We've got a flat/mixed open for a change, which may be a good sign given all the angst over the jobs report which was released this morning.
On Today's Calendar:
- 10:00 -- Pending Home Sales
- 10:00 -- Wholesale Inventories
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
Four longs and one short candidate:
99 Cents Only Stores (NDN):
First Solar, Inc. (FLSR):
Barrick Gold Corporation (ABX)
Wynn Resorts, Limited (WYNN)
Fresh Del Monte Produce Inc. (FDP):
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: GNW -17.2% , ARAY -16.5% , STV -8.4% , BEBE -5.3% , S -5.2% , WWWW -5.0% , IRF -4.6% , DIS -3.8% (also downgraded to Neutral from Accumulate at Wunderlich), QCOM -2.3%... Other news: YHOO -10.0% (Ballmer rules out new Yahoo bid - Financial Times), LVS -6.2% (affirms commitment to Marina Bay Sands development in Singapore), WFC -5.0% (prices 407.5 mln shares of common offering at $27/share), GHL -1.2% (announces the pricing of its common stock offering)... Analyst comments: CLF -1.6% (downgraded to Market Perform at Friedman Billings).
Gapping UpIn reaction to strong earnings/guidance: WPRT +34.0%, QLTY +23.0% (light volume), FSYS +17.9%, TC +13.7%, SWKS +13.7%, TBSI +13.7%, SOLR +10.7%, EBS +10.3%, NVDA +10.2%, CGV +9.4%, TRLG +9.1%, SAPE +8.7%, FLR +8.1%, CHINA +7.6% (light volume), GXDX +7.5%, MIDD +7.3%, PCLN +7.3%, SD +6.1%, ZINC +4.2% (light volume), TS +3.3%, ONXX +1.6%... M&A news: LFG +68.4% and FNF +7.8% (LandAmerica Fin to be acquired by Fidelity National Financial; LFG shareholders will receive 0.993 shares of FNF common stock )... Select oil/gas names showing strength with crude higher: TOT +2.7%, BP +2.6%, RDS.A +1.7%, CVX +1.4%... Select solar names trading higher: STP +8.2%, SOL +7.7%, CSIQ +5.8%, ESLR +3.6%, LDK +2.3%... Select metals/mining stocks showing strength with higher spot prices: GOLD +7.4%, MT +5.8%, GFI +5.8%, BBL +4.2%, RTP +4.2%, AAUK +3.6%... Other news: FULT +5.1% (will replace Valassis Communications in the S&P MidCap 400 after the close of trading on Monday), CLNE +4.8% (announces ownership plans for existing network of five existing Las Vegas compressed natural gas stations), FWLT +3.6% (Cramer makes positive comments on MadMoney), GSK +2.9% and SNY +2.0% (still checking)... Analyst comments: TKC +9.4% (upgraded to Overweight at HSBC).
Disclaimer & How I use this list
Nice looking charts, it all depends on how the overall market is gonna treat them :)
Thank you very much for posting these charts, they were all right on setups, please please please post more of these charts, you are doing a great job and thank you again.
NDN is an interesting investment. I am sure they have done very well in this economy; I haven't even thought about the fact that everyone is going cheaper. I would also expect Wal-Mart to benefit greatly from this as well!
I enjoy your blog very much. However, can you elaborate on the money management method you employ when managing a trade? For example: (1) % capital risk per trade, (2) Setting of initial stop, (3) Moving stop to b/e, (3) Banking some profits, (4) Letting profits run.
Thanks, Ralph
Before the volatility went crazy this fall I was risking 1% of my equity per trade. I've since cut my risk per trade (R) to 0.5%.
I talk about intital stop placement at the bottom of this post - http://tradermike.net/2006/06/tools_of_the_trade_how_i_work/ -- it's generally at the extreme of the bar that was my trigger or just beyond the nearest support (for longs) or resistance (for shorts).
I also mentioned rolling my stops and partial profits there an in this other post http://tradermike.net/2006/08/more_on_partial_profits/ and a few other posts http://tradermike.net/tag/partial_profits/