Wednesday, October 8, 2014

Earnings Season Begins


Hey there folks. 
The market is near some dangerous areas of support as we head into earnings season with Alcoa kicking them off tonight. Going through my scans of the sectors there really wasn't one sector that looked good to me. If earnings come in weak then we will likely see the Bears become even more emboldened to press their shorts and take the markets lower. Yesterday was a very weak day with one of the only good trades to the long side being GTAT which filed bankruptcy two days ago.

In markets like this, I choose to sit on my hands until we get more clarity with the direction we are headed. My gut tells me we are likely headed lower and that makes me much more cautious limiting my exposure by taking smaller position sizes and keeping very tight stops if I take a trade. I am also compiling my list of stocks that I want to own for the long haul. I look at their charts and try to determine where I would start building a position and set my alerts accordingly. 

It looks like we are getting a bounce premarket it will be interesting to see if we can hold that green once the market opens. 

Stocks on my Radar 
VICL pr lots of resistance overhead, SCOK active premarket off pr don't chase it, UNIS pop and flopper trying to take out 3 dolla holla, GTAT could be a wild one once again BK proceedings begin today, CMRX pr and Ebola play making new 52 week highs, SCTY pr active premarket, JNUG if gold and silver shows some strength, NPTN been holding up like a champ nice daily, JRJC active premarket     

If markets really roll over  
TVIX TZA UVXY  BIS RWM  

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Today's Markets:
In Asia, Japan -1.2% to 15596. Hong Kong -0.7% to 23263. China +0.8% to 2383. India -0.1% to 26247.
In Europe, at midday, London -0.5%. Paris -0.7%. Frankfurt -0.8%.
Futures at 6:20: Dow -0.1%. S&P flat. Nasdaq flat. Crude -1.1% to $87.89. Gold +0.6% to $1219.80.
Ten-year Treasury Yield flat at 2.35%
Notable earnings before today's open: COSTHAWKMONRPM
Notable earnings after today's close: AAARCWEOPNRT

Best of Success! 

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