I had the honor and pleasure a few weekends ago of attending the dual party for the celebrations of my brother-in-law's 40th birthday as well as the 1st birthday for my adorable twin nieces (yes, really- three birthdays in the same household on the same day!). While amongst family and friends, I had the same thought I often have at wonderful functions like that Saturday's terrific party- I want to always be able to do the same for my family and friends as I've routinely tried to do over the years. I liked throwing my wife a surprise birthday party not long ago. I like being able to donate money to people who need it more than I do such as the earthquake victims in Japan. Well, to do that, I better come here and earn a living. Period. It's not a matter of high-fiving and high-steppin’ if I make $70 by holding 1000 shares of Citicorp for a seven cent profit. It's a matter of not being satisfied at any time until one has enough money to retire. Believe you me, I am not smarter than most people...I am thankfully at least smart enough to know that. But I do know one other thing- as hard as day trading is, the number one feature to have to succeed is a good attitude along with a supreme belief in yourself to get the job done. After all, if I don't think I can do it, I probably cannot. So, while every day cannot be great, there's no reason to wake up and believe anything other than the notion that it can be great else one has no chance to succeed at day trading- much less anything else.
Movement was muted overnight through the world’s equity markets with Hong Kong and Tokyo both finishing around the unchanged line. In Europe, prices are slightly ahead as the European Central Bank raised its key interest rate from 1% to 1.25% despite Portugal asking for an international bailout. The dollar is slightly weaker against the yen and the euro. Oil and gold are up slightly. Futures are marginally stronger. Yesterday was a wilder day than we’ve seen recently with money flowing out of some of the momentum plays into the financial stocks. Look for a very choppy day today with more of the same- a lot of movement in individual stocks but not the broader tape which presents lots of opportunities for day traders. The focus will likely be in the small biotechs in the news (XNPT), retailers on all of the earnings and same-stores sales news (BBBY, M), and tech in the news (NFLX).
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
HSFT- closed near a high after posting earnings
GS- closed near a high in a strong financial sector
ANF- closed near a high on continued follow through after raising earnings guidance
VRUS- closed near a high
BBBY- good earnings
PBY- decent earnings
XNPT- received FDA approval for Horizant
CHOP- decent earnings
IMGN- positive phase II trial results for T-DM1
LTD- decent same-store sales results
IR- raising dividend and announced $2 billion share buyback
PIR- decent earnings
ZAGG- signed licensing and distribution agreement with Logitech
M- decent same-store sales data
Bad-The following stocks have bad news and/or a weak technical pattern
VRX- closed near a low after CEPH rejected its takeover bid
TZOO- closed near a low
MCP- closed near a low
BTU- closed near a low
MEE- closed near a low
JOYG- closed near a low
MON- closed near a low after posting earnings
PWR- warned on earnings guidance
RT- poor earnings
WDFC- poor earnings
GLNG- featured negatively on “Fast Money” last night
NFLX- featured negatively on “Fast Money” last night
PUDA- closed near a low
IL- priced 7.5 million share offering at 25.50
GPS- poor same store-sales
ARRY- achieved $10 million clinical milestone in MEK 162 oncology program
Earnings:
THURS APR 7 BEFORE
GBX PIR RAD
STZ
THURS APR 7 AFTER
None today
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
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