The indices had a good day yesterday but none of them has yet to surpass the highs put in around October 20th. The futures are a little weak right now but some backing & filling might actually be healthy. It would be nice for the bulls if they could keep the indices above their downrad sloping September trendlines.
On Today’s Calendar:
- 9:45 — Chicago PMI
- 10:00 — Mich Sentiment-Rev.
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent ‘Chart Reading‘ posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to disappointing earnings/guidance: PWAV -38.9% (also downgraded to Neutral at Baird), BARE -24.3% (also downgraded to Hold at Wedbush Morgan), CTV -19.8% (also downgraded to Neutral at JPMorgan and downgraded to Neutral at Baird), CNXT -15.7%, GFIG -15.6%, ERTS -14.2%, VISN -12.1%, MORN -11.0% (downgraded to Market Perform at Keefe Bruyette), KLAC -6.3%, JAVA -5.1%, NYX -4.1%, BKC -4.0%, VIGN -2.8% (light volume), MEE -2.0%… M&A news: BRCD -6.9% and FDRY -1.9% (FDRY provides additional information regarding agreement in principle with Brocade; if definitive agreement is reached stockholder meeting will be further delayed with a closing of the transaction in the second half of December 2008 )… Select financials trading lower: BCS -10.4%, AXA -8.5%, HBC -7.5% (downgraded to Sell from Neutral at Goldman-DJ), ING -5.0%, GS -1.9%, WFC -1.9%, BAC -1.8%, C -1.5%… Select oil/gas related names showing weakness with crude lower: TOT -4.9%, NOV -4.6%, RDS.A -3.6%, RIG -3.3%, BP -2.7%, XOM -1.9%… Select metals/mining stocks showing weakness with lower spot prices: MT -9.4%, RIO -5.7% (to reduce output on slowing global demand – DJ), GG -3.7%, GOLD -3.5%, NEM -3.4%, BBL -3.3%, RTP -3.2%, GLD -1.6%… Other news: BT -25.1% (shares plunge most in at least 22 years on missed targets – Bloomberg.com), MTL -8.0% (still checking), GM -6.8% (GM, Chrysler merger on hold as aid hopes fade: Sources – Reuters), VOD -6.1% (still checking for anything specific)… Analyst comments: PFG -12.8% (downgraded to Sell from Neutral at UBS), EXPE -4.1% (downgraded to Hold at Citigroup), AIG -1.8% (downgraded to Neutral from Buy at UBS), ORCL -1.7% (downgraded to Market Perform at JMP).
Gapping Up
In reaction to strong earnings/guidance: AIRT +16.5%, AKAM +13.4%, DIVX +6.3%, SSD +5.6%, BOOM +5.5%, KBR +3.0%, MNST +3.0%, AOC +2.4% (also upgraded to Mkt Perform at FBR), DGII +2.2% (also upgraded to Market Outperform at Boenning & Scattergood), THOR +1.3%, SWN +1.1%, CHK +1.0%… Select airlines ticking higher with crude lower: CEA +4.4%, CAL +3.3%, DAL +3.0%… Other news: NXG +9.0% (discovers significant extensions to mineralized zones at the Fosterville Gold mine), GLBL +6.3% (modestly rebounding after yesterday’s 25%+drop), SJM +3.5% (will replace Terex in the S&P 500)… Analyst comments: PDGI +8.9% and PPO +1.8% (upgraded to Outperform at Baird).
Disclaimer & How I use this list
Mike,
Do you think the S&P might be forming a descending triangle ?
Hmm..the market may be sensing amiss. We have yet to heard any major troubles/issues at the hedge/mutual fund sector. If something like Long Term Capital Management happens, then a 2nd massive wave of selling will commerce.