If you had difficulty finding good setups outside of gappers today, you're not alone. Notice how the Qs traded in a NR, half the size of yesterday's already narrow range. One way to avoid the chop fest is to focus on stocks that trade outside of yesterday's range. I usually can find a few good candidates by sorting my watch list on % change. Then I focus on those stocks with the highest % change on either end of the list, winners and losers.
Tomorrow is the quarterly options expiration. Many options listed stocks will gravitate to their strike price, so again, we could be in for more NR trade.
Companies moving in after hours trading in reaction to earnings: Trading Up: OPTM +13.6%; IHS +4.2%; NKE +1.5%; ORCL +0.10%... Trading Down: TEK -7.7%; DMND -6.6%; COMS -4.6%... Trading Up: GAP +1.7% (A&P, Pathmark enter into extension of timing agreement with the FTC); NDAQ +1.3% (John Eckel Joins Alliance as President and CEO)... Trading Down: JASO -3.9% (registration statement for proposed public offering of 4 mln ADSs; appoints President and Chief Operating Officer); EMIS -1.0% (files a $29.6 mln mixed shelf securities offering in an S-3); HAIN -0.9% (receives notice from NASDAQ due to delay in filing of Form 10-K); LEH -0.10% (Lehman's O'Meara to leave CFO spot - Reuters.com).
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