{+++}First off, SQNM was a disappointment on their earnings report after the close. I didn’t think the stock would sell off on a miss as earnings really aren’t the driving force with this name. The stock is trading at $6.29, our long is at $8 and it is trading at $6.25 in the after market. It traded through our stop. I would recommend not selling at the open, but wait until the dust settles. I will get on the blog at the open and let you know what U see. It could be an over reaction and I don’t want to knee jerk. I rarely-if ever hold stocks into earnings, but they don’t usually matter much with non-earning biotechs so lets see what the morning brings. We may have to move on, maybe not. It has good support around the $6 level.
The market managed a stealth rally off the lows today and the financials (my tell) closed green after being red all day, a bullish sign even though Senator Dodd opined the benefits of financial regulation as part of his swan song. No mention by the good Senator of his sweetheart mortgage deal with his tan in a can man buddy Angelo Mozilo though. Don’t you just love politics?
Oil and materials were lower today as the dollar rallied a bit, we have the Fed tomorrow and options expiration on Friday so the rest of the week should get a bit volatile. I feel like a pilot warning of impending turbulence, but be careful.
Please check the P&L for any adjustments. I hope you guys had a good day, see you tomorrow.