I'm off to Spring Break (of sorts). Regular posting should resume on March 31st.
Don't forget that expiration is tomorrow since Friday is a market holiday. Look out for ye olde pinning games.
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. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance: SINT -18.4%, DT -9.4%, MNST -8.6% (also downgraded to Neutral at JPMorgan), PEIX -6.9% (also files to delay 10-k and cites pending waiver from lenders), AGP -5.8%, SOL -5.8%, CHRS -5.7%, WERN -5.4%, CLC -5.2%, BPL -3.2% (also plans to offer Limited Partnership Units), PTR -3.1%, HWAY -3.1%, CHL -2.9%, FSYS -2.5%... Select telecom/equipment related stocks showing weakness following Sony Ericsson (JV b/wn ERIC and SNE) guidance and DT reporting: ERIC -11.2% (sees moderating growth of mobile phone units with related effects on sales and profit in Q108), NOK -7.8%, COMS -7.7%, TI -7.0% (says has no capital hike plan - DJ), STM -5.1%, SI -3.6%, FTE -3.3%, VOD -3.2%... Select financial stocks seeing profit taking following yesterday's gains: MF -9.4%, RBS -6.9%, LEH -1.9%, C -1.1%... Other news: JRCC -6.7% (to sell 3.0 mln shares of common stock), MTG -5.4% (announces plans to sell $350 mln of common shares in a public offering), BZP -3.5% (announces 2 mln share offering of common stock), CCL -2.8% (still checking), RTP -2.8% and BHP -2.2% (still checking), SHPGY -2.0% (pulling back modestly after recent strength following multiple buyout rumors), MCGC -1.9% (announces transferable rights offering)... Analyst downgrades: INAP -15.8% (downgraded to Neutral at Merriman), RADN -9.6% (downgraded to Hold at Roth Capital), LAMR -2.2% (downgraded to Underweight at JPMorgan), PCLN -2.2% (downgraded to Neutral at Susquehanna), KFT -1.7% (downgraded to Neutral at JPMorgan), HD -1.6% (downgraded to Underperform from Market Perform at Morgan Keegan).
Gapping UpIn reaction to strong earnings/guidance: FMCN +12.0%, LNN +7.5%, ADBE +5.4%, DFS +5.4%, AIR +5.3%, ATU +4.1%, MS +3.8%, CAH +2.5%, ROST +2.5%, GIS +1.7%, DRI +1.5%... Other news: BSC +14.6% (Joseph Lewis and former BSC CEO Jimmy Cayne are quietly searching for a white knight - NY Post), PRXI +11.1% (signs ten year agreement With Luxor Resort & Casino in Las Vegas to develop a new exhibition complex), NCC +4.4% (reports expected Visa IPO gain, expects 1Q08 pre-tax cash gain of approx $450 mln; also upgraded to Sector Perform at RBC), TMA +3.4% (showing continued strength following yesterday's ~20% gains), PERY +2.0% (to be added to S&P SmallCap 600 Index; will take place of BELM), OI +1.7% (Cramer makes positive comments on MadMoney), EMKR +1.3% (comments on recent trading activity; to continue substantial revs growth and improve profitability), ACIW +1.1% (signs IT outsourcing agreement with IBM; estimated cost savings of $25-$30 mln)... Analyst upgrades: GTY +5.8% (upgraded to Hold at Stifel), IMCL +2.1% (upgraded to Buy at Citigroup).
Disclaimer & How I use this list
Mike - To fill you in on the action when you return:
As of today's 3/27 close, 3 of the 6 indices that on 3/13 recovered and closed above broken long-term support at NYA 8800, IXF 2600 and XBD 170, are now back at those levels (NYA 8817 ) or below (IXF 2583, XBD 155), while the stronger 3 indices are only 2.5% to 1.5% away from breaking their supports at DJI 12000, RUT 675 and Q 43.
Most of the 6, as well as many other index and stock charts, are showing the powerful coil-breakout-reversal pattern, now to the downside, which the above 2-3% downside day will put tech indices XCI and SOX below Feb to new 18 month lows.
Two bad days of 2-3% each will take the remaining DJI, SPX, NYA, RUT, NAZ and NDX and others to their new 18 month lows, further defining the unfolding bear market channel.