So yesterday I looked at the market charts and thought that we may be bouncing off support before the open. I have been cautious on the markets for the last couple of weeks and when we finally experience some weakness I start looking for support. Yesterday that support failed in several indices, the $NASDAQ broke its 20 day, the $IBB is testing former breakout price and the 50 day, $IWM testing 20 day, $SP-500 closed below the 20 day. Financials, home builders and energy have been pulling back. $DGAZ has had a nice little pop and $TVIX had a decent couple days as the volatility picks up and some fear begins creeping into the market. Gold also appears to have established a nice break out.
So what is next? If I knew exactly what was going to happen I would be a Gazillionaire!! We could have a relief rally or dead cat bounce. We could drop like a rock or we could start to stabilize and build a base in some sort of choppy range.It doesn't really matter if you have discipline and a plan.
I had a great day yesterday in names like $DXM $TVIX and $CHTP. Ironically over the last two days I started dipping my toe and building a long term hold in $SIRI and of course they had some news after the close that Liberty pulled their offer. I plan to add to my position on weakness. If I get a real flush in the name I will be fairly aggressive. If it just trickles down I will be adding in increments to my long term hold position. $SIRI is one of those names that I have done extremely well with. It is a very thick stock and it requires a lot of patience, its not a good day trading name unless it has an extreme move in either direction then you could possibly take it for a quick snap back.
Regardless of what the market does there will be opportunity for everyone just make sure you have a plan and protect your capital.
Morning movers and other stocks that caught my eye
$IDIX pr nice daily, $NAVB pr nice daily, $ACHN pr decent daily, $MVIS pr nice daily, $DSCI nice daily earnings, $AUMN nice daily, $HART pr nice daily going to be a gapper I wouldn't chase it, $UNIS follow through?, $BLRX pr, $GV 50 day bounce?,$MUX continuation?, $CVM nice daily,$DXM continuation?, $RVLT pr $LEDS in sympathy, $CDTI 5 dolla holla?
$TVIX, $UVXY, $TZA > Gold and Silver plays on radar
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Renewable Energy Group (REGI) - new article by Daniel Walk »
Puma Biotechnology (PBYI) - new article by Poonam A. Arora »
Solitario Exploration & Royalty (XPL) +23% since Feb. 21 Fincom Investment Partners article »
Dex Media (DXM) +59.2% since Nov. 20 Wavelength Asset Management article »
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Today's Markets:
In Asia, Japan -3.3% to 14328. Hong Kong -1% to 21539. China -0.7% to 2004. India +0.2% to 21810.
In Europe, at midday, London -0.1%. Paris -0.4%. Frankfurt -0.2%.
Futures at 6:20: Dow +0.1%. S&P +0.2%. Nasdaq +0.2%. Crude +0.1% to $98.27. Gold +0.05% to $1371.20.
Ten-year Treasury Yield +1 bps to 2.66%.
Good Luck Today!!Renewable Energy Group (REGI) - new article by Daniel Walk »
Puma Biotechnology (PBYI) - new article by Poonam A. Arora »
Solitario Exploration & Royalty (XPL) +23% since Feb. 21 Fincom Investment Partners article »
Dex Media (DXM) +59.2% since Nov. 20 Wavelength Asset Management article »
SA PRO subscribers get an early look at Top Ideas, and access to the SA PRO research library. Learn about SA PRO »
Today's Markets:
In Asia, Japan -3.3% to 14328. Hong Kong -1% to 21539. China -0.7% to 2004. India +0.2% to 21810.
In Europe, at midday, London -0.1%. Paris -0.4%. Frankfurt -0.2%.
Futures at 6:20: Dow +0.1%. S&P +0.2%. Nasdaq +0.2%. Crude +0.1% to $98.27. Gold +0.05% to $1371.20.
Ten-year Treasury Yield +1 bps to 2.66%.
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