The November payroll (unemployment) data was much worse then expected. It was the worst report since 1974 but the futures are actually higher than they were before the data was released. That's a promising reaction for the bulls but I want to see what happens in the last hour of the day.
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: BIG -14.1%, ULTA -10.8%, SON -10.2% (light volume), WIND -5.1% (light volume), PKG -4.5%... Select financials trading lower: AIB -7.9%, CS -5.5% (Moody's affirms Credit Suisse ratings, changes outlook to negative), ING -4.6% (files mixed securities shelf), COF -4.6%, BAC -4.5% (Bank of America ests and tgt cut at Ladenburg Thalmann), MS -4.3%, JPM -3.5%, GS -3.4% (Morgan Stanley widens GS loss view - Reuters), PRU -2.6% (FBR cuts Q408 estimates to -$1.20; FY09 to $5.45), AXP -2.4% (tgt cut to $25 at Credit Suisse), C -2.2%, WFC -2.0%, RBS -1.5%... Select oil/gas related names showing weakness with crude lower: STO -9.1%, KWK -7.9%, SSL -7.2%, HAL -4.6%, EOG -4.1%, NOV -3.8%, E -3.8%, TOT -3.3%, COP -3.2%, PBR -3.1%, SLB -3.0%, RDS.A -2.8%, MRO -2.6%, BP -2.5%, VLO -2.5%, CVX -1.8%, XOM -1.5%... Select solar names trading lower: SOL -9.7%, SOLF -7.0%, FSLR -5.7%, SPWRA -3.6%, CSIQ -3.9%, STP -2.2%... Select metals/mining names showing wekaness with lower spot prices: RIO -5.0%, BBL -4.9%, AAUK -3.7%, MT -2.6%, NEM -2.4%, BHP -2.3%, GLD -2.3%, AEM -2.2%, GOLD -1.1%... Other news: BCE -3.5% (confirms no offer for a minority investment has been made), BA -3.0% (Boeing jet faces delays in the wake of walkout - WSJ)... Analyst comments: CBST -8.8% (downgraded to Underpwerform at Oppenheimer), ENER -7.0% (downgraded to Underweight at Barclays), BG -5.6% (downgraded to Underperform at Merrill - DJ), APA -3.6% (downgraded to Outperform at Calyon), TXN -1.8% (downgraded to Underperform at Baird).
Gapping Up
In reaction to strong earnings/guidance: VSNT +20.9%, NOVL +6.0%, YGE +3.6% (also signs new sales contracts with IBC Solar AG for supply of 91 MW of PV modules), NATI +1.0% (light volume)... Other news: ACTU +32.2% (updates terms of $60 Mln tender offer), MTW +6.8% (Cramer makes positive comments on MadMoney), GSK +5.2% and SHPGY +3.3% (still checking for anything specific), RMBS +5.0% (announces that International Trade Commission grants company request for investigation), UA +4.9% (Cramer makes positive comments on MadMoney), VOD +4.3% (still checking), RTP +4.1% (WSJ reports bankers are wondering how Rio Tinto will refinance short-term debt in the wake of BHP Billiton's withdrawal), OSIR +3.6% (announces it has received approval from Health Canada to initiate a pediatric expanded access treatment program for Prochymal), THOR +3.0% (says interim data analysis demonstrates statistical superiority for the HeartMate II in destination therapy trial), HBC +2.9% (to make $367 mln gain from Metrovacesa deal - Reuters.com), TIVO +1.9% (discloses it voluntarily terminated revolving line of credit with Citigroup due to increased cash and short term investments balance)... Analyst comments: LEAP +5.7% (upgraded to Buy at Goldman - DJ), TSYS +3.8% (initiated with a Buy at Brean Murray).
Disclaimer & How I use this list
I agree. I wouldn't read anything into any of the intra-day reaction until its time for folks to position themselves for over-the-weekend holdings. The contrarians and gap-fillers will go buy because that's the automatic rule for them on the heel of such a horrible report, but the trend-followers will sell as it seems job losses are still increasing in the economy. That sets up for a pretty intense back-and-forth battle.
I was wondering what your take was on the unusual candle at 3.25 on todays minute by minute S&P500. Its got a very very long wick either end and a short body.
I've never seen one before.
I don't see it on either of my systems. It's probably bad data