The Nasdaq is getting a pretty good pop thanks to the 5% gap up in CSCO. QQQQ is near some resistance in the 44.40 to 44.50 range. Let' see if it can breakout. Should be an interesting day.
On Today's Calendar:
- 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
Gapping down on disappointing earnings/guidance: EXBD -11%, VIMC -9% (guidance only), WIRE -7.5%, GHDX -6%, DIOD -4.9%, VFC -4.9%, MEDI -4.7%, WHR -3.8%, ORCT -3.8%, NUS -3.6%, RMD -3.5% (also First Albany downgrade), CAKE -3.4%, CCJ -3%, ACTS -2.7% (also Credit Suisse downgrade), RL -2.9%, LMC -2.4%, TRMP -2.4%... Other News: EAGL -17% (announces withdrawal by General Atlantic from 'going private' proposal), BRKR -5.4% (prices offering), NAV -4.8% (to be delisted), ILA -4.7% (to be acquired, but at price below yesterday's close), FRX -4% (ends collaboration on Faropenem; also Citigroup downgrades to Sell), SAP -1.1%.
Gapping Up
Gapping up on strong earnings/guidance: CSCO +5.4% (also Baird upgrade), IVAC +21% (also Needham upgrade), FEIC +13% (also Credit Suisse upgrade), AZPN +13%, MDCI +8.5%, MFLX +10.4% (also Baird upgrade), CELL +7.1%, ALVR +5.8% (also OpCo upgrade), APOL +4.2%, IIG +4.1%, CSC +4%, CRXL +3.2%, TZOO +1.5% (also upgrades from Stifel and First Albany), BOBJ +1% (also upgrades from Soleil and Baird)... Other News: WLC +31% (to be acquired), NTR +20% (to sell its retail mortgage banking unit), IFX +7% (wins Nokia deal for entry-level phones; also UBS upgrade), MAMA +5.9% (extends yesterday's late move), EPEX +6.5% (Raymond James upgrade), ARTE +6.7% (announces commercial launch of AtreFill), TSL +5.6% (extends recent momentum, +20% in a week), TIVO +7.3% (announces deal with Amazon), ZVUE +4.8% (extends recent momentum, +50% in 2 days), IMAX +4.6% (signs 2 theatre deals in China), BHP +4.5% (co says it will buyback $10 bln in stock), FNSR +4.3% (in sympathy with CSCO), BRCM +4.1% (Morgan Stanley upgrade), ERJ +1.6%, MOT +1.4% (hearing Bear Stearns making positive comments).
Disclaimer & How I use this list
Hi again, everyone.
Had a fun ride on both DPZ and SWS for a total of a 2R gain today. Had to take profits really quick though.
I'm curious about something. For those who day trade, which seems to be the most reliable indicator of the following two indicators:
NYSE Trin
NYSE Tick
Personally, I've found the Tick to be more reliable in my own day trading. I know some traders have strict rules about refusing to take a long position if the Trin > 0.9, but I've found that as long as the Tick is trending strongly above 0 for most of the day, many trades on the long side seem to workout okay. For instance my 2R gain today with long plays on DPZ and SWS occurred when the NYSE Trin was above 0.9 and the NYSE Tick was trending above 0.
How do you folks use the NYSE Trin and NYSE Tick to help you enter trades, exit trades, or stay out of the market altogether?
I know Mike has said he uses the $NDX on a 15 minute chart to help time entries and make decisions to go long or short, and since I've started using the $NDX, that has helped me as well. Combining the $NDX and the NYSE Tick is helping my hit ratio tremendously.
I'm just wondering how the NYSE Trin plays into all of this in terms of your personal trading strategies.
I really appreciate all the tips you people have posted! Always looking for more info from you and the latest tidbit on what works for you, and what doesn't.
Thanks!
--van
Van,
I don't use TRIN so I can't answer your question.