Thursday, December 5, 2013

Volume Off the High- Dec. 4 Trading Day Edition

In yesterday's trading, a few consumer and healthcare related names came off the highs with volume support. Bob Evans is particularly noteworthy, as the company reported earnings that missed expectations by $0.20 not only on increased costs but lower expected sales. Not only are the results noteworthy because of the large miss, but it also appears that some investors were anticipating miss, with price/volume characteristics indicating investors getting out of the stock ahead of earnings. More so, some short-side profits may be made here, as price action puts the gap opened at $48 in play. The gap is nearly $3 lower than current prices. Not a large scalping, but maybe for a quick buck.

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