The view from the sidelines

Today was very uneventful since I was mainly on the sidelines. It actually looked like I was going to take a small loss on the day from my nemesis $BGMD I bought it this morning thinking the pre market action off of the pr and I felt with the amount of volume pouring in it would be a decent trade. I even waited for it to pullback before entering, however the stars were not aligned and for the second time I got burned on that stock as it faded and I wound up taking a loss of 7 cents. That earned $BGMD a  spot on my list of banned stocks that "I shall not trade".  I took a small position in $DRL off their earnings for a swing @ .74 its very spec but the earnings report was fairly decent and it could be a turnaround play so I nibbled.

The rest of the day was spent watching the market and looking for opportunities. We had some terrific economic news this morning and yet the market overall was very muted. As I have stated before that is concerning to me and why I decided to sit on the sidelines. Don't get me wrong there were plays to be had like $CZR,$CREE,$ZUMZ, $EGL,$BIOS,$NFLX but I just wasn't finding the right entries. I even had $SCON very early this morning but I passed because of the low volume and it was already up 20 percent. Then *** BAM****  out of nowhere it had volume and closed the day up 70 percent. What a bummer!!

So I was looking at taking a loss for the day but I had made peace with it. Then like an angel sent straight from heaven a >PR release on $BBRY and all of a sudden my prayers were answered. Big volume started pouring in and we had some nice price action. I jumped in immediately @ 14.48 and sold half @ 15.28 holding the balance overnight. That made up for the devil stock $BGMD and actually gave me a small profit for the day.

I still find the market action to be troubling, regardless I will continue to look for opportunities to capitalize on. If I had not been sitting on the sidelines I may have missed the opportunity in $BBRY, sometimes it pays to sit on your hands and apparently praying doesn't hurt either.

Watch list for tomorrow
$BBRY,$CPSS,$SIMG, $YELP,$VRNG,$AGRO,$ZQK,$URRE  


Briefing.com

After Hours

18:20 ET MW +12.4%, SIGM +6.3%, DCTH -8.3%, VRA -5.7% following earnings/guidance :

Equities ended the day with slim gains and the S&P 500 settled higher by 0.1%.

 

Other notable after hours movers on earnings: MW +12.4%, SIGM +6.3%, SCMP +6.1%, MTDR +4.7%, CBK +3.5%, CBPO +2.7%, PIP +2.2%, DCTH -8.3%, VRA -5.7%, FTK -2.9%, NTI -1.6%, HOTT -0.2%

 

Today after the close the following companies reported earnings: CBK, CWTR, FTK, HOTT, MW, PRSC, SIGM, VRA

 

Futures are after higher hours: S&P 500 futures are +1.78  from fair value of 1549.02 and Nasdaq100 futures are +1.38 from fair value of 2793.87.

 

Tomorrow morning before the open three economic reports are scheduled to be released: 1) Initial Claims (Consensus 350k) and Continuing Claims (Consensus 3103k), 2) PPI (Consensus 0.6%) and Core PPI (Consensus 0.2%), and 3) Current Account Balance (Consensus -$112.3B).

 

Tomorrow before the open the following companies are scheduled to report earnings: AAON, ADES, ARQL, BKE, CATO, CORE, DSX, EBIX, GLP, KIRK, SOL, TA

 

As always have a great night folks.