Early Bird Report 5-3-12
Early Bird Report5-3-12
Mild bid higher in the SPY’s here premkt after another choppy day across the board yesterday. Focus continues to be on individual names here during earnings season, and the broad market indices are just sort of chopping around here in the meantime. On the whole, its impressive/bullish to see us absorb prices here via time, shrugging off global worries and weak domestic economic data.
News/Earnings Stocks (as of 7:30 a.m. CT publication)
Gapping Up– CNQR APKT WFM GLUU Z SAM DXPE ALL HTZ MGAM TDC AGNC JRCC CXW WLT RIG ONNN VOLC PWR LQDT AMT SBH AAWW
Gapping Down — V GMCR WTW PPO JDSU SKUL VCLK MITK HOTT PRU CACI NEWP MUR SHOO MGM ATML COST BKE SLE
No indication — OSUR YELP GM CLF DWA GHDX CVD SYMC AXTI HNSN IPI HGR CENT EDMC NVEC TTEK CRL ABCO SKH CSGP GGC LHCG NRP SHO MSTR WTR TGI DK CI FBN ACOR SFY WNR MDC LAMR LVLT SXCI HOS KSWS LFUS FSYS KIRK GIL ACIW PXP LPS RDEN SNI LTD POL IRDM RAD MWIV ANSS GTIV IT LEA EXH HEES OGE LCUT BONT ATK SEE SMRT DW H FUN SPH SPR PGN EP UPL HCA SMBL
Watchlist: This is a breakdown of stocks w/ certain technical characteristics in light of yesterday’s action, NOT a recommendation to Buy or Sell. Always consult your own registered broker/advisor before initiating any positions.
Under $10 range break long momentum looks with strong closes/actionable charts: INTT SQNM MOBI COT OSTK OWW CHTP CALX XOMA FXEN
Over $10 long looks w/ strong closes/actionable charts coming out of a range: CTB DXCM TDC NKE CF AGU PVH DDS CBE JWN WSM PLCE JOE HPQ CTXS EQR BEAM
Weak close/weak chart/downside range break: C CTRP CR MRO WBMD CHK ANR NVDA
GoPauseGo: ALLT SHLD ADM HPQ
Pocket Pullback (3-5 day orderly pullback from strong trend): PVTB
Up to 200d: R CVD
Up to 50d: AVEO MCD BRCM
Up to 20d: LVLT KMX
Down to 20d: DO TUP CPB WU
Down to 50d: WAG
Down to 200d: MRO
Current Positions in our Ditto Trade Mirrored Swing Account:
Long DDD from 22.05 (1/4 of original position. Sold 1/2 at 26.90 and 1/4 at 30.76).
Long ESRX from 56.25
Long MLNX from 56.39
4 ideas for today’s trading day:
These are ideas…. NOT recommendations. The idea behind this section of the report is to illustrate my thought process when looking at potential swing and day trades. Often times I trade these setups, many times I don’t…dictated by market tone for that day. Complement these ideas with your ownresearch before making any trading decisions. Always consult your own registered broker/advisor before initiating any positions.
1.) Breakout long: HPQ // WSM
Tried HPQ awhile ago as it was trying to climb past 25 and it was a no-go. Pushed past that level on Tuesday, and had a nice confirmation/inside day yesterday in a weaker market, finishing close to highs. Volume has been light, however, so ideally would see it pushing some better relative volume levels to help today’s move. 25.40 is the trigger to the upside.
Watching WSM ast it tries to confirm its push past major resistance at $40. It ticked above their right on the close…we’ll see if it can really move past it today, as it has been a level of resistance dating back to last July.
2.) Small cap or sub $10 momentum long: SQNM
Nice breakout yesterday out of tight range consolidation, on heavy relative volume. Will try and avoid chasing it on the open through yesterdays highs…the hope is that it can trade sideways for awhile, or even give a shakedown lower to get us in.
3.) Traditional short: CR
Glued to lows all day after a drop on the open, this stock is now probing late April pivot lows. Below all of its main Moving Averages, a break of 43.40 and there isn’t much support at all on the daily chart. Watching though that level for a trigger.
The creation of this morning’s Early Bird Report was compiled while listening to the album Innervisions5