8/6/2010 gameplan | Bulls on Wall Street

8/6/2010 gameplan

 
 
 
Morning folks. Futures getting whacked right here down about 1% across the board. As expected the jobs data stunk.They also revised last months data from bad to worse.  Payrolls shrank by 131k.  Obviously if the economy cant add jobs there is a huge problem from a consumption standpoint. How can there be an economic recovery if we cant even add jobs.  Regardless in the market there is always an overeaction to everything. Longterm things like jobs, earnings are key to the direction of the stock market. But on a day to day week to week basis its is mostly pyschology and trends. .Expect overeactions to both the downside and the upside for the next few months on all data.
 
remember gdp day we missed estimates gapped down hard and then popped right back. Lets see if we hold SPX 1190. Might provide a good bounce point.
 
 
Keen an eye on 
 
ABR-earnings are out. Came out pretty decent. Most of the 5.05/share they made was from a 1 time gain. but they are extinguishing debt. Watch for a move past 6.30
http://finance.yahoo.com/news/Arbor-Realty-Trust-Reports-prnews-1287282616.html?x=0&.v=1
 
DYN coiling up. Volume expanding. ideally a break of 3.80 would be nice. But if market and its sector are strong might just take a swing position instead and use a tight stop in anticipation of the break
 
Ras you guys know this stock. A strong break of 2.12 with vol and this thing is ripe for a move. Keep an eye on MPG, GGP and its friends to see if this might trail it.
 
CMED flagging here.  china stocks strong agin. this is just a trade. for swingtraders a buy close to 11 with a stop under 11 is good (within the flag) for breakouttraders a buy of 12.00 with a 25 cent stop would be good for b/o trade.
 
 KFN low vol pullback to the 8.30 range might be good. There earnings were pretty solid across the board. A pullback to support sets up a decent swing
 
 

 spec play BIOF—this thing usually lags oil. its become very oversold. Def due for a 10% pop. have it on watch for entry.

 
 DEER wach for a move past 9.00
AMCN a move past 3.90 for breakouttraders or a pullback to 3.6s for swingtraders setups good entry
 
 
 
Type: candle | line | technical    Timeframe: intraday | daily | weekly | monthly
1

 

 

Type: candle | line | technical    Timeframe: daily
1
 

Leave a Comment