|Day Low/High||0.00 / 0.00|
|52 Wk Low/High||7.27 / 9.70|
A string of downbeat earnings reports suggests weak telecom capital spending will take a toll on many companies. That includes some optical component high-flyers.
Shares of optical-components manufacturer Oclaro were higher Monday after Jefferies initiated coverage of the stock.
The market is repeating a cycle we have seen many times in recent years.
Forming a negative thesis and then waiting for it to work will absolutely drive you nuts.
The sudden dearth of momentum will give us some good opportunities, but watch accounts closely.
MeetMe and Fabrinet yield nice returns, though I had to cut bait on a more prominent name.
It is often at this phase that you make the biggest gains by pressing.
Global Blood Therapeutics is a good example of how tracking a chart and waiting for a setup can work well.
Don't focus too much on the indices; look for action in individual names.
There is still some good speculative action out there.
The first upside target from this bottom pattern is the $7.50 area.
Respect the downtrend, and don't try to guess how long it will last -- but be ready when it turns.
We have had a classic oversold bounce over the past 10 days.
After the disappointing jobs number, QE3 seems more likely, but trading on this thesis changes daily.
I'm not looking to hold a lot over the weekend, so I'm focused on the short term.