We had a respite from the selling yesterday but we’re in for more today, at least at the open. Volume decreased yesterday and I expect the same today as the New Yorkers start heading for the Hamptons for the long weekend.

On Today’s Calendar:

  • 10:00 — Existing Home Sales

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 disappointing earnings/guidance: PSUN -8.5%; SKIL -7.6%; ARUN -5.3%; DDS -3.4%… Other news: GTXI -4.2% (announces Ph. III PIN clinical trial will continue as planned, after review); PPO -3.4% (prices its follow-on offering of 7.5 mln common shares at $24.00/share); AMLN -3.1% (Icahn discloses 6.5% stake, says he recently had discussions with mgmt, intends to seek further conversations to enhance shareholder value); SOLF -3.6% (continued pressure following recent earnings); NUE -1.8% (prices common stock offering at $74)… Analyst downgrades: ALKS -17.0% (downgraded to Neutral at Baird); CAKE -3.6% (hearing downgraded to Neutral at tier 1 firm).

Gapping Up

In reaction to strong earnings/guidance: VRGY +9.6%, CA +4.9%, GPS +1.2%, FL +1.2%… Chinese Telecom stocks showing strength following reports that China began reorganizing its telecommunications industry: CHU +10.2%, CHA +7.4%… A handful of small cap oil & gas names are ticking higher in pre-mkt in a continuation of recent momentum: GBR +18.2% (see our 8:22 comment for color on strength); MXC +7.4%, FPP +7.0%… Other news: RTK +22.3% (still checking); SINO +12.5% (recent shipping IPO seeing continued momentum); ISRG +4.1% (will replace The Bear Stearns Companies (BSC) in the S&P 500)… Analyst upgrades: IVAN +5.5% (initiated with an Outperform at Raymond James).

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