Back in college, I tried to do it all. I'd routinely take 5-6 classes a semester. I was an officer in several organizations. I participated actively in intramural sports. I was actively trading stocks on the side. I had an extremely vibrant social life. But among my favorite memories include the solitude of walking across the central meadow of my alma mater's beautiful campus in simply thinking about what needed to be done and how I'd do it. That feature was something that has become a cornerstone of my daily routine. I love the peaceful quiet while I try to get my thoughts in order for the trading day starting around 5am most mornings. I love the ride to work where I'll listen to a combo of sports and business radio to keep me educated but loose while I subconsciously think about the overseas markets and last night's earnings. I disturbingly enjoy going over my previous day's trades to find what I can glean. I know I need to gather all of the information I need to truly prepare. But most importantly I love the solitude of being in the office early enough that I can pause and oftentimes take that five minutes to let it all filter through. To me, that deep breath particularly after my first flurry of major morning activity helps me become ready for trading more than anything. Just as good, I do the same in the afternoons. After going through earnings and news as well as a couple of hundred charts, I enjoy letting it all seep in and intrinsically trying to get a jump for the next day much less that afternoon's action via after-hours trades by mulling over what I've taken in. My main point is to pass on something magical that has worked well for me business-wise and in my personal life- do everything you can to prep for everything important you do. But take that few minutes of solitary bliss each day whereby you let your instincts combine with all information absorbed- the conclusions that you come up during that time are what you can use to earn a living. Again, it's not a matter of just playing the game...there's a lot of groundwork and thinking involved to earn a true living so that you know what you need to know to make that solitary moment so important. But I can honestly say that the wonderful quiet I have in the early mornings and late evenings when I am doing my groundwork which leads to me letting my gut give me an idea of what to do has been a cornerstone of any success in this business I have ever had.
Markets rebounded overnight with Tokyo up 0.7% and Hong Kong a strong 1.8%. The tone was good in Europe as well with Frankfurt up 0.6% and London 1%. Oil had a major reversal yesterday in closing negative and is down a tinge more as of this writing. Gold is down 1% with bonds down slightly and the dollar quiet. Futures are nicely ahead. The GDP revision came in a little weaker than expected which sparked a small burst of selling but came right back- that’s a bullish intra-day sign. Final Michigan Sentiment (75.1) is due out at 9:55AM. The market will likely take its cue from oil as the day goes on but the correlation will likely not be quite as good as people speculate what will occur over the weekend…but worries certainly seem to have eased in the last 24 hours. Off-hand, I’d be looking for a bit of a rebound in much quieter trade today. The focus will likely be on the stocks which have major news (BA), the myriad of earnings out, big cap tech and financials to see if they can bounce, relative weakness plays (particularly in the 9:30-11:30 time frame), and the small-cap energies.
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
SATS- closed near a high after posting earnings
MGRC- closed near a high after posting earnings
BIDU- closed near a high
AIG- decent earnings
BCRX- awarded additional $55 million contract by the U.S. Department of Health to develop Permivir phase III program
CRM- great earnings
DECK- good earnings
GPS- decent earnings
OVTI- great earnings
SD- decent earnings
SMSI- decent earnings
TRLG- decent earnings
CROX- decent earnings
GG- decent earnings
MENT- decent earnings
ACOM- good earnings
ALAN- signed agreement to sell Startrak Systems to Orbcomm
BA- won the Department of Defense Airborne Tanker Contract
GGC- closed near a high
IL- closed near a high
YOKU- closed near a high after raising advertising rates and obtaining some new licenses
CRFN- closed near a high after it entered into a definitive agreement in which it will receive a $75 million investment in the company from Piedmont Community Bank which would mean Piedmont would acquire a majority stake in the company
IPG- decent earnings
SVNT- decent earnings
JCP- decent earnings
IPGP- decent earnings
RDC- decent earnings
Bad-The following stocks have bad news and/or a weak technical pattern
NEM- closed near a low after posting earnings
SLXP- closed near a low after warning of the non-approval of an NDA for one of its prospective products
SHLD- closed near a low after posting earnings
FCN- closed near a low after posting earnings
SPN- closed near a low after posting earnings
FSLR- bad earnings
HANS- poor earnings
NTRI- terrible earnings
NVTL- terrible earnings
SWA- poor earnings
BEXP- poor earnings
ACTG- poor earnings
PLX- FDA requested more information on company’s Gaucher’s drug
Earnings:
FRI FEB 25 BEFORE
AMAG DRQ DRYS
IAG IPG IPGP
JCP JRCC LNG
RDC SUG SVNT
TTI WCRX
FRI FEB 25 AFTER
MRX PSA
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
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