We had much better bottoming action yesterday but given this morning's weakness, not good enough. The early rally attempt evaporated and the indices started diving toward their August lows but didn't quite make it. Then we had another reversal which took us back into positive territory. That shake out was accompanied by some of the highest volume of the last year. That tells me that there's a good chance that we saw some capitulation yesterday. Still, I would have rather seen the indices break the August lows before bouncing. I'm sure there are a ton of stop loss orders sitting around those levels. That way we'd be more certain that all the people who wanted out got shook.
On Today's Calendar:
- 10:00 -- Wholesale Inventories
- 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
In reaction to strong earnings/guidance/same store sales: EBHI +20.4%, WSCI +19.9%, WTSLA +14.6%, NCR +9.7%, GYMB +6.2%, GES +5.8%, ARO +5.6%, SWKS +2.7%, AEO +2.7%, GME +2.7%, SHRP +2.7%, AA +2.6%, SPEC +2.5% (also activates buyback plan, to buyback up to $2.4 mln in stock), BKRS +2.1%, LTD +2.0%, NDN +1.2%, VOXX +1.0% Other news: MNST +7.7% (NY Times Deal Book story discusses Murdoch for MNST rumor from Monday), LNOP +5.7% (GS reports an 11.7% passive stake), CHU +5.1% (shares gain on speculation company will be split - Bloomberg), AKNS +4.9% (still checking, note a solar conference was held overseas), FRZ +4.8% (provides update on merger transaction; delays deadline for stockholder notifications), LOGI +4.0% (shares surge in Europe on talk of Microsoft bid - Reuters), FTI +2.8% (Cramer makes positive comments on MadMoney), YHOO +2.8% (still checking), DAL +2.4% (Pilot leaders to meet about potential mergers - Bloomberg), HOKU +2.3% (HOKU and SOLF announce amended polysilicon supply contract),HOKU +2.3% (HOKU and SOLF announce amended polysilicon supply contract), NUE +1.8% (the signing of a Memorandum of Understanding with the Duferco Group to establish a 50/50 joint venture for the production of beams in Italy), UPS +1.6% (authorized funds available for stock repurchases to $10 bln from approx $2 bln), BEN +1.0% (announces month-end assets under management of $643.7 bln)... Analyst upgrades: UAUA +3.5% (upgraded to Overweight at JPMorgan), UPS +2.9% (upgraded to Outperform at Bear Sterns), IR +1.9% (upgraded to Overweight at Lehman), BUCY +1.9% (hearing upgraded to Buy at tier 1 firm), INFY +1.3% (initiated with Buy at Kaufman), X +1.1% (upgraded to Aggressive Buy at Keybanc), MTRX +1.1% (upgraded to Buy from Hold at Keybanc).
Gapping Up
In reaction to strong earnings/guidance/same store sales: EBHI +20.4%, WSCI +19.9%, WTSLA +14.6%, NCR +9.7%, GYMB +6.2%, GES +5.8%, ARO +5.6%, SWKS +2.7%, AEO +2.7%, GME +2.7%, SHRP +2.7%, AA +2.6%, SPEC +2.5% (also activates buyback plan, to buyback up to $2.4 mln in stock), BKRS +2.1%, LTD +2.0%, NDN +1.2%, VOXX +1.0% Other news: MNST +7.7% (NY Times Deal Book story discusses Murdoch for MNST rumor from Monday), LNOP +5.7% (GS reports an 11.7% passive stake), CHU +5.1% (shares gain on speculation company will be split - Bloomberg), AKNS +4.9% (still checking, note a solar conference was held overseas), FRZ +4.8% (provides update on merger transaction; delays deadline for stockholder notifications), LOGI +4.0% (shares surge in Europe on talk of Microsoft bid - Reuters), FTI +2.8% (Cramer makes positive comments on MadMoney), YHOO +2.8% (still checking), DAL +2.4% (Pilot leaders to meet about potential mergers - Bloomberg), HOKU +2.3% (HOKU and SOLF announce amended polysilicon supply contract),HOKU +2.3% (HOKU and SOLF announce amended polysilicon supply contract), NUE +1.8% (the signing of a Memorandum of Understanding with the Duferco Group to establish a 50/50 joint venture for the production of beams in Italy), UPS +1.6% (authorized funds available for stock repurchases to $10 bln from approx $2 bln), BEN +1.0% (announces month-end assets under management of $643.7 bln)... Analyst upgrades: UAUA +3.5% (upgraded to Overweight at JPMorgan), UPS +2.9% (upgraded to Outperform at Bear Sterns), IR +1.9% (upgraded to Overweight at Lehman), BUCY +1.9% (hearing upgraded to Buy at tier 1 firm), INFY +1.3% (initiated with Buy at Kaufman), X +1.1% (upgraded to Aggressive Buy at Keybanc), MTRX +1.1% (upgraded to Buy from Hold at Keybanc).
Disclaimer & How I use this list
