointless to try to do anything ahead of the afternoon Fed bombs. I really wish they'd release their news earlier in the session or, better yet, in the pre-market...
Sorry for the lack of a recap last night but I just couldn't bring myself to do another "ditto" recap. For that matter, I plan on doing very few recaps during the next couple of weeks. I've always hated to write about the technicals during the heart of earnings season because things can change dramatically from one or two big reports. So I plan on only doing recaps for the next couple of weeks if I see something interesting.
My quick take on the market now is that if it doesn't go down when it's *supposed* to go down, then it's going up! You have to be impressed with the ability of the market to just levitate at these extended, overbought levels. I'm turning off my urge to short like a mad man here and will be more open to the possibility that the market will become even more overbought in the short term. But it WILL revisit the bottom of the channel at some point...
On another note, part of what kept me from doing last night's recap is that I was busy setting up my new Treo 700P! (Sweet deal at Amazon by the way, the 700P only cost me $144 after a $100 rebate -- less than I paid for the Treo 600) It's kinda sad to put the old trusty Treo 600 out to pasture (eBay) but it's had it's time. One nice thing about the 700P is that I can use it as a modem for a PC. So if I can get it set up properly I think I'll have solved my problem of not having a suitable backup for when ComCrap Comcast #@^&s up again.
On Today's Calendar:
- 10:30 AM -- Crude Inventories
- 2:00 PM -- Fed's Beige Book
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates.
Potential day trades:
(From Briefing.com)
Gapping Down
TRMS -18% (guidance only; also First Albany downgrade, Piper lowers tgt to $6), CPWR -7.5% (guidance only), PII -5.7%, CCMP -5% (guidance only)... Other News: TOPT -5.1% (JP Morgan downgrades to Underweight), CNET -4.6% (Goldman downgrades to Sell), HGSI -4.5% (initiated with a Sell at Lazard; tgt $8), HWAY -2.8% (to acquire privately held provider of preventive health and wellness programs), GNSS -1.8% (Wedbush downgrade), SNDK -1.4% (CIBC downgrade).
Gapping Up
SIMC +48%, TRFX +6.2%, HOG +3.5%, COST +2.5%, CMN +2.5%, SPTN +2.3%, MCD +2.1% (guidance only), PEP +1.1%... Other News: DSCO +13% (Phase 2 data), NABI +8.6% (to sell phosphate business; announces it has completed enrollment in phase 2 trial), CERS +5.2%, AMKR +4.7% (Matrix upgrade), UTSI +4.5% (to explore strategic alternatives; Bear Stearns upgrade), IFON +3.9%, HBI +3.8% (Cramer bullish on Mad Money), PALM +2.1% (Matrix upgrade), PNRA +1.1% (Cramer bullish on Mad Money), Under $3: TMTA +25% (announces patent infringement lawsuit against Intel).
Disclaimer & How I use this list
Hey Mike,
If you're ever in a crunch (losing connectivity after having a trade on), cybertrader has a mobile platform that is decent. You can log in and track a watchlist and make trades. You have to refresh like a madman, but it is a lifesaver when you have to step away or if you lose connectivity.
DT
"But it WILL revisit the bottom of the channel at some point…" Keep in mind that the bottom of the channel could well be above the current price of the issue by the time that happens. Just a thought ...
:)>-
Thanks DT, I'll check it out today. IT was REALLY painful on my old cell phone/network.
Bill -- very true! That's why I'm not trying to short here, and don't like using hard price targets. Wherever the bottom of the channel is, that's where it will be! :d
Wow! I cannot believe the price Amazon is offering through Verizon. I am a current subscriber and they want about $300 for a Treo. What's the catch?
Miggs