Watchlist for September 18, 2006

I just realized that there’s a Federal Reserve meeting this week. I really wish they’d make their interest rate announce ments on Monday morning’s instead of mid-week. This time the interest rate decision comes on Wednesday, which means we’ll likely have two days of drifting ahead of the decision. Needless to say I’ll be treading lightly if at all today and tomorrow. And as always I won’t trade on Wednesday.

If you have a few minutes you should check out the latest video from Hubert at Trade the Markets. In the first few minutes he talks about options expiration and says — “options expiration is just a nightmare to trade” & “I recommend that you not trade options expiration”. He also takes a look at the economic calendar for the week. Later in the video he looks at some three-line break charts. I used to love three line break charts but I haven’t used them in a while… pretty much since I switched to daytrading.

Also, I see the blogger sentiment poll results are out:

I voted “bullish” again this week. Just so you know my vote is generally going to be bullish if the S&P is above the 50-day moving average and bearish if it’s below. I hate to make predictions, especially 30 days out but since that’s how the poll works I think the 50-day moving average is a reasonable guide. What I want to know is why are all those other bloggers bearish and on the fence??? Makes we want to bet the farm and get long.

Potential swing trades:

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

Potential day trades:

(From Briefing.com)

Gapping Down

GVHR -15% (guides lower), NOVL -4.9% (extends recent weakness), ILMN -3.5% (Cowen downgrade), OVTI -3.2% (mentioned negatively in Barron’s Tech Trader), BRCM -2.3% (in sympathy with UK-based CSR guidance), STX -2.2% (Citigroup downgrade), WDC -1.9% (Citigroup downgrade), HD -1.5% (Credit Suisse downgrade), ADBE -1%, ASML -1%.

Gapping Up

SMTS +19% (reports AugQ, guides higer; also announces license agreements), PORK +15% (to be acquired), EMMS +7.9% (intends to declare $4 special dividend), LTON +4% (Brean Murray upgrade), EXPD +3.4% (extends last week’s 14% move), GYI +3.3% (JP Morgan upgrade), CALC +3.2% (removes 5% max ownership restriction), ISRG +2.9% (Wachovia initiates at Outperform), SYMC +2.7% (Credit Suisse upgrade), ICE +2.1% (BofA upgrade), AMAT +2.1% (accelerates stock buyback and announces new 4% bln program), RMBS +1.3% (bounces after 5% drop on Friday), ALL +1.1% (Stifel upgrade)… Under $3: CTIC +24% (announces license and co-development agreement for Xyotax), SCLN +5.8% (Phase 2 data), AMCC +5.4% (provides guidance in 8-K filing), JDSU +2.3%.

Disclaimer & How I use this list