As we like to say around here, it only matters when it matters.  After nearly 2 months of bad economic data this was really the first day people seem to be startled into realizing the Federal Reserve is not going to create a magic carpet ride.  This is the worse market day since March.  Ten year yields are firmly below 3% as the bond market (usually well ahead of the equity market) has been sniffing out economic weakness since early April.

[chart below 1 day delayed]

As I mentioned earlier I like to screen on days like today because sometimes it generates new ideas on the long side.  Using Finviz and throwing in some minor parameters such as

  1. Market cap minimum of $300M
  2. Stock price $10+
  3. Average volume 100K+

you get a universe of about 2400 equities (and ETFs).  Of that group, only 60 stocks (I included 1 closed end fund) generated a return of 1% today.   Some are clearly 'defensive' stocks that will hold up in most selloffs, but it's often a good group to sniff around in to see where money is still flowing to, despite carnage in the broader market.  For example, I mentioned the casino stocks earlier today (still relatively strong) but  one name in that group I have not looked at in 2+ years is Melco (MPEL) - this stock has been a serial dog for years and off my radar.  But guess who is breaking out?  Time to put her back on my watch / potential buy list.  Rinse. Wash. Repeat.

(please note that by 4 PM there might be a few more or less names on the list)

TickerGainCompany Mkt Cap Industry
TLVT15.4%Telvent Git S.A.           1,008Computer Based Systems
DAKT9.3%Daktronics Inc.               447Industrial Electrical Equipment
GNOM6.6%Complete Genomics, Inc.               416Biotechnology
GLNG5.1%Golar LNG Ltd.           2,366Shipping
CECO5.0%Career Education Corp.           1,668Education & Training Services
VHC5.0%VirnetX Holding Corp           1,305Internet Software & Services
MPEL4.9%Melco Crown Entertainment Ltd.           6,005Resorts & Casinos
NANO4.7%Nanometrics Incorporated               358Scientific & Technical Instruments
SKM4.4%SK Telecom Co. Ltd.         11,519Wireless Communications
RRGB4.1%Red Robin Gourmet Burgers Inc.               560Restaurants
APOL3.6%Apollo Group Inc.           5,821Education & Training Services
AVEO3.3%AVEO Pharmaceuticals, Inc.               659Biotechnology
ESI3.2%ITT Educational Services Inc.           1,931Education & Training Services
VRNT3.0%Verint Systems Inc.           1,300Business Software & Services
LSTZA2.9%Liberty Starz Group         56,038Broadcasting - TV
FTNT2.9%Fortinet Inc.           3,684Computer Peripherals
TLLP2.9%Tesoro Logistics LP Common Unit               758Oil & Gas Pipelines
HITK2.9%Hi Tech Pharmacal Co. Inc.               356Drugs - Generic
LVS2.6%Las Vegas Sands Corp.         30,282Resorts & Casinos
MSTR2.5%MicroStrategy Inc.           1,566Business Software & Services
SM2.4%SM Energy Company           4,231Independent Oil & Gas
ESV2.3%Ensco plc           7,648Oil & Gas Drilling & Exploration
BPI2.2%Bridgepoint Education, Inc.           1,242Education & Training Services
HOGS2.1%Zhongpin, Inc.               615Food - Major Diversified
ELS2.1%Equity LifeStyle Properties, Inc.           1,834REIT - Residential
BGS2.1%B&G Foods Inc.               888Processed & Packaged Goods
WCG2.0%WellCare Health Plans, Inc.           2,096Health Care Plans
UA1.8%Under Armour, Inc.           3,370Textile - Apparel Clothing
TGP1.8%Teekay LNG Partners LP.           2,097Shipping India Ltd.               326Internet Information Providers
KND1.8%Kindred Healthcare Inc.               980Medical Instruments & Supplies
PCS1.8%MetroPCS Communications, Inc.           6,422Wireless Communications
ALXN1.8%Alexion Pharmaceuticals, Inc.           8,718Drug Manufacturers - Other
FEIC1.7%FEI Co.           1,509Scientific & Technical Instruments
FENG1.7%Phoenix New Media Limited                870Business Services
CHKP1.7%Check Point Software Technologies          13,403Security Software & Services
STRA1.7%Strayer Education Inc.           1,471Education & Training Services
BIP1.6%Brookfield Infrastructure Partners L.P.           3,870Electric Utilities
SINA1.6%Sina Corp.           7,237Internet Software & Services
VIP1.6%VimpelCom Ltd.         18,339Wireless Communications
TOO1.6%Teekay Offshore Partners LP           1,605Shipping
LEAP1.6%Leap Wireless International Inc.           1,321Wireless Communications
HRC1.5%Hill-Rom Holdings, Inc.           2,883Medical Instruments & Supplies
KT1.5%KT Corp.           9,515Telecom Services - Foreign
HANS1.4%Hansen Natural Corporation           6,333Beverages - Soft Drinks
XTEX1.4%Crosstex Energy LP               926Independent Oil & Gas
CSOD1.4%Cornerstone OnDemand Inc.               918Multimedia & Graphics Software
PHI1.3%Philippine Long Distance Telephone Co.         10,140Telecom Services - Foreign
VLCCF1.2%Knightsbridge Tankers Limited               514Shipping
TESO1.2%Tesco Corporation               777Oil & Gas Equipment & Services
EFT1.2%Eaton Vance Floating-Rate Income Trust               614Closed-End Fund - Debt
OMCL1.2%Omnicell Inc.               510Computer Based Systems
HIT1.2%Hitachi Ltd.         25,635Electronic Equipment
SAH1.2%Sonic Automotive Inc.               692Auto Dealerships
ACW1.2%Accuride Corp.               619Trucks & Other Vehicles
CCE1.1%Coca-Cola Enterprises Inc.           9,390Beverages - Soft Drinks
KGC1.1%Kinross Gold Corporation         17,852Gold
EFR1.0%Eaton Vance Senior Floating Rate Trust               572Closed-End Fund - Debt
AMLN1.0%Amylin Pharmaceuticals, Inc.           2,026Biotechnology
GIB1.0%CGI Group, Inc.           6,197Internet Software & Services