I don't know what the hell I was smoking yesterday. The A/D line was very positive, $TICK was above zero most of the day, my intraday moving averages were still bullish yet I somehow found myself 400% short by noon! I feel lucky to have escaped with only about a 1.5% loss for the day. I had to play my affirmations twice this morning to help get back into the zone.
Looks like the melt-up is going to take at least one day off. Lots of red this morning but one notable exception is the financial exchanges space thanks to CME buying BOT. I'll be watching CME, NDAQ and ICE and any others I can find...
On Today's Calendar:
- Nada, PPI came out earlier today
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
Gapping down on disappointing earnings/guidance: STLY -11%, ELY -11% (guidance only), UFPI -7.3%, SIFY -3.1%, WERN -3% (also Wachovia downgrade), PPDI -2.7%... Other News: SAPE -11% (co says it may restate results; CEO resigns), IFON -9.4% (Kaufman downgrade; cuts tgt to $7.50), UCTT -4.4% (JP Morgan downgrade), SWFT -3.2% (Stephens downgrade), AMLN -2.9%, YHOO -2.2% (Cowen downgrade ahead of tonight's Q3 report), ACGY -2.1%, LRCX -1.8% (Lehman downgrade), INTC -1.5% (Goldman downgrade ahead of tonight's Q3 report), LLY -1.5% (to acquire ICOS), BRCM -1.5%, AKAM -1.5% (Canaccord Adams downgrade)... Under $3: MEMY -13% (halts drug study on FDA concerns), GNBT -12% (files 10-K).
Gapping Up
ITMN +29% (announces collaboration with Roche; Deutsche upgrade; CIBC initiates with $27 tgt), LMRA +29% (extends yesterday's 216% move), BOT +17% (to merge with CME; also reports Q3), BWNG +17% (to be acquired by LVLT), ICOS +17% (to be acquired by LLY), TRMS +9.2% (announces Q3 Fuzeon revenue), GGBM +8.1% (announces Boston contract), HOKU +6.3% (announces contract with Spire), LVLT +6.2% (to acquire BWNG), EPIX +4.5% (presents clinical data), PEIX +2.5%, JBLU +2.4%, ATHR +2% (Cowen upgrade), NDAQ +2% (in sympathy with BOT), STLD +1.7%, JBLU +1.7%... Gapping up on strong earnings/guidance: MER +2%, ODP +2%, JNJ +1%... Under $3: GNTA +18% (receives orphan drug designation).
Disclaimer & How I use this list
Wallstrip Tuesday was FANTASTIC. Though the content is certainly known by many people, who cares--the style is dynamite. Reminds me of the criticism that is directed towards the French (among with whom I live), that though the 'content' of their personalities sometimes leave something to desired, who cares, their charming style more than make up for it!
Go Howard! Go Lindsay!