Here we go again with another weak open. This time it's largely due to this morning's payroll report. I'm expecting and hoping for some strength early. I'll be stalking the sectors I mentioned last night for short entries on that bounce...
On Today's Calendar:
- nothing
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: CAE -9.3%, SWHC -5.2%... Select mortgage/financial names trading lower following ratings changes and reports of tightened ECB rules on collateral: AIB -6.3% (downgraded to Hold at Deutsche Bank), FNM -5.6%, FRE -5.5%, MER -5.4% (cut to Sell From Neutral by Goldman Sachs -DJ), IRE -5.4%, MBI -5.2%, PMI -5.1%, ABK -4.7%, WM -3.2%, BCS -3.0%, UBS -2.8%, WFC -1.9%, JPM -1.7%, GS -1.3%... Select communications equipment/tech related stocks showing weakness following NOK market-share guidance and commentary: NOK -11.3% (lowers its Q3 2008 mobile device market share outlook), STM -4.5% (downgraded to Sell at UBS), MOT -4.2%, RIMM -3.9%, QCOM -3.2%, ERIC -2.9%, ALU -2.6%, AAPL -1.9%... Select oil/gas names trading lower with oil moderately lower: REP -4.6%, STO -3.6%, RDS.A -3.1%, TOT -2.6%, E -2.4%... Select drybulk shippers trading lower after the Baltic Dry Index fell 211 points to close at 5,663 overnight: FRO -4.9%, EXM -2.9%, DRYS -2.9%, DSX -2.0%... Other news: FII -8.0% (trading ex-dividend)... Analyst comments: AMD -4.1% (downgraded to Sell at Merrill), AIG -3.9% (downgraded to Equal Weight at Morgan Stanley), PETM -3.5% (downgraded to Neutral at BofA), ANF -2.9% (downgraded to Sell at Citigroup), CIEN -1.9% (downgraded to Neutral at Merrill), SWY -1.8% (downgraded to Underweight at Morgan Stanley).
Gapping Up
In reaction to strong earnings/guidance: ZQK +12.7%, ADCT +7.5% (also announces share repurchase program of up to $150 mln), ACET +4.6%... Other news: SNDK +24.1% (Samsung mulling options regarding SanDisk - Reuters), UST +20.4% (Altria said to be in talks with UST - NY Times), HOKU +15.3% (HOKU Scientific and Solargiga sign $455 mln polysilicon supply contract; also announces realignment of polysilicon capacity; outlines financing plan), SPNC +7.8% (modestly rebounding after yesterday's ~40% drop; confirms federal investigation).
Disclaimer & How I use this list
Hi Michael,
I know this question is not related to this post, it is about drawing and redrawing the Trend Line that you often present on your site. I am a little bit confuse for this particular example.
That is, yesterday DUG broke out its high set on August 5, 2008. I don't know if I should redraw the Trend Line since the support on August 28 (32.73) is lower than the support on July 30 (32.91). Please advise.
Brandon
Hopefully you did not "catch" any shorts - interesting bounce off illusive double bottoms on major indexes - luckily just what I counted on.
Brandon,
Yes, you should now redraw the trendline through the August 28th low (which is now the lowest-low before the highest high such that the trendline does not cross other price bars)
Thank you Mike.