Monday, July 09, 2007

NASDAQ Technical Picture - Low Volume Extension


The market is extended and this rally has been on low volume so I expect a technical correction soon. Today's doji could form part of a bearish doji morning star if we open and close lower tomorrow.

Economic Calendar: Wholesale Inventories tomorrow at 10:00.

Companies moving in after hours trading in reaction to earnings: Trading Down: WDFC -9.4%... Companies moving in reaction to news: Trading Up: RBY +28.7% (announced gold discovered at Rubicon's 100%-owned Alaska claims); GMST +18.2% (Gemstar-TV Guide announces review of strategic alternatives); CAKE +5.1% (reports prelim Q2 revs above consensus); S +4.2% (SK Telecom (SKM) plans to buy Sprint Nextel -- Bloomberg; SK Telecom (SKM) denies report it may acquire Sprint Nextel (S) -- Bloomberg); HALO +2.5% (announced final results of the Enhanze Technology clinical trial demonstrating improved absorption and bioavailability); DRI +2.3% (reports same store sales at Red Lobster increased 6-7%; Olive Garden increased 3-4%); INWK +1.9% (reports prelim Q2 revs above consensus); NAVR +1.7% (agreement to settle securities class action litigation; settlement will not have an impact on the co's earnings or cash balance); THRX +1.2% (announces "Positive" results from phase 2 clinical study); MOSY +1.0% (discloses in 8-K that on July 2, it entered into an asset purchase agreement and a transition services agreement with Atmel Corporation); LNC +1.0% (Partners announces agreement with Delaware Investments)... Trading Down: MHA -32.0% (announces results of Phase 2a studies for oral oleoyl-estrone; results fail to demonstrate meaningful placebo adjusted weight loss); UNCA -16.7% (sees Q3 EPS and revs below consensus); CACS -5.8%( sees Q2 EPS and revs below consensus); SONO -4.9% (to offer $150 mln of convertible senior notes); KNDL -3.1% (announces a $150 mln convertible notes offering); ATRC -1.5% (bipolar ablation clamp system receives FDA 510(k) clearance for cardiac use); PH -1.0% (to offer $150 mln of convertible senior notes.

2 comments:

hadman said...

Thanks Jamie. I really like your nasdaq recaps.

Do you put any weight into sentiment indicators like COT reports, TRIN index, etc?

Thanks!

Jamie said...

Thanks Hadman,

Those are probably good things to monitor but I don't. I used to watch the TRIN but never really understood it so I stopped. I watch the Compq and QQQQs intraday especially in reference to the OR.