Sorry for the non-basketball fans to start out with another NCAA tourney moment, but it's a great one. And you don't have to be a basketball fan to appreciate it. Last year, the Butler Bears in Indianapolis made the tournament finals. It was the first time a mid-major team (one not in a major basketball conference) made the title tilt in about 20 years. The Cinderella story almost had a storybook ending. Well, they barely got into this year's tournament. Many people (including myself) didn't think they'd get past the 1st round this year. Guess what? They are back into the final four. Not Duke. Not #1 ranked Ohio State. But, yes, Butler. Again. I cannot write this about dismissing something, because, well I admitted I just did that. What got to me was all the comments coming out of Butler and its victims. Players on the losing teams kept saying how Butler had experience so they knew what playing in big games were like. Butler players noted that they'd been here before so they knew what it was like to play in big games much less how they believed in themselves. All of this struck a cord in me because it showed not only could a team think it could win...but make its opposition believe it too. And then it'd win because winning had gotten in its own head much less the minds of the opposition. Well, it is the same with trading. One of the things I always see as a key trait in successful traders is not so much they have a chip on their shoulder so much as an air of confidence if for no other reason than they've had past success (and of course, success begets success). Furthermore, they view the comments of others as a vindication for their own self-confidence. Success tends to build success as just noted but particularly in the trading arena. And the first place the seed of this success is planted is in one's own mind.
Markets in Asia were generally higher overnight. Tokyo was down by 0.5%, but every other major Asian index closed nicely ahead with Hong Kong up 1.2%, Shanghai 1.3% and Sydney 0.5%. The good times continued in Europe with London up 1%, Frankfurt 1.2%, and Paris about 1%. The dollar is very strong with the dollar at a 2011 high against the yen. Gold is down almost 1% and oil is up ½%. Bonds are selling off. The jobs number came in slightly stronger than expected. Construction Spending (-0.7%) and ISM (60.8) are due out at 10AM. We had a 2nd Fed governor in two days (Plosser) intimating that interest rates may have to go higher sooner than later. But the tone remains strong here with futures up sharply. For the day, the gains will likely hold overall with a lot of volume coming in early. The focus will be on the exchange tie-up (NYX, ICE, NDAQ), tech in the news (NFLX), earnings plays (MED), share offerings (KRA), and relative weakness plays on the open.
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
TSLA- closed near a high after a very bullish report from Morgan Stanley
ENA- closed near a high after issuing good earnings
GOLD- closed near a high after issuing good earnings
BID- closed near a high after positive brokerage comments
UTEK- closed near a high after positive brokerage comments
VRUS- closed near a high after positive brokerage comments
MAKO- closed near a high after getting a pact for 11 makoplasty systems from HMA
DNDN- closed near a high amid reports that Provenge may be picked up by Medicare
ALEX- Pershing Square took a small stake in the company
FSLR- closed near a high
JOYG- closed near a high
RE- closed near a high
HOT- mentioned on “Mad Money” last night
EBIX- tripled size of repurchase program
NYX- received joint $42.50/share bid from NDAQ and ICE
Bad-The following stocks have bad news and/or a weak technical pattern
MBND- closed near a low after issuing poor earnings
TBOW- closed near a low after issuing poor earnings
KMX- closed near a low after issuing poor earnings
X- closed near a low after a brokerage downgrade
YOKU- closed near a low
SCOK- closed near a low
QIHU- closed near a low
GPN- poor earnings
RECN- poor earnings
AVII- share offering
XRTX- poor earnings
OMER- phase III trial results of OMS103HP were disappointing as it didn’t meet pre-specified endpoints
LOGI- poor earnings
MED- poor earnings
CNAM- poor earnings
KRA- 9.98 million share offering at 37.75
ASTI- changing strategy and management
BIDU- downgraded at Mizuho
Earnings:
None today
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
No comments:
Post a Comment