Once again the charts give a heads up to trouble. I've been pointing out how the SOX has been lagging recently. Perhaps this Marvell (MRVL) warning is just the first of many more in the semiconductor space. Needless to say I'll be hunting for shorts in the semis today. Hopefully the market will cooperate and I can make my first trade in 7 sessions...
On Today's Calendar:
- nothing of significance... Auto sales come out some time 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
MRVL -14% (lowers rev guidance, multiple broker price tgt cuts), DGX -8.7% (loses UNH contract), CYTK -7.7% (disappointing clinical data), HLX -5.7% (guides lower), BRCM -3.4% (in sympathy with MRVL; also Amtech downgrades to Sell, $23 tgt), WDC -2.8% (in sympathy with MRVL), ALGN -3.2% (prices secondary offering), RIG -3% (JP Morgan downgrade), PBG -2.8% (reports AugQ in-line, but guides FY06 slight below consensus; also Deutsche downgrade), KOMG -2.8% (in sympathy with MRVL), DHI -2.5% (BofA and Credit Suisse downgrades), SYMC -2.5%, SEPR -2.4% (Goldman downgrade), NVDA -1.9% (Pac Growth downgrade), BOBJ -1.9% (announces acquisition), COP -1.8% (provides interim Q3 update), CRYP -1.7% (CIBC downgrade), ESV -1.6% (JP Morgan downgrade), COST -1.2% (BofA downgrade).
Gapping Up
SWKS +36% (affirms SepQ, guides FY07 above consensus; to exit baseband unit, job cuts; Credit Suisse upgrade, $9.50 tgt; Needham and CIBC both raise tgt prices to $9), ALTH +8.3% (receives FDA fast track designation), SPPI +6.2% (positive phase 2 data), GIGM +4.8% (co says it expects no impact from online gaming law), NAPS +4.4% (launches Japanese service), NAVR +4.2% (announces deal with OfficeMax), RFMD +4.1% (Credit Suisse upgrade), KSS +2.7% (strong Sep same store sales; guides higher), WAG +1.6% (strong Sep same store sales), PPCO +1.6%, RYAN +1.4% (settles shareholder lawsuit), AL +1.3% (announces large share repurchase program), BFAM +2% (to be added to S&P 600), UNFI +1.6%, ASML +1%.
Disclaimer & How I use this list
