After a big down day yesterday, today is as of now just a lackluster day. Lot of short term systems kick in long entries on such down move and that is helped by the fact that exits get jammed early in the morning. More people want to get out early and those holding longs sell on first hint of weakness. The market makers further accentuate the process by bidding down or pulling bids. When the dynamics plays itself out, you have a quick bounce.
So patiently waiting on the sideline for sometime with lots of cash in hand is good option currently. I am looking at number of longs and waiting to pounce on some good earning plays like JCG,OMRI,DLB,AMAG,ZOLL, GMKT,MGM, etc. which have a catalyst.The oil stocks are finding a bid but I do not yet see anything to be excited about.
There are some stocks up on earning or news and as usual the low float stocks are making some wild moves. This is what I have on my scans on long side:
CRDC,Cardica
CSLR,Consulier Engineering
ECMV,E Com Ventures Inc
GOAM,Goamerica Inc
LPX,Louisiana-Pacific Corp
SVM,Servicemaster Co The
SWAT,Security With Advanced Tech
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