They gapped the Market down this morning on Yen strength and downgrades on the Investment Banks. Of course, the IBD'ers came in and bot the market. Banks are still weak but the solars (including WFR) kept their strength and continue moving up. Let's see how the Naz handles its pivot of 2576.69. That's the next wall of worry to overcome. Remember, Bernanke is speaking tomorrow.
1) IBD movers on volume? SIGM, SYNO, VIP, MBT, DRYS, AAPL, GRMN, CELG, CMED, TISI, DY, JASO, LDK, CHDX, BRG, VMI, ISRG, KMGB, BIDU and VMI...conclusions? Solar is goog. 2) WMT - Downgraded to sell. Ouch. Retail is bad. 3) GS, MS, LEH, etc. - Downgraded. Ouch. 4) Earnings - Great earnings on SIGM and VIP. 5) Little Gal - LOCM moving again. AGIX moving. GMO moving. NOVL moving goog. 6) TASR - Upgraded but I told trust management. 7) CMED - The Gorillas like this one. I do too. 8) TMA - You tell mee how to figure this one out. Raises $500 mm in preferred. CFC will probably be bot by BAC is my ges. Knot sure about TMA. 9) Top IBD stocks doing well - BIDU, CRNT, FTK and VDSI. We know why. 10) ELON and SLP - They luv these two stocks. I believe SLP is a Navalier stock. 11) Ethanol stocks - Upgraded on potential impact of legislation...VSE and AVR in particular.
See how we did the 2.50 swing from low to high this morning on WFR? That never ceases to amaze mee. Stocks do vibrate to certain numbers. Believe it or knot.
BTW, my butterfly projection target (see earlier chart) is close to the 1:1 ABC target if we bust 61.40 and confirm with more volume than that pivot day. It's always nice to triangulate targets with two different TA methods.