News You Can Use

Discussion in 'Trading' started by Brandonf, Jul 8, 2002.

  1. Rigel


    It looks like the NAS is gapping way up.
    Housing number is also bad too but the chief economist for the National Homebuilders Association on the tube is saying that housing is really doing well "overall" and is in excellent shape.
    Makes perfect sense. :confused:.
    Just ONE TIME I would like to see some CEO or industry rep get on the tube and say something like "Things are not really going too well right now.". Wouldn't that be something.
    #71     Jul 17, 2002
  2. Babak


    Brandonf (or anyone else):

    Why did the market react lukewarm/negative to INTC yesterday (I think it lost 0.13 in aftermarket trading) and now its up by a dollar? What happened between then and this morning? Thanks.

    #72     Jul 17, 2002
  3. Rigel


    They did announce that they were laying off 5% of their work force.
    #73     Jul 17, 2002
  4. spectre


    The Street had a story about "real" institutional buying (10k contracts) at yesterday's intraday low; ended with "defending that level".
    Market started its move overnight when Japan's MOF jawboned the yen. Looks like whoever was doing the buying was looking at the 5ma on the naz daily chart. When that didn't break traders covered, and I suppose if you are going to use size to influence price action, what better time to do that than in a low liquidity environment. Once you have enough momentum, it changes the technical picture (short term).

    Interesting to note that verbal intervention happened at that level.
    #74     Jul 17, 2002
  5. Brandonf

    Brandonf ET Sponsor

    [08:14] <brandon> we are seeing a gap of 3.2% in the Nasdaq
    [08:14] <brandon> this is a fairly large gap
    [08:14] <brandon> and they tend to not fill
    [08:14] <brandon> also
    [08:14] <brandon> in light all of the "bad" news we had last nite, INTC, MOT (worst loss ever) etc
    [08:14] <brandon> and the market is still up
    [08:15] <brandon> this should be seen as a positive
    [08:15] <brandon> dont fight the feeling
    [08:15] <brandon> I may look for a very quick short off the open if something presents itself
    [08:15] <brandon> but overall the odds are not in favor of the downside by much
    [08:15] <brandon> we should not see more than a 35% filling in off the gap
    #75     Jul 17, 2002
  6. Brandonf

    Brandonf ET Sponsor

    Automatic Data (ADP): The company missed second quarter estimates by 1 cent. The weekly chart is a very nice double bottom, and the daily is forming a low level base. Look for buying opportunities.

    Principle Financial (PFG): Bank of America downgrades PFG to market perform from buy. The stock is one of the markets current uptrending leaders. Look for buying opportunities.

    Progressive Corp (PGR): The company missed earnings by 9 cents showing profits of 72 cents. The weekly chart has declined sharply ahead of its earnings report and is at support, look for buying opportunities.

    United Heathcare (UNH): The company beat its second quarter estimates by 6 cents coming in with profits at $1.01 per share. The stock is a market leader and there was no real run up ahead of earnings. I would be more inclined to buy strength, but if a lot of weakness comes in you could go with that too.
    #76     Jul 18, 2002
  7. isn't this post in contradiction with your post about the s&p being against it's MA , and looking for a short?
    I'm not bashing because it was a wrong just doesn't seem like you're taking a stand. you say it's positive, don't fight the feeling..then next line is..may look for a short.
    #77     Jul 18, 2002
  8. Brandonf

    Brandonf ET Sponsor

    A quick short, just meaning that I would look for something that would last 5 to 10 minutes, not all day which we got. The way yesterdays gap filled took me totally off gaurd and I lost money due to that. It was the first gap of that kind since 1992 to fill in 100%.

    #78     Jul 18, 2002
  9. Really? I remember on 9/21/01... Nasdaq gapped down 5% or so and came within just a few points of closing the gap. Of course those were crazy times.and it wasn't a complete fill...but pretty good one.

    Anyway, 5min to open...good trading to all!
    #79     Jul 18, 2002
  10. Brandonf

    Brandonf ET Sponsor

    a 5% gap is in another group fwiw, but none of those have filled in 100% either.

    #80     Jul 18, 2002