As I sat down to write this, I spent a little mulling over anybody who I'd consider normal. I know I am certainly not normal as I have way too many quirks among other things to be considered "normal" by anyone's standards. So I thought about everyone I know who I feel somewhat close to...and I could not think of anyone who was normal. My best friend from childhood studied languages for 10 years and has been all over the world. Among the three guys I stood for as the best man for in their weddings- the first is a political science professor who managed a winning Senate campaign for a current Senator, one is literally an expert regarding the organ, and the other knows more about such varied things as technology... and office politics... than anyone I know. And don't get me started on the characters in my office! Normal and average lead to uninteresting. Well, there's an old saying which goes something like "May we always live in interesting times." As the bull market approaches its 2nd anniversary, it has certainly been interesting. The fear at the bottom of the market was palpable but what most traders forget is the dearth of movement and volume at that time. In the first phase of the rally, price swings were enormous. It has settled down since but the stories that appear daily remain incredible (some good and some bad). So let's hope that things remain shaken up intra-day in perpetuity because the more 'abnormal' things remain, the higher the likelihood numerous opportunities will present themselves for some time to come.
Markets in Asia were generally slightly higher overnight with Tokyo up 0.2%. Prices are notably down in Europe, however, with London down 0.5% and Frankfurt off 1% as of this writing. Oil is quiet for once, gold is a tinge weaker, bonds are ahead a little bit, and the dollar is stronger across the board. There’s no economic data of note due out today. Futures were up most of the morning but have also turned negative. There is notable unease and chop today; there are also a lot of things moving around. The day has the feel of a coil about to spring; it is likely that stocks will remain trapped in a range…but if anything even slightly out of the norm happens, there could be quite an exacerbated move. Be very very very nimble today. The focus will likely be on the earnings plays, big cap tech in the news, and the energies and commodities.
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
VRUS- closed near a high amid positive buzz about an abstract presented at a European association with a conference presentation due today
EDAP- closed near a high
JAZZ- decent earnings
BSFT- great earnings
LMLP- closed near a high
OCZ- closed near a high after posting good earnings
DKS- decent earnings
Bad-The following stocks have bad news and/or a weak technical pattern
CIEN- closed near a low after posting poor earnings
RIMM- closed near a low
POT- closed near a low
NPTN- closed near a low
GDOT- closed near a low
MCP- reversed in closing near a low
WMS- closed near a low after being downgraded by Goldman Sachs
URBN- bad earnings
CASY- poor earnings
PAA- share offering
EXEL- share offering
MWA- share offering
PWRD- poor earnings
BYI- closed near a low after a downgrade
Earnings:
TUES MAR 8 BEFORE
DKS SSI
TUES MAR 8 AFTER
FMCN FNSR STP
Epiphany Trading, LLC
www.epiphanytrading.com
Erik R. Kolodny- Chief Markets Strategist
Brendan P. Byrne- President
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