The markets struggled yesterday and we shouldn't be surprised since we came into the week extremely overbought with earnings from some of the big headline names that have been disappointing.
In my mind, the markets remain guilty till proven innocent. We are flirting with either price or trendline resistance in several indexes. We could just consolidate in these areas and work off the overbought condition which will give us a very choppy market in the short term that is difficult to day trade. It seems like all the action is taking place within the first hour after the open. Unless you played> WTW which had some nice volatility over the last couple days.
Since we are in the midst of earnings season it also makes it challenging to swing stocks. Even if a stock you are swinging doesn't have earnings on deck it can still be impacted in sympathy by another company in the same industry that reports.
For me, that doesn't mean we can't be involved it just means we should be extremely selective as to where we get involved and reducing the size of positions when we do.
Pay close attention to the IBB as it is looking like we could have another break down in biotech's. I believe we have some earnings coming up from some of the big boys and if they crush then we could get a nice reversal but if they miss it could get ugly quick.
The IWM is still extremely overbought while Gold had a nice little bounce yesterday. Oil still looks constructive and the sector has some really compelling looking setups.
LATE breaking ALERT BIIB beat and raised but also announced negative news on a drug trial and announced a work force reduction SNDK crushed earnings and is being bought by Western Digital
KLAC is being acquired by LRCX
Semi's and Bios could be interesting today
Stocks on my radar premarket
Bullish and may have a swing or lottos in play
Cautiously optimistic
Very Cautious may even present a short opportunity .
HLX Full disclosure I took a starter swing yesterday @ 6.07 very small It has been on my radar for awhile and could be putting in a double bottom it trades below book value and its balance sheet looks pretty healthy when compared to most others in the oil and gas industry I will be looking to add on any weakness which could happen today after the EIA petroleum inventory report today
ATEN no news but it held up fairly well yesterday there has been some recent insider buying and I like the way the daily is setting up Looking for a trend line break and a test of the 7 dolla holla
/15
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ZixCorp. Reports FY15 Rev. $54.5M-$54.8M vs. Est. $54.52M, EPS $0.20-$0.21
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SIRI is testing 4 Full disclosure I own it in my long term hold account It is a very Thick stock takes a lot to move it 4 is a huge area to get through. I think all the car sales are going to be good for their next qtr
FWM could be a bounce sympathy play their is some merger and acquisition rumors in the sector looking for a 2 roll with authority
PowerSecure Reports Winning of $50M in New Business Awards
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Looking for follow through > yesterdays news was A game changer for this company IMO
Could be one to watch for a long term play on any significant pull back but for now it could also be a nice day trade Don't Chase it
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