Watchlist for December 1, 2004

We had more bearish candles yesterday but the market seems to just be going sideways again. I'll be watching for the S&P to hold 1170. If that level breaks things may get a little dicey.

I just noticed the rally that's been taking place in steel stocks over the last few days. I can't believe I missed all those moves. For example, check out TONS, IIIN and ZEUS.

Oh yeah, don't forget that the QQQ is now QQQQ

Currently holding:

Long - BEBE, CVTX, FSL, SRNA, VRSN, WBSN

Short - none

Looking for swing trade entries in:

Longs - CME, INCX, NVT, VIP (disclosure: I'm long VIP in my IRA)

Shorts - HDI, SIR, SJT

Potential day trades:

(From Briefing.com)

Gapping Down

SYNO -16% (misses by $0.02, will not provide guidance until mkt conditions stabilize), SKIL -23% (Legg Mason and CSFB downgrade following qtrly report), FE -5.2% (guides lower, Morgan Stanley downgrade), SYNA -5% (announces $100 mln private offering of convertible senior subordinated notes), MCHP -4.5% (lowers guidance below consensus), PLAB -4.5% (First Albany downgrade), SGMS -3.6% (plans $225 mln offering of convertible subordinated debentures), ASMI -2.8% (announces $125 mln convertible notes offering), DG -2.5% (misses by $0.03), PACT -3% (announces private offering).

Gapping Up

GORX +125% (receives FDA approval for Mucotrol), OVTI +15% (reports OctQ), KONG +14% (signs licensing agreements with five record cos), WDC +7.1% (guides DecQ higher), CRAY +6.6% (announces pricing of $65 mln of 3% notes), CHS +6.4% (reports OctQ; Wachovia upgrade), TASR +4.5%, NKTR +3.9% (Deutsche and SunTrust upgrades), STX +2.8% (mentioned in Barron's Online, Goldman positive ahead of mid-qtr update Dec 7), NVLS +2.8% (raises guidance to high-end of range), COGN +2.6% (Adams Harkness upgrade).... Under $3: LFP +80% (Receives US FDA Clearance for the Impact Test System for Medical Use), ICOR +48% (awarded patent), CYTR +43% (announces data for its Iroxanadine for the treatment of cardiovascular disease), FTGX +22% (signs contract with Infonet), DSGX +10% (reports qtr; CSFB upgrade), VION +8.7% (OpCo starts with Buy, $8 tgt), LOUD +7.3% (to power Sweden's largest legal music download service).