BIDU reported after the bell today, Q1 profit surged on ads, you can read the report HERE. It’s trading up just over 2% higher after hours. Option players: too bad for you (sidelines was the better play!) Maybe tomorrow brings the $25 to 50 dollar swing you were hoping for in sympathy of GOOG’s move after earning.. sure it’d be nice, but HIGHLY DOUBTFUL.
Although its not a $90 dollar surge on earnings it’s still extremely significant that it’s still trading at $150 dollars higher than it was one month ago. That means the market has accepted (for now) the powerful surge we saw in the last month and in fact gave it even more of a premium to that move today after hours. Just look at the chart, up $160 dollars within the past month, up $60 within the past week, NOT BAD! This says a lot about where the market may be headed now that some of the biggest companies have released their numbers versus the fear wall street had less than a month ago. This may be even more meaningful than GOOG since GOOG didn’t have any earnings priced in, people were wearing about what they’d produce for results. All and all, I think its a good thing, the real test is tomorrow - we’ll see, after all I’m not buying these things to hold, they are just trades.. and with that all I want them to be is VOLATILE. MSFT down AH’s on earnings.. eh.. Not too worried its BIDU, AAPL and GOOG that will pull the market up down or as we’ve seen the past two days… keep it at tight consolidation phase.
Anyhow, next is MA and V. Visa which as we saw how $70 was THE KEY BREAK and moving straight up following MA.
Now .. For Friday:
Scan: UNS MMR EZCH RGN UTEK
Yes a revisit to three stocks - but they are all still in play USN MMR and EZCH
UNS - without going into detail again, the way it should be played can be found HERE. To add, it may gap over $32 tomorrow to try to scare off some short sellers into covering, tease some longs into buying and yes… ‘gap and crap’ is the play I’m looking for out of open - but play with caution it can squeeze at any moment - read THIS first.
MMR - attempting to test that $30, if this starts to fall again it may not come back so easily this is up 100% in a month. One last hoo-rah of a push by the longs before the shorts take over and give a $2-3+ correction. A good play if it squeezes out of open is to use today’s strategy on USN watch for it to triple top before you jump in, take a partial position if you feel you’ve nailed the top and add once it has confirmed. The way it came back today shows that it is strong … so I’m not jumping all over this to short it, I’d like to see a squeeze first.
EZCH - from last nights scan - this is why it’s important to watch for key breaks and see how it reacts. Most importantly - Let IT put the top in, don’t throw a dart thinking you’ve nailed a bulls eye. I am using the same strategy I spelled out last night to play this one. It broke the $15 barrier now I’d like to see it test the next dollar mark at $16. If it does I will watch for a large spike to short on, if it doesn’t I will short when it breaks back under $15
Two new ones
RGN - this has been quite a move off the lows up over 120%. Watching for this to test $2.00’s. This really isn’t that much $ volume so it could go either way as you saw with PDO. Watch for spikes more on this as it plays out…
UTEK - if this can’t break $14.50 tomorrow radar it heavily, if it does.. use a EZCH style apprach
PGNX would be on my scan, but I looked at it after hours… it’s up 20% on news…Progenics and Wyeth Announce FDA Has Approved RELISTOR No thanks!
Many times I scan back through my previous scans - its easy.. and all of the charts are there and update daily … Today scanning back things that didn’t pop up on my regular scan which show decent plays setting up are:
FCSX - see chart HERE watching for $40.80 to drop can be a good play back to $38
OSTK - see chart HERE - this is ready for another move HIGHER toward $20 IMO.
GRMN may squeeze towards $50
“GRMN has it sank enough yet? $43, if the market is strong tomorrow this
could move towards $45, I’d expect a small bounce before it hits more
lows. In fact I believe $42s will be the lowest this goes for the next
month”
Not TOO many on scanner tonight, but that’s ok tomorrow is Friday. Remember, don’t force a trade, if there isn’t volume don’t bother. You want something that trades so that you can always get in and out at the click of a bottom without getting ripped off. At times, if it lacks volatility and/or volume there may be a spread between the bid and ask, if you decide you want to cover there could be a .25 to .50 cent spread.
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