The FOMC pause in trading has come to a halt, and we can get to the flow of earnings and economic releases the next few weeks as we cruise into summer time trading. Yes, summer is just about here as Memorial Weekend is now less than a month away, and before you know the kiddies will be out of school and running amok!! Looking forward to a nice summer of political conventions and Beijing Olympics. So we get the sell off after the FOMC and we still hold the 1370, so we should eventually resume upward momentum and see how high they can take them from here!!
Companies trading higher in after hours in reaction to earnings: STAR +16.2% ALGN +16.0%; HS +13.4%; BWLD +12.1%; LAD +10.8%; MOSY +10.3%; TRLG +10.3%; PLT +10.0%; DBTK +9.0%; CTV +7.0%; AUDC +6.2%; PNRA +5.7%; DWA +4.9%; SNWL +4.2%; NCIT +4.1%; MOH +4.0%; RSYS +3.7%; BMRN +3.6%; SUMT +3.6%; PLNR +3.5%; NETL +3.4%; SPSS +3.2%; MPWR +3.2%; EQ +3.0%; SIMO +2.9%; CYBS +2.9%; EGLT +2.6%; KWR +2.5%; FLEX +2.4%; NATI +2.1%; NLC +1.4%; SWIR +1.3%; ARRS +1.3%; MWA +1.1%; AMMD +1.0%; CSCD +1.0%; GMST +1.0%… Companies trading down in reaction to earnings: SVVS -17.3%; FORM -15.4%; VPRT -10.7%; USU -9.6%; ANEN -9.5%; HTCH -9.2%; ARAY -7.9%; FEIC -6.3%; CRAY -5.7%; TE -5.6%; JL -4.8%; ESRX -3.5%; CTHR -2.7%; XPRT -2.5%; LNET -2.5%; OSG -2.2%; CNXT -2.0%; MRH -1.9%; MTZ -1.7%; GSB -1.4%; GERN -1.3%; PDFS -1.2%… Companies trading higher in after hours in reaction to news: ALGN +16.0% (announces $50 million stock repurchase program); CRDC +11.0% (Reports “positive” top-line results and submits 510(k) for PAS-Port proximal anastomosis system in cardiac bypass surgery); SCMP +3.1% (FDA approves Amitiza for women’s IBS with constipation — DJ); AMIE +1.1% (announces its plans to sell Majestic America Line); AMMD +1.0% (names Anthony P. Bihl, III as President and Chief Executive Office)… Companies trading lower in reaction to news: ANEN -9.5% (receives contracts worth $13.7 mln); C -2.6% (commences offering of approx $3 bln of common stock); IPAR -3.3% (Co and Gap sign agreement for international distribution of personal care products); STI -2.9% (declares $0.77 quarterly dividend, unchanged from prior quarter amount); ANSV -1.9% (announces new Zingo marketing and distribution agreement); COMS -1.3% (announces that the Board has appointed Robert Mao as the new CEO; names Ronald Sege President and COO).
Wow, we have all but come to a screaching halt as the FOMC has stopped the market in its tracks as we wait for Heli Ben and the Sunshine boys of the FED. You may as well come back later in the week, tomorrow am we have GDP and jobs are on Friday so maybe we get rolling one way or another later, but until the FOMC we stick and wait.
Spring fly fishing season is upon us here in trout country, and since the market volume will continue to drip off the next few days, we are checking out until post FED. Sometimes your best trade is no trade and with the lack of liquidity and volume and FOMC and end of the month games, there is no reason to press in here as we are falling asleep at the wheel and would be a danger to other traders out there, so we are taking our no trade card and going fishing!! Peace have fun the rest of the day, we will check back in tomorrow, although I expect more of the same!!
I still won’t buy one, I’m in the camp of rather be outside than sit in front of a LCD screen, I can see some serious therapy uses for this device however. An entirely new market for Wii and Nintendo for sure.
The FED has traders waiting this week until 2pm EST on Wednesday the 30th, no sense in fighting the FED sit and wait game as it is full on for us traders this week. The question I have is 1420 pre Fed or after the FED? That’s where the money will be made. Lots of chatter over the weekend about the FED being done after this cut or possibly beginning raising due to the pressure being put on Bernake by Volcker et al to straighten the mess he has created. Shall see over time.
The market after 6 days, is basically were it opened and closed last friday/monday. What does it all mean? No idea, end of the month is upon us as we push to May and unfortunately skews market finishes always. We also have the next FOMC meeting Tuesday/ Wednesday of next week, so we could get our requisite rally then sit and wait period occurring.
