The NASDAQ was testing its morning swing highs when Greenspan's comments regarding an unsustainable Chinese market boom put a cloud over the markets. Volume picked up as selling began and the market closed on its lows, carving out a bearish engulfing bar and a distribution day. Expect more profit taking tomorrow ahead of the long weekend as Greenspan's comments normally have a lasting effect.
Economic Calendar: Durable orders amd Initial Claims at 8:30 and New Home sales at 10:00.
Companies moving in after hours trading in reaction to earnings: Trading Up: GYMB +7.9%; OVEN +5.1%; ANF +1.6%... Trading Down: NTAP -20.5%; CA -6.2%; ANST -5.0%; LTD -4.0%; FL -3.3%; ZL -1.9%... Companies moving in reaction to news: Trading Up: PZZI +23.0% (announces stock repurchase plan; may repurchase up to 10% of the currently outstanding common stock, which is equivalent to 1,016,000 shares); TRMM +3.8% (reports receipt of noncompliance notice from Nasdaq); CPKI +2.8% (announces Three-for-Two stock split); KBR +2.7% (selected to manage Panama City airport project); RCCC +1.9% (announces a $115.5 mln sr notes offering); CAG +1.3% (expects Fiscal 2007 EPS to be higher than expected); PLNR +1.2% (acquires Runco International)...
Trading Down: ALTH -6.2% (files shelf registration statement); GM -1.9% (files convertible securities offering and obtains commitment for a secured revolving line of credit); NCS -1.4% (lowers Q2 EPS below consensus).
6 comments:
Hi Jamie,
Just to say I've now read some previous comments which answer my scanning question!
Would you consider ESRX as a long candidate? My thinking is fairly basic using the daily chart, ie it has broken $98 level resistance at 2nd attempt, and has been testing the break for 3 days culminating in a gravestone doji (well almost) yesterday closing above $98.
Regards,
Clive J
ATB,
Clive J
Good eye Clive,
ESRX broke out of a nice shallow base this morning following yesterday's NRB. Not sure I would call yesterday's bar a gravestone doji, it's very narrow.
I have been using stockcharts.com since 2002 and I like that I can write my own scans. Not sure Esignal offers that kind of scanning option. Do you use Esignal scans?
Hi again Jamie,
Decided to enter ESRX on break of 3rd 5min bar high with a money stop as the bar was quite wide - for me anyway. Not my usual entry, but I figured that the price would rally too far after that & I'd miss the move.
EMC was my other trade off a daily chart this morning. Spotted it on my IB pre-mkt scanner & remembered seeing the narrow range action yesterday. I bought just before the open with a very tight stop. Very easy - for a change!
I love and hate scanners! Used to spend all day scanning, and trading nothing. I use esignal to "catch" heavy volume movers after 10:30. I use IB for the pre-market as it covers NYSE as well as Naz. But I don't scan otherwise during the session. I try to build my list from the news and IB.
I am using esignal after-hours to review the day's movers - eg ESRX & EMC today, but the scanner is very unwieldy. I might give Stockcharts a try. Which service do you subscibe to?
Regards,
Jamie,
Sorry for being vague - I meant to ask which Stockcharts service you subscribe to?
Hope you traded well today
Nice work Clive,
It works when you plan the trade ahead of time. It helps with confidence as well.
I was mostly short today HANS, NVDA, and AMZN. I covered AMZN $68.20 and went long after it carved out a lower high. Was hoping for a bigger retracement on AMZN after all that selling yesterday afternoon.
My stockcharts subscription is real time extra. The real time allows me to scan intraday.
I had reviewed the Esignal scans on their website at one point and it did not look like it would give me exactly what I was looking for so I decided to pass. Currently I subscribe to Esignal basic just for the intraday charts which I use to trade.
Edit,
AMZN - went long after it carved out a higher low.
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