Friday, April 4, 2014

Happy Friday

Good morning Folks
Yesterday was another choppy day fortunately JRJC was one of the few that actually had a little follow through. I had a decent trade there and decided not to hold any into earnings which looks like may have been a poor decision. I did not know enough about the company to hold it over night into an event like earnings. I will be watching it today to see if we get some kind of continuation. 
I had a couple of flat trades in RGDX and CPRX. Other than that I was pretty much sitting on my hands all day.
The markets appear to be having trouble taking out highs with conviction. This stalling action can make it very choppy out there. Choppy action can lead to over trading if your not careful. I was hoping this week would give us a clearer picture of where we are headed but it looks like it may take another week. When the markets are like this I tend to sit on the sidelines since I am not really one to short individual stocks. I thought the action in TVIX was interesting yesterday. It almost sucked me in a couple of times when the market was making lows on the day but the follow through there was disappointing. There is no reason to force any trades if you do not feel you have an edge. The jobs number is out and that could set the tone for the day. Interestingly if the number is too good it can be bad for the markets. If its a bad number it could be good for the market> funny how that works. Regardless of what the number is don't feel compelled to trade unless there is some clear conviction in the price action. Keep an eye out for GRUB and the action it gets off its IPO. 

Morning movers and other stocks that caught my eye
JRJC earnings play continuation, HXM potential financing news, MRCY buyout rumors, SMSI can't find any news but I like the daily, SRNE pr 50 day bounce?, ROSG pr can be a pop and flopper, ATRM bouncing off pr, 

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Comstock Resources (CRK+13.1% since Mar. 27 Drill Capital article »
Resolute Forest Products (RFP+45% since Oct. 2 Unconventional Capital Wisdom article »

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Today's Markets:
In Asia, Japan -0.1% to 15064. Hong Kong -0.2% to 22510. China +0.7% to 2059, India -0.7% to 22360.
In Europe, at midday, London +0.4%. Paris +0.3%. Frankfurt +0.4%.
Futures at 6:20: Dow +0.15%. S&P +0.2%. Nasdaq +0.3%. Crude +0.8% to $101.06. Gold +0.7% to $1293.10.
Ten-year Treasury Yield -1 bps to 2.8%.
Notable earnings before today's open: AZZKMX

 Have a Fantastic Friday!