See The Obstacles As Opportunity

Good morning folks,
Yesterday seemed a bit choppy as a few earnings releases came out that failed to impress the street. 

Earnings season officially kicks off after the close with AA. Alcoa has already had a nice run into earnings so if they miss or (more importantly)  provide weak guidance we could see a sharp pullback in AA and some of the other material stocks that have participated in the recent run.

Some observations form last nights scan that caught my attention are the strength in the SMH and the IWM. Several of the major indexes are testing or have just crossed resistance on the daily. It is still too early to suggest the correction is over but if the strength continues we could be heading into a nice year end rally. 

Gold and Oil both took a breather yesterday keep an eye on the dollar strength (UUP) typically when the value of the dollar strengthens against other major currencies the prices in commodities drop.

Fed minutes from September come out today but it is highly unlikely anyone will give credence to whatever was said since the recent disappointing employment numbers have taken center stage.

There are some extended charts out there that could provide some nice parabolic short opportunities if the markets pull back. 

Stocks on my radar premarket

Bullish and may have lottos in play

Cautiously optimistic

Very Cautious may even present a short opportunity .

PACB had an event yesterday and shorts have been early on this one but now its coming up into resistance after a parabolic run> company has a big short position small float and negative cash flow Gravity will kick in sooner than later but don't be stubborn if it goes against you 

07:26:40am 10/08/15 NBIX

Neurocrine Biosciences +28% Premarket as Phase III Kinect Trial of NBI-98854 Met Primary Endpoint

Gapping premarket could set up intraday for continuation day trade

07:56:05am 10/08/15 NVCR

Novocure +14% Premarket

08:52:07pm 10/05/15 NVCR

Novocure Announces FDA Approves Optune in Combination with Temozolomide for Treatment of Newly Diagnosed Glioblastoma

This has been on a fast track down after going public may get a snapback to the upside already gapping premarket do not chase it look for intraday setup scalp

10:32:37am 10/07/15 EBAYTWTR TWX

Meet Twitter's Latest Bull: Saudi Prince Alwaleed

Full disclosure I own it for a swing and I am finally in the green I am looking for a 30 roll and maybe even a gap fill to 35 on the daily I will be scaling out into strength but I will hold lottos for the long haul 

07:30:36am 10/08/15 TENX

Tenax Therapeutics Provides Clinical Update for Lead Candidate Levosimendan

Super tiny float sloppy price action look for volume in a primary downtrend but these small floaters can get jiggy > possible double bottom play

08:03:20am 10/08/15 CDTI

CDTi, PACCAR Parts Sign Multi-Year Distribution Agreement for DuraFit

This is a chronic pop and flopper but it seems like we have a fairly defined bottom in> already gapping premarket can make some nice runs look for intraday setup burning through cash may need to raise capital soon 

07:00:35am 10/08/15 OGXI

OncoGenex Announces EMA Support for Phase 3 AFFINITY Trial Protocol Amendment

not earth shattering news but the daily seems to have found support lil gap this morning could set up intraday for a trade 

08:35:42am 10/08/15 MITL PLCM

Shares of Polycom Trading Up ~10% Following Letter from Elliott Mgmt to Board; Mitel Shares Trading Up 11% as Elliott Urges Tie-Up

Both of these stocks have run up into the news don't chase but watch over the next few days for a setup 

A buddy pointed this one out to me >Former runner daily looks like it could be setting up for some type of breakout ridiculous price target on this one  phase 2 study still a long ways to go needs news to pop