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Thursday, April 7, 2011

THURS. APR. 7- Attitude Adjustment

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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