A modest pullback after a strong run to resistance is constructive as long as the pattern is overlapping with retracement levels holding. I wouldn't want to see us retrace more than 62%, otherwise we will be in for another retest of the lows. Thus far, the Nasdaq has retraced 50% and S&P near 62%. But, today's 387 point DOW slump went a little too far.Companies moving in after hours trading in reaction to earnings: Trading Up: HILL +8.3%; DTSI +6.7%; ICFI +6.5%; FRPT +6.1%; NEXT +4.6%; FMD +4.1%; GENR +3.8%; CUZ +3.8%; NDN +3.6%; AES +3.5%; BSQR +3.1%; EPEX +2.9%; AXCA +2.8%; SYNA +2.6%; PRFT +2.2%; SPRD +2.1%; LGF +2.0%; DNEX +1.1%... Trading Down: INPC -25.5%; IFON -16.8%; DEIX -14.0%; MCHX -13.0%; DIVX -12.5%; SYMM -11.9%; SNS -11.2%; TRMS -11.4%; CPKI -10.5%; IMAX -10.0%; BRKS -10.0%; HSOA -8.9%; ELX -6.7%; ETEL -6.5%; JOBS -5.2%; MED -4.8%; INT -4.5%; AGO -4.4%; DAR -3.0%; TMRK -2.7%; AIRM -2.1%; NVDA -2.0%; SHOE -1.5%; SAPE -1.2%; BORL -1.1%... Companies moving in reaction to news: Trading Up: ASH +8.6% (releases statement regarding stock price); SINA +5.9% (obtains broadcasting rights for European soccer); GENZ +2.7% (announces settlement of lawsuit concerning consolidation of tracking stocks); GMO +2.4% (announces Mt. Hope Bankable Feasibility study conference call Aug 30th at 4 PM ET); VICR +1.4% (announces delay in 10-Q filing); BIIB +1.3% (names Paul Clancy CFO and Executive VP); IVGN +1.1% (introduces disposable stem cell passaging tool)... Trading Down: CFC -11.8% (files 10-Q); HRL -5.1% (lowers Q3 and FY07 EPS guidance below consensus; guides Q4 EPS below consensus); IRIS -3.1% (to file for extension of Form 10-Q Filing deadline due to emergency surgery of Interim CFO); HS -1.9% (acquire Leon Medical Centers Health for approx $355 mln; should add at least $0.15 to the Co's 2008 diluted EPS); HLS -1.8% (East Peak Partners discloses 5.2% stake in SC 13D filing); BSX -1.2% (and Advanced Bionics Principals announce strategic accord; new schedule of fixed payments by BSX to former Advanced Bionics).
N.B. - I'll publish the JOYG trendline trade mentioned in the previous post over the weekend.
2 comments:
Jamie,
Looks like we bounced off the 200, tested the the 50 and ...going down again? Bearish and it's summer where's the correction into October?
BL,
Looks that way. Hopefully we will carve out a higher low when we retest the August low and maybe bounce again. But that scenario is unlikely given all the bearish sentiment.
Next bounce more likely to be test of March lows.
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