{+++} The market had a another tough day from the start as China and emerging markets continued their downtrend. Some of those are already in bear market territory as they have corrected 20% or more.
Fed head Fisher spoke today (very hawkish Fed member) and he tried to soften some of Bernanke’s blow from last week. It worked for a spell as the market rallied after his comments. You can see the 5 minute chart, it rallied off the comments, but then decided to give some back at around 2:45. Bottom line the SPX rallied 20 handles off the lows and then gave back 7 handles. We’ll see if we can build on that small dead cat rally tomorrow.
I triggered CYTK today, as it came within a penny of the range. After the close, the company announced a 1:6 reverse stock split and a name change. Interesting that they would do this now before the presentation in August. My guess is that they want to attract institutional players to the name. Also, there is a Russell re-balancing on Friday, and they were recently submitted to the Russell microcap index.
The float will go go from 163 million to 27 million.
SRPT did the same thing before it exploded higher.. Hopefully its a good omen. http://bit.ly/15AEGAV
I will keep you all posted on this name.
Stay tuned, this one could get interesting.