So much for the Goldilocks scenario Big Ben painted in last week's testimony. This morning's CPI data has brought back the interest rate hike & inflation concerns. It looks like the S&P and Nasdaq will give back about half of yesterday's gains at the open. Maybe that diamond on the QQQQ isn't finished after all...
Some calendar notes -- Oil inventory data should be released tomorrow due to the holiday on Monday and watch out for the Fed minutes at 2.
On Today's Calendar:
- 10:00 -- Leading Indicators.
- 2:00 -- FOMC Minutes.
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 weak earnings/guidance: NFI -36.2% (also FBR downgrade; down in sympathy NEW -7.8% & LEND -3.2%), SCT -16.1%, POSS -10.7%, STEC -7.1%, ONSM -5.6%, EP -4.5%, PWAV -4.4%, MDT -3.9%, AAUK -3.6% (also Bernstein note out citing disappointment with buyback)... Other news: PCYC -50.4% (receives Refuse to File letter for Xcytrin), HNAB -23.1% (announces likely delay in launch of Zensana; also Jefferies downgrade), DYAX -20.3% (co and GENZ terminate JV for commercialization of DX-88 in H.A.E.), TSTC -8.5% (private placement), ACOR -5.3% (downgraded to Neutral at BofA, initiated with a Sell at Morgan Joseph), LFC -2.6% (downgraded to Underperform at Bear Stearns), DCX -2.7% (Renault, Nissan not interested in Chrysler - WSJ).
Gapping Up
Gapping up on strong earnings/guidance: STXS +9.7%, TXRH +8.4%, TASR +6.9%, HL +4.5% (also announces sale of Hollister Project), CROX +3.2%... M&A: JUPM +29.7% (NY Post reports GYI in advanced talks to acquire JUPM), CPC +4.4% (to be acquired by private equity firms for $22.53/share in cash)... Other news: STTS +4.2% (trading up in Singapore on technology stock rally), FCEL +3.3% (signs 10-Year manufacturing and distribution agreement with South Korea's Posco Power), CYTR +2.7% (momentum).
Disclaimer & How I use this list
Yeah, I totally got headfaked by the strong sell off early tuesday morning (2/20/07).
Today looked like another strong sell off startig to form, but the tick was staying a little more positive, so I went long after 10:45am and took quick profits. I doubt this sort of headfaking will last long, but who knows. Maybe this afternoon will slide into a real bear.
--van