Of course we don't know what the earnings report will be like tomorrow or, more importantly, how it will be received by the street, but an argument can be made that today's action was not as negative as it appears on the surface.
During the first half of the trading day LNN sold off on below-average volume until it reached its 10-day moving average, where the stock has found consistent support in its recent uptrend.
After about 1 pm ET the stock began to recover and volume started to pick up. By the end of the day, as the market was giving up more ground, LNN continued its recovery into the close on well above-average volume.
In summary then, LNN reversed higher from its low-volume sell-off in higher volume, finished the day in the top half of its trading range, and above its 10-day line. This action implies early selling by individual traders (a shakeout) and subsequent buying by institutions.
I think LNN had the support of the big-money players today. Let's see what earnings day brings.
I'm thinking between profit taking after the 15 point rise in 2 days & many people's stratergy to sell before earnings just in case its bad news contributed to todays fall. Market being down triple digits didnt help much either.
Lets see tommorow morning on the earnings front...