We’ve got some strength in the futures this morning thanks to the retail sales numbers that were released at 8:30. SPY is up 0.34% and only about 10 cents away from last week’s high. QQQQ is up 0.68% and just under yesterday’s high. I think I have to do a gap fade here…
I’ve also got AAPL front & center. It got a nice price target bump this morning and I think the slide over the last couple of days has caught some bears in a trap.
On Today’s Calendar:
- 10:00 — Business Inventories
- 10:30 — Crude Inventories
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
COO -11% (reports OctQ, misses by $0.18, lowers FY07 guidance; also downgrades from Piper and Baird), POZN -8.1% (FDA seeks more data on migraine drug), AHG -7.9% (downgrades from Citigroup and OpCo, both to Sell), ADCT -6.5% (reports OctQ, guides below consensus; also Brean Murray downgrade), OXPS -5% (reports Nov data), MNST -2.9% (restates financials), CMOS -2.9% (profit taking after stron run, +30% in 3 days), VRTX -2.8% (announces clinical data), APC -3.3% (Goldman downgrade), DTV -1.7% (Credit Suisse downgrades to Underperform), CHL -1.7%, NTRI -1.6% (on CNBC, Greenberg says there are red flags), GOLD -1.2%… Under $3: PRLS -25% (reports OctQ).
Gapping Up
Airlines are strong on AirTran’s bid for MEH and a WSJ article saying CAL and UAUA are discussing a merger: MEH +24%, UAUA +7.5%, CAL +4.9%, AMR +4.8%, FRNT +4.6%, LCC +4.2%, AAI +4.1%, JBLU +3.1%… Other News: PGLA +51% (positive Phase 2 data), LMRA +17% (achieves milestone with successful test of wireless bridge at 10Gbps), TIBX +14% (guides higher), BMTI +8.4% (positive clinical data), DRRX +7.6% (Jefferies initiates with $7.50 tgt), MATK +5.8% (reports OctQ), MAMA +6.7% (extends yesterday’s 81% move), ATML +6.1% (announces strategic initiatives: to close plants, cut jobs), TS +6% (traded strongly in Europe), CHK +3% (recovers a bit following recent weakness), NUVO +2.7% (recovers a bit following 80% drop this week), VOD +1.6%, AAPL +1.5% (Morgan Stanley raises tgt to $110)… Under $3: EXAS +24% (announces positive clinical data).
Disclaimer & How I use this list
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I noticed that AAPL trap didn’t close until after lunch, the same time the QQQQ gap fade petered out.
The QQQQ gap closed around 10:10. I took my profit and ran at 10:10:42. I got bored with AAPL and didn’t trade it — I usually don’t enter trades after noon.
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