Here's my updated index read. It seems that we're in for some big tests of support in the coming days...
On Today's Calendar:
- 10:00 -- Business Inventories
- 10:00 -- Mich Sentiment-Prel.
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
On weak earnings/guidance: CWTR -24.7% (also downgraded to Mkt Perform at Wachovia and downgraded to Equal-Weight at Lehman), CAMP -11.7%, ATI -8.1% (cuts FY07 forecast -- gapping down in sympathy: USAP -4.9%, CRS -3.2%, RTI -3.1%), HRLY -0.45%... Other news: LUM -6.6% (Deloitte & Touche resigned as independent auditor), NILE -5.1% (downgraded to Sell at Citigroup), BIDU -2% (additional cautious broker comments this morning; Credit Suisse believes the potential disappointing 4Q revenue guidance will trigger selling pressure).
Gapping Up
On strong earnings/guidance: LLNW +7.7% (AKAM +6.8% in sympathy), GMKT +3.5%... M&A: BEAS +31.9% (Oracle proposes to buy BEAS for $17.00 per share in cash)... China momentum continues, but to a lesser extent this morning: PTR +9.9% (WSJ article discusses Warren Buffett's sale), ZNH +9.5% & CEA +6.6% (China Southern, airlines climb on profit growth speculation - Bloomberg), STV +6.0%, ACH +5.3%, SEED +4.7%, CTEL +4.8% (co says they are not aware of any reasons for recent share increases)... Other news: CNIC +10.6% (announces an upgrade to its private label program), PLCE +5.9% (Fortune reports that PLCE has put itself up for sale).
Disclaimer & How I use this list
Mike -
Can you comment, either in terms of the Nasdaq or a specific stock like AAPL or RIMM, on the effects of a downward "swoosh" like we saw yesterday? Does this affect the technical viewpoint?
Thanks,
Jeff