This morning's strength has saved the Nasdaq from breaking the neckline of that head & shoulders... for now. Let's see if we get any follow through to this early buying.
On Today's Calendar:
- nada
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
In reaction to strong earnings/guidance: TUES -20.4%, SNV -9.1%, WPCS -5.8%, MFRI -4.9%... Other news: TRMP -8.0% (Moody's reviewing debt rating for possible cut), MLNM -4.0% (held investor meeting yesterday), SCON -2.5% (files $80 mln mixed securities shelf offering in S3), AGO -1.3% (agrees to sell 11,764,705 of its common shares in an offering at $25.50)... Analyst downgrades: ZGEN -4.1% (downgraded to Neutral at BofA, also begins Phase II Trial of IL-21 n Melanoma), LNCR -1.5% (downgraded to Neutral at Oppenheimer), WIBC -1.3% (initiated with Sell at Merrill).
Gapping Up
In reaction to strong earnings/guidance: ZANE +14.7%, BBY +2.2%, ADBE +2.1% (also announces additional share repurchase authorization of 30 million shares), TFSL +1.8%, GS +1.6%, DLLR +1.0%... M&A news: EICU +29.8% (agrees to be acquired by PHG for $12.00/share), WWIN +20.9% (announces agreement to go private for $38.00/share)... Other news: IRBT +16.3% (wins $286 mln U.S. Army contract), TMA + 9.3% (reinstates its common stock dividend), MICC +6.9% (still checking), GMO +6.3% (announces letter of intent for formation of joint venture with POSCO for Mount Hope Project), JASO +5.0% (inks new wafer supply agreement with ReneSola), RRC +5.0% (will replace TRB in the S&P 500 after the close on 12/20), DRYS +4.6% (Jefferies out with positive piece on DRYS; reiterate Buy, $160 tgt), FSLR +3.5% (Cramer makes positive comments on MadMoney), PHTN +3.4% (delays 10-K filing), RTP +3.4% (still checking), KWK +3.2% (announces 2008 capital budget which includes approx $650 mln for drilling), FRX +2.9% (FDA approves nebivolol for high blood pressure - DJ, also upgraded to Buy at Soleil), MT +2.8% (announces start of 44 mln share buyback program), STP +2.6% (tgt raised to $100 at Lehman), EME +2.6% (announces that its subsidiary received a three-yr contract from the US Air Force), BHP +2.5% (still checking), S +2.1% (names Dan Hesse as President and CEO), CHKE +1.8% (retains GS to explore strategic alternatives), NILE +1.8% (CEO Vadon expects record online sales yesterday- Bloomberg), RIG +1.7% (Cramer makes positive comments on MadMoney), ERIC +1.5% (awarded 3G contract from Claro in Brazil), WMI +1.2% (announces 2008 capital allocation program), CMI +1.1% (recommends rejection of below market mini-tender offer from TRC Capital at $115/share), DT +1.0% (T-Mobile and 3 reveal cost-cutting plan to share networks - Times of London)... Analyst upgrades: MFLX +8.1% (initiated with Buy at BofA), SYMC +2.9% (upgraded to Peer Perform at Bear Sterns), GLF +2.6% (assumed and upgraded to Buy at BofA), NOV +2.4% (upgraded to Buy at Calyon), OTEX +2.3% (upgraded to Outperform at Raymond James), MYL +1.8% (initiated with Buy at BofA), IR +1.6% (upgraded to Buy at Deutsche Bank), NWK +1.6% (initiated with Buy at Broadpoint Capital), FRP +1.6% (upgraded to Neutral at JPMorgan), RIG +1.5% (assumed with Buy at BofA), HOS +1.4% (assumed with Buy at BofA), DVA +1.4% (upgraded to Buy at Oppenheimer), OXY +1.3% (upgraded to Market Perform at Friedman Billings), ATW +1.1% (assumed and upgraded to Buy at BofA), TEVA +1.0% (initiated with Buy at BofA).
Disclaimer & How I use this list
From the technical chart of Nasdaq Composite, it is currently at the lower channel touching the support line.
With the doji formation at the support line and in the channel since July 06, I have pretty much confidence of a rebound for today on the Dec 19, 2007