Archive for the ‘Market Day’ Category
Citigroup (C) Ready To Bounce
Citigroup (C) has been selling off with other big banks, as the impact of financial reform weighs on investor sentiment. The stock is now pulling into support between 3.50 and 3.75 and should bounce strongly soon.
Amazon (AMZN) Turns The Corner
Amazon (AMZN) tested the 2010 breakout level near 100 twice and posted a double bottom pattern in July. It’s now rallied up to the June high at 129, confirming the start of a new uptrend. A pullback to 50-day moving average support near 121 to 122 should offer a great buying opportunity. [...]
Wide Range Activity
Here are stocks showing unusual trading ranges in Thursday’s session. These often set up nice second day trading opportunities:
Advanced Energy Ind Inc
AEIS
17
3.19
25270
Clean Energy Fuels Corp
CLNE
16.56
0.88
30147
Direxion Daily Real Estate Bear 3X Shares
DRV
30.82
-3.97
21939
Education Management
EDMC
15.17
-1.55
8996
Eagle Materials Inc
EXP
25.72
-1.04
11417
Georgia Gulf Corp
GGC
12.9
1.33
6123
Idt Corp Cl B
IDT
16.9
1.55
6842
Isilon Systems Inc
ISLN
16.38
2.82
33328
Integrated Silicon Sol
ISSI
9.05
1.12
8730
Itron Inc
ITRI
57.93
-4.8
35579
Janus Capital Group Inc
JNS
10.59
1.12
141245
LogMeln
LOGM
27.8
-1.99
6849
Electro-Optical Sciences Inc
MELA
6.71
0.24
11789
Mercer Internat Inc [...]
Down on an Up Day
The following stocks sold off on Wednesday, despite the huge recovery rally. Theoretically, stocks that underperform in good market conditions should lead to the downside in bad market conditions. (ETFs have been removed):
Bj’s Wholesale Club Inc
BJ
42.72
-0.49
30425
Bruker Corp
BRKR
11.15
-0.79
31327
China Unicom Hong Kong Ltd
CHU
13.6
-0.07
16702
Cke Restaurants Inc
CKR
12.52
-0.01
26128
Cybersource Corporation
CYBS
25.47
-0.03
39340
Dollar General Corporation
DG
27.95
-0.05
34631
Dollar Tree Stores Inc
DLTR
41.61
-1.32
45206
Edwards Life Sciences
EW
55.24
-1.36
24881
Fti Consulting Inc
FCN
32.14
-11.13
119704
Family [...]
Finding Morning Mavericks
Look for green on the screen after a big down opening. Stocks that don’t respond to early selling pressure may stay resilient for the entire session.
Pull up an index component list, and look for the leaders in [...]
Machines
The market-making system itself failed on Thursday. That’s a major subset of the algorithms. In any case, this selloff was NOT kosher. Even in 2007 and 2008, the “orderliness” was light years ahead of what we just witnessed. The Nasdaq-NYSE 60% threshold for busted trades is a joke. They are total [...]
Illumina (ILMN) Looks Ready To Resume Uptrend
Illumina (ILMN) is trading over 40 this morning, after reporting strong earnings on Wednesday evening. The stock has been working its way back through a huge unfilled gap since last October, stalling at 40 in January and again in March.
A breakout above this resistance level opens the door to a vertical spike that carries price [...]
Biotechs Issue Sell Signal
Gilead Sciences (GILD) got crushed after earnings on Wednesday, dropping nearly 10%, and bringing down the entire biotech sector. The iShares Nasdaq Biotech ETF (IBB), which had carved out a bullish consolidation pattern, broke two-month range support and triggered an interesting short sale signal.
The sector rollover follows poor price action in the last few weeks [...]
Yum!my
Yum! Brands (YUM), purveyor of the Taco Bell, Pizza Hut and KFC brands went vertical on Tuesday, spiking into the top of its 9-month rectangle pattern. The stock finally looks ready to break out and test the all-time high in the 40s.
Other sector leaders (using my proprietary scans):
* Dominos (DPZ)
* Ruby Tuesdays (RT)
* Cheesecake Factory [...]
Politically-Correct Short Sale
Lorillard (LO) is a cigarette manufacturer that stalled in October near 82.50, after a strong recovery. It ground out a 3-month double top pattern and sold off last week, breaking the 200-day moving average. A short sale could profit from a downtrend into the mid 60s.
Last Thursday’s gap was triggered [...]