Watchlist for September 11, 2006

The stock exchanges will have a moment (minute) of silence today at 9:29 in remembrance of 9/11. I’ve posted several 9/11 links in the recent links section. One of the things I remember most about that morning was the amazing job Mark Haines did covering the events on CNBC. (And Maria Bartiromo covered in soot.) Dave Winer’s actual blog postings from that day just took me right back there this morning. I really hate that I didn’t make it to Ground Zero when I was in NYC last week.

Speaking of NYC, thanks to everybody who showed up at our little gathering. It was great to meet everybody. For those in other cities who couldn’t make it, I’ll let you know when my world tour contiues — yeah right! :d Actually, I did get an email from a reader in Toronto asking me when I was headed that way. I’ve been telling Bill Cara that I need to hit Caribana again (my last & only visit was in 1992). Maybe I can write the trip off if I have a meetup while I’m there. Hmm…

OK, so on to the market today. Futures are weak this morning & I’m considering doing a gap-fade. I’ll probably buy some QQQQ at the open and see what happens. This is Briefing.com’s explanation of this morning’s weakness:

Futures versus fair value suggest stocks will kick off the week on a downbeat note. With no specific corporate news items and a lack of economic data on the docket to perhaps set a better tone for trading, oil slipping for a sixth straight day toward $65 a barrel and gold prices falling below $600 an ounce are exacerbating concerns about an economic slowdown, especially on the heels of a press report out this morning discussing studies done by some Wall Street investment banks on the prospects for a recession.

Here’s the daily chart of the Nasdaq. It looks like it’s having an orderly (and normal & healthy) pullback. It seems to be tracing out a short cup & handle pattern. Let’s see if the bulls can step up and break the highs of the pattern in the coming days.

Also, don’t forget that this is expiration week. Don’t be surprised to see strike pinning taking place…

Potential swing trades:

See one of the recent ‘Chart Reading‘ posts for some potential swing candidates.

Potential day trades:

(From Briefing.com)

Gapping Down

DELL -4.4% (delays 10-Q due to probe; share buybacks suspended), ACGY -5.2% (convertible note offering), SWHC -5.2% (profit taking after 8% move on Friday), BOBJ -2.3%, COMS -2.1%, NVDA -2% (to delay 10-Q), RBAK -1.9% (Miller Johnson downgrade), INTC -1%… Mining stocks are weak as gold prices fall again: PAAS -5.2%, AAUK -3.2%, GOLD -2.5%… Under $3: NXXI -5.3% (reports Q4)

Gapping Up

FSL +19% (group nears takeover deal for FSL – NY Times), NYNY +9% (takes further step in getting approval to build a casino), NAII +5.8% (reports JunQ), QMAR +4.6%, QLTI +4.3% (to acquire 13 mln shares in tender offer), OXGN +2.6% (extends recent run), ACAS +2.4%, GROW +2.2% (extends Friday’s 10% move), SYMC +2% (mentioned positively in Barron’s), CTXS +1.5% (RBC upgrade), SNDK +1.3% (AmTech raises tgt to $90, adds to Focus List)… Under $3: OSCI +23% (CNNMoney.com article says co could get a big boost from the FDA this week), SNTO +4.9%.

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