The indices are gapping up near yesterday afternoon's highs. I'm not sure I trust this early buying but I'll reserve judgment for after the close. The market's certainly oversold enough to just take off for a few days but my guess is that yesterday's low will need to be retested in order to get a bottom that sticks.
As for intraday levels, I'll be watching two levels from yesterday, the high of the day and the afternoon bounce high. Bears should start to run for "cover", especially if the yesterday's highs are surpassed.
On Today's Calendar:
- 10:00 -- Factory Orders
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: UBET -3.5% (guided below consensus, downgraded at Brean Murray)... Other news: ITMN -18.5% (discontinues Phase 3 INSPIRE trial of Actimmune in Idiopathic Pulmonary Fibrosis), FRO -9% (co is trading ex-dividend of a cash dividend of $2.05 per share and a share distribution of three shares in Ship Finance International Limited for every 28 shares held in FRO), DIGE -8.8% (FDA accepts for review two Roche Diagnostics HPV tests; could be seen as competitive to DIGE), PGIC -7.1% (downgraded at Goldman), ALD -3.5%.
Gapping Up
Gapping up on strong earnings/guidance: ADCT +7.0%, SYKE +10.6%... M&A: TOPP +8.4% (to be acquired by Michael Eisner's Tornante Company and Madison Dearborn Partners for $9.75/share)... Select mortgage stocks seeing a bounce: IMH +16.3% (clarified that co has "no exposure to subprime loans"), NFI +10.8%, NEW +6.4%, AHM +6.3%... Solar stocks seeing early strength ahead of CNBC segment on the group: DSTI +10.2%, TSL +7.0% ESLR +6.5%, FSLR +2.8%... Other news: POZN (announced positive outcome for PA 325 proof of concept study), TSTC +10.1% (receives first 3D technology order from China Mobile Fujian branch), BCRX +7.3% (co and Shionogi established a collaboration in Japan), LFC +6.5%.
Disclaimer & How I use this list
It was nice to catch that bounce from yesterday, especially when the T2108 you talked about agreed with my own analysis!! Time to see how far the bounce will go before the next short entry...
hey!
just wanted to say I enjoy your website! I am a slower trader with a full time job to pay the bills! Keep up the good work!
Thanks Tom.