The market's trying to rebound from Friday's selloff. The key level I'll be watching is Friday's low on the S&P 500. Right now I'm torn between focusing on longs or shorts b/c my intraday moving averages are bearish on the S&P but still bullish on the Nasdaq-100. I'd like to see them both positioned the same way so hopefully one of them will flip.
On Today's Calendar:
- 3:00 -- Consumer Credit
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
DVAX -22% (co says Tloamba drug test is inconclusive), MED -10.6% (negative Barron's article, says CEO was posting messages on mesage boards), NUHC -9% (reports NovQ), MOLX -7% (lowers guidance), TLAB -6.3% (guides below consensus; also Morgan Keegan downgrade), EDGR -6%, SCHN -5.9% (reports NovQ), MEMY -4.2% (profit taking after 20% move in 2 days), CHU -3.2%, CCRT -2.6% (guides lower), HMY -2.3% (extends recent weakness), NYX -2.3% (profit taking after 8% move on Friday), GSK -2.2%
Gapping Up
SGEN +31% (announces license agreement with DNA), TSTC +23% (wins bids from four telecom operators), BBC +20% (updates guidance, names new CEO), USPI +14% (to be acquired), ILSE +11% (to be acquired by EYE), MVIS +10.5% (announces deal with Visteon), INCY +10% (to announce positive clinical data, also Piper upgrade), AFFX +7.7% (announces Q4 revs), STEM +8.4% (LA Times reports that researchers have found stem cells in amniotic fluid which would avoid embryo dilemma, also ASTM +6.2%), STJ +7.1% (reports Q4 revs), SVNT +6.7% (Cramer names stock as his No. 3 speculative play for 2007), BRLC +9.4% (guides DecQ revs well above consensus), VG +5.8% (to sell W-Fi in Earthlink deal - WSJ), SLP +5.6%, TIVO +5.1% (announces deal with RealNetworks; also Bear Stearns upgrade), LVLT +4.4% (Cramer names stock as his top speculative play for 2007), MAMA +2.5% (extends Friday's 6% move), EMC +1.8% (UBS upgrade), IBM +1.2% (UBS upgrade), CVS +1.1% (Caremark rejects ESRX bid)... Chinese stocks are higher in pre-mkt: CPSL +7.4%, LFC +6.6%... Under $3: EGHT +15% (says subscriber base has grown to 6,000), WEL +11%
Disclaimer & How I use this list
The technology strength is puzzling. Is it going to lead the SP 500 higher, or is this the last breath before they all align down? I am torn as well, but I have taken some relatively smaller short positions in tech (QQQQ) and RIMM this morning.
That's the $64,000 question. I'm staying in cash until I see a break one way or the other. We could just chop around until earnings season really gets rolling.
I agree with the "mixed" feelings and also have a wait & see attitude. My scans are pulling up mostly bearish positions, but until the SPY resolves itself, I'm taking out only small spots (I have a small swing short in on AMZN @38.05 for example). Typically I'm a mechanical trader, but the market is just too flat for my liking.
USO down again today. Maybe the break down in Energy is keep the market flat.
/Mouse ~o)
(:| Well I've had enough fun for one day. I'm off to see if I can find something productive to do with my afternoon.
Hahaha...that yawning smiley is the best. :)) Yeah, this is a dull Monday. ZzzzZzzz...
/Mouse ~o)
"Sector rotation" thesis takes all the puzzle out of it. My long on RIMM is doing very nicely. Will look at shorts on oil and steel to complement the gold short soon. Both BNI and UNP, several airlines having good days, not long any of those yet. Brokers getting a bid, been long one. Several retail having a good start to year, as well. I said over the weekend that tech is back and the trannies are gonna move into confirmation with the indies, and we'll see if it happens.
SEEK for relative strength, AND YE SHALL FIND. Always a bull market somewhere.