With the second day of October not ending any more impressively than the first for stocks, it may be time to dig up a few short-term trading ideas to offset a dip. As of right now, TAM S.A. (TAM), Silicon Laboratories, Inc. (SLAB), Calypso Wireless (CLYW.PK), and Carlisle Companies Inc. (CSL) are the most interesting bets. Here's a more detailed view of each.
No matter how many different support lines you draw, none of them suggest
Silicon Laboratories, Inc. (
SLAB) has a shot at stopping it bleeding anytime soon. The stock fell under the most meaningful of the support lines today, on decent volume for a Friday.
From here it's not crystal clear where Silicon Laboratories shares are due to find support again. You could make a case for the lows in August, or July, or May. The support levels with the most potential in this case, we fell are the Fibonacci lines at $38.11 and $31.35 (neither of which jive with the recent lows from SLAB).
In any case, Silicon Laboratories, Inc. has crossed a line.... literally.
It may not be a sophisticated setup, but
Carlisle Companies Inc. (
CSL) is falling all the same after an excessive runup in July. It may be headed all the way back from the current price of $32.48 to close the gap around the $25.00 mark.
Oh, Carlisle Companies shares fought a good fight for a while. The problem was, following the jump, the buying effort just stopped cold. CSL drifted higher for a while... listless. The jig is up though.
There are some Fib line at $30.08 and $27.08 for Carlisle, which may or may not have any bearing.
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TAM S.A. (
TAM) didn't really have the best August or September following a fantastic Q2 of this year. We were ready to count the airline stock out. Things changed decisively today... for the better.
In a nutshell, TAM S.A. shares made a major outside reversal on high volume... an outstanding sign of a pivot. We've seen a few high-volume days - as well as outside and inside days - from TAM in recent weeks, but never on the same day like this.
Though we'd ideally like to see some follow-through next week, today should have been a big enough move to rock TAM of its rut and let it renew the previous uptrend.
Finally,
Calypso Wireless (
CLYW) caught out attention because, well, it's caught so many other people's attention lately. Look at the way volume has ramped up over the last three week - most of it bullish.
There's still some work to day here, as Calypso Wireless shares are still ultimately trapped in trading range between $0.015 and $0.04. However, the most-recent push off the lower support edge of that zone has been healthier than other; CLYW is actually gathering new buyers and building a base.
It may be a pumping effort (though we couldn't find one) helping Calypso get going, but it doesn't matter - the nudge may be all the stock needs. If the ceiling at $0.04 is cracked - and it should be at the current rate of progress - CLYW could go nuts.
If you'd like to know of any changes in our opinion of TAM, CSL, SLAB, and CLYW (or if we officially recommend them as trades), be
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