Today is very sadly the 8th anniversary of one of the darkest days in American history. Eight years ago this morning, several terrorists brought down the World Trade Center and made an attempt to destroy the Pentagon Building (and who knows what else). While the passage of time reduces the ‘feel’ of the event, indeed the images and thoughts of that day still conjure up nausea and fury in the pits of most of our bellies. On point, many Wall Streeters do not venture to downtown Manhattan today because they just emotionally cannot do so (and understandably so at that). Thus, day-trading wise, today (especially as it’s a Friday) has tended to be slower than normal over the last few years with equity movements quite a bit more muted particularly in the slower parts of the day such as the lunchtime band between 11AM-2PM. As a general rule, the 9/11 trading day has tended to be a resilient one for the last few years (the Dow was up almost 200 points last year) as there is a bit of a ‘patriotic trade’ on the table. I certainly am not guaranteeing a ‘plus day’ today, but be aware that thinner conditions will prevail- that much is a guarantee. The bottom for the day though is as such: in between observing moments of silence and remembering the terrible events of eight years ago today, realize that the pace of trading today will not be as frenetic as normal in all likelihood as we all note that there are many things in life more important than trading.
Markets in Asia were mixed overnight with Tokyo down ½% and Hong Kong up 3/4%. The European markets were a bit stronger with prices up about ½% on average. Gold is back over $1,000, oil is over $72, and quite frighteningly the dollar is down almost a full yen as it approaches the 90 yen level. Futures are slightly stronger. Overall, look for a mildly positive day in what will be quiet trading on this 9/11 anniversary. Focus on the microcaps and stocks in the news and avoid any scalping except for exact set-ups.
Watch list:
09112009Eriklist.zip
Reiterating-
Please understand that if the ideas do not get to the hoped for set-ups cited below, more often than not, one should not blindly trade the symbol next to said idea.
If the whole story is not there -
If something is good, assume either a short thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified.If something is bad, assume either a buy thru unchanged or an A-B-A2 (preferably to the downside in a downside market and the upside in an upside market) based on direction of the market unless specified-
Good- The following stocks have good news and/or a strong technical pattern
QDEL- expects record quarterly results due to strong demand for flu tests
DSCO- meeting with the FDA on 9/29 to discuss potential path for Surfaxin approval
NSM- beat earnings estimates and raised guidance
VNDA- closed near a high on takeover rumors
SWKS- closed near a high after announcing positive earnings guidance
GS- closed near the day’s high
AMT, SBAC, CTV- mentioned on “Mad Money” last night
CMRO- great earnings
CLZR- up sharply after the close yesterday
SA- closed near a high in a strong gold sector
TSL- closed near a high
HIG- closed near a high
MGM- closed near a high
MIC- closed near a high
ATPG- closed near a high
XRTX- closed near a high
AXL- upgraded by Barclay’s with a 13 price target
DCTH- Data Safety Monitoring Board of the FDA recommended continuation of phase III trial
ACET- good earnings
Bad-The following stocks have bad news and/or a weak technical pattern
MW- closed near a low after poor earnings guidance
DVAX- island reversal after FDA lifted phase III trial moratorium
BRC- poor earnings
ALL- cut to "Sell" at Goldman Sachs
Earnings:
FRI SEP 11 BEFORE
CPB GROW
Good luck today.
Epiphany Trading, LLC
http://www.epiphanytrading.com/
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
Joseph R. McCandless- Managing Partner
D. Timothy Seaquist- Managing Partner
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