Watchlist for December 3, 2004

The Nasdaq did indeed fail at the 2004 highs yesterday (shocker!). This morning’s jobs report has put a bit of a damper on the Intel based futures rally. So now the Nasdaq looks like it will open right around yesterday’s highs. The million dollar question is whether that level will be resistance again or become support.

I’m not moved to do much today partly because of what I just wrote above but also because I’m not finding much that looks buyable or shortable. So once again I’ll just be managing my stops and looking for a day trade or two.

Currently holding:

Long – CME, CVTX, FSL, INCX, NVT, WBSN

Short – none

Looking for swing trade entries in:

Longs – CAAS, COGT, IFIN, IIIN, TSRA, VIP

Shorts – HDI, MDT

Potential day trades:

(From Briefing.com)

Gapping Down

MOT -8.6% (completes Freescale spin-off), BPA -42% (female sex-drive patch needs more study says advisory panel), THOR -13% (RBC upgrade after co reports sales update), GORX -10.5% (held conf call last night), FITB -4.3% (Baird and Merrill Lynch downgrade the stock after co guides lower), HAL -2% (CSFB downgrade, mgmt change), IRSN -18%, DYTK -12% (receives notice of deficiency).

Gapping Up

INTC +8% (mid-qtr update guides revs well above previous guidance; also Needham upgrade; up in sympathy: LRCX +4.9% (also Thomas Weisel upgrade), KLAC +3.6%, XLNX +2.9%, NVLS +2.7%, AMKR +7.6%, VTSS +6%, AMAT +4.1%, ASML +3.9%, AMD +2.8%, NSM +2.7%), BITS +16% (continues recent momentum), DIO +12% (receives FDA clearance for EVLT), CRIS +11% (Business Week article), COGT +5.5% (announces $20 mln US-VISIT contract), NGEN +5.5% (continues recent momentum), IPIX +3.9% (announces 360-degree technology expands to Italy), SIRI +3.4% (continues recent momentum), TASR +2.8% (Kerik named to top Homeland Security spot, seen as potential positive for Taser — see Briefing.com comment yesterday on InPlay), NVDA +2.7% (Pac Growth upgrade)….  Under $3: BIOM +78% (cancer vaccine data), WGNR +45% (earnings report), RCO +11%, GNTA +7% (Acquires C-Myb Antisense Drug), LOUD +5.8% (recent momentum).

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