in afterhours trading.
Note: Tomorrow looks grim: MER, MSFT, GOOG, COF all bleeding after hours.
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add ESLR to the earnings bloodbath
IBM moving higher.
Deleted.
you still in CELG? I had to kick it out today.
IBM now down too.
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I don’t think tech will put a damper on financials. And financials are having relief rallies even on terrible news.
Wachovia’s headquarters was raided by regulators today and after a brief drop into negative territory, the stock promptly rose 25%.
We’ll see what tomorrow brings. So much can happen overnight these days. It’s insane.
Just got home to find GOOG down 40 points afterhours, brutal. Good thing I didn’t pull the trigger on any GOOG today.
Goddamn WB, bought at 12.20 and got scared with the raid and took a small loss to find that it ended over 13.
Cajun, I picked up some SKF Ah’s too. Good call.
Best chart pattern out there in the event this bounce lasts a bit longer and healthcare starts to ignite: CVD.
Probably the best bullish chart pattern in the market today. This is a steady biotech which has sequentially grown earnings EVERY quarter for the past few years (that’s right: they havent had a back-to-back earnings decline as far back as my brokerage earnings info goes on this stock) and trades at 30x. The relative strength has also been firm as of late. In the past few weeks, while the averages were getting slapped around like $2 crack ho’s, CVD was busy pulling away from the low end of its base on above avg volume. In recent days, CVD has began etching out an ascending triangle.
Earnings are due out on July 30. CVD beat their earnings estimates by 21.7% in Q1 of this year. With portfolio managers getting skull-fucked by financials this year and commodities imploding, this stock (with steady earnings growth, a history of beating estimates, and a beautiful technical formation) looks prime for a pre-earnings run. In sum: this one’s going higher.
My target numero uno is 90. After that, I think it reaches 95 (target #2). Admittedly, target #2 might only get tagged after earnings. In any case, that’s my top pick.
Good luck.
That CVD does look mighty good
Phil,
That looks delicious, keep ’em coming.
Daytrading SKF is like a heart attack tick by tick. The damn think moves so fast my fingers and brain can’t act fast enough.
i almost bought the SKF about 3 times today. i knew MER was doa. C is a wild card tomorrow. they pre-announced a disaster a couple of months ago, but there is clearly market fuckery at work here, so i’ll be a pussy and wait it out.
RC, you might not believe it, but I’ve been waching CRM on and off for the last 2 years and never traded it. The stock just never seemed like it was ready to roll over. Now, however, everything seems to be lining up: CRM’s just below the 50-day, testing trendline resistance, and doing all this in the wake of disastrous earnings from a string of tech bellwethers. That 300 P/E also doesn’t hurt.
I’m getting that tingly feeling I only get when I see an untra-high probability trade unfolding.
Love the CRM now. Thumbs up to you.
Phil,
That’s a nice chart. Covance is a Contract Research Organization (CRO). They get hired by companies like Pfizer and Merck to run clinical trials and help develop new drugs. This is a great way to play the waning pipeline of big pharma.
Cajun,
I see a possible bull flag on RGLD. With financials gearing up for potential mauling tomorrow, gold might get some rotation money. Thoughts?
I don’t want to misguide you, but “wall street tends to forget bad news lately by considering it a RARE case, and if “C” in the MORNING beats the loss by even few pennies, wall street might become confident again and those few shorts left in bank stocks will try to cover, especially hedge funds (maybe due to margin calls, for example.) We already have seen the overnight rise in USD/JPY before this pattern. I’ll try to see if my PPT/Lex radar is blinking orange or red in the morning.
At least we wont see Nasdaq rising 4pt. Maybe 2pt for Nasdaq, because of this dead cat bounce.
We’re seeing Fin up / Ener n Mat down in hk tonight, so the risk of SKF is there.
Nagin,
Thnx for the follow-up on CVD. At the end of the day, I’m oriented by strictly technicals. But, knowing that these guys are lubing the wheels of the Big Pharma pipeline at a time when drug makers are seeing major patents expire certainly adds to my positive sentiment on this stock.
Cheers,
Phil