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You'd think that the brokerage firms and economic think tanks would use this as an opportunity to replace their weak analysts, yet the media is still giving too many of them air time.....
Just something bugging me today...
Sam
One more, PRE short here 42.65 to 43, stop 43.20
...MKSI a short here between 16.10 and 16.50, stop 16. 51
Sam
I'm in JILL off the short term trade list....that seems like optimism...
PFCB...Even blind squirrels ... <g.
Sam
I'd cover SKYW too.
I'd cover RIMM here, a couple bucks that could be too easily lost in wave of buying.
Sam
Out KLAC too, nice bounces today...ESST is now green, risk of high though and I might be done for the day.
Sam
I traded the bounce in EXPE this morning and still holding KLAC. Also, shopping for PFCB, didn't get it early.
The shorts were impossible to get in, might take a look at MKSI closer to 16, if it gets back up there.
Sam
PFCB posted in line, but upped guidance. I'll be watching it, but in this market that may not be enough to get much of a lift.
Sam
I had commented a couple weeks ago that we'd see support when the dividend yield on the S&P 500 exceeds that of the 10 year bond. That might be the case <g>.
Sam
This looks like another one of those days that the plays are on the bounce after the open. This are day trades and high risk since the stock can drop quickly. I'll be looking at EBAY, ESST, EXPE, KLAC, MXIM and ZRAN for bounces, then after they play out consider a short.
Sam
This is cute in case you didn't see it.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=17783118
Sam
Even with the very negative market there was more short term longs that showed up on the screening. Remember keep small positions in this market. For shorts, check CNA again, MKSI and PRE.
Lastly, watch PFCB, earnings before the open the stock is in position to make an up move....we'll see.
Sam
http://www.savvy-trader.com
InVision (INVN) reported earnings that beat expectations by 5 cents but was short on the revenue. Their guidance looked mixed to me. We'll keep tabs on it tomorrow.
Sam
Amazingly negative numbers today, on our Screened Stock Ratio there was 470 times more down trending stocks moving on above average volume than up trending stocks with the same factors.
Sam
Looking at the horizon, this may have a play in the future. What follows is what I'm writing in our commentary for tomorrow.
Weekly Oil and Gas Inventories are released at 9:00 AM ET. The American Petroleum Institute (API) figures released after the close yesterday [today] showed a drop in both crude oil and gasoline inventories. I mentioned last week "Now crude inventory is at the level of last February, this is starting to look bullish for energy stocks. It might be time to take another look at them."
If the Energy Information Agency shows the same trend as the API figures we need to pay more attention to the down trend in crude inventory. Higher oil prices will follow, along with higher prices in the energy and energy service stocks.
Sam
These did well, the only long on the list that stopped out today was the one I held, SBGI....so it goes.
Sam
Market is ugly again, but the plays worked out well again today.
Sam
SKYW looking like a short at 16.60, stop at 17.11.
Sam
NBTY looks good at 14 long.
Sam
There are a couple new short terms on the site, but shorts still have the advantage. Two for tomorrow are breakdown shorts, CNA and SKYW. NPSP one of the shorts from today should still have room on the downside, the other has dropped too much.
Sam
http://www.savvy-trader.com
HTLD has held again. Note that INVN has earnings after the close tomorrow.
Sam
From Briefing on LNCR
18:48 ET LNCR Lincare Holdings added to Nasdaq 100 (29.91 +0.04)
Stock will be added to the Nasdaq 100 index effective at the open of trading on Wednesday, July 24; Lincare will replace Worldcom (WCOME) which is no longer eligible after its bankruptcy filing.
We'd been lucky to end with the DOW down only 30 <g
Sam
I'm wondering if now that we have come back from the brink if the market finds a 30 point DOW loss to fall within "reason" and this is where we hang out the rest of the day.
Sam
Shorts have stolen the show again today, CNF has run down to much for the time being. NPSP shortable around 18 right now.
Sam
FNF, PMI, SCRI and WLP all have earnings this week and could get some buying, the first three were up last Friday.
Sam
I've updated the sector rotation data at http://www.savvy-trader.com/sectorRotation.htm
Sam
Our estimate of market risk and a few longs and shorts are posted for Monday. Should be an interesting day...
Sam
http://www.savvy-trader.com
Have a good weekend everyone, I'll be here checking in.
Sam
I think I cut this one a little close, this also should be interesting on Monday.
Sam
INVN did hold, it will be interesting to see if it can survive Monday.
Sam
If there was any covering before the close...I didn't see it. Hope every did ok today, I missed the last half....the worse half apparently.
Sam
One more today, LNCR, it has earnings out next week and is holding support here, could have a good day this afternoon and Monday. So a buy at 29.80 to 29.90 with a stop at 29.64 is a fair bet.
Sam
INVN makes a reasonable long trade here just below 25, with a stop under today's low, so 24.64.
Sam
Since the balance of traders favored the shorts this morning, we may see a strong close as they cover before the weekend....sure looks bleak at the moment.
Sam
OVER made a three point move up from the open, selling at the open was a mistake today.
Bounces we had this morning included INVN and UTSI, EBAY never had the conviction. SLAB alerted the breakout when it hit 28.18 and could have been bought a bit lower before it flew.
HTLD looks good here.
Sam
...another day, another drop at the open...dang, seems like we're getting use to this...
Sam