After looking at a lot of charts this pm and watching response in Japan to DocoMo, I again see a down morning. But many of the technical indicators I looked at don't show a huge selloff, IMO. Therefore, I am looking for a midmorning rally and will short the open, buy any steep selloffs.
Several of the weakest looking charts I saw are IONA, ITWO, GMST, and IDPH. IDPH may not sell off too steeply since I believe Rituxan is a decent drug with more upside potential for the co. and selloff from their delay on one in pipeline may be a bit overdone. Still, on chart looks weak.
One notable short is CEFT. I can't figure out why it has so many technical indicators against it but it is SCREAMING SELLLLLL. This sometimes fakes me out and doesn't sell off the way it looks like it ought to... but it has all the characteristics of one about to fall big. It's business plan is not in a not a bad sector, but they are a bit pricey with a PE of 54. They have earnings out on 4/25, so maybe someone knows something ahead of time. Or maybe they do well and take off. In any event I have a small ss position in that one from today.
Of the others above, all but IDPH look like gimme's on the ss side. |
