We’ve obviously got a pretty good sized gap up today due to relief over the amount of damage hurricane Rita did over the weekend. I’m on the lookout for the gap-fade crew to try to fade the gaps in the early going. My guess is that the market is oversold enough for buyers to be able to successfully fade the fade. :-)

I’ve listed some swing candidates below. I think I may actually start trying to day trade some of these, so I may be in a few of them during the day today.

Here’s a look at the Nasdaq chart:

Potential swing trades:

Longs: ADSK, AMT, AQNT, BRCM, BRL, CCJ, ENDP, GME, GRMN ,IBB, MEE, NTES, NVT, SNDK, TRN, TV, WFR

Shorts: TGT, SBUX

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

Potential day trades:

(From Briefing.com)

Gapping Down

MSGI -12% (negative SmartMoney.com article), RFMD -6% (target cut to $3 at Deutsche), DPH -6% (more bankruptcy concerns), WAG -1.9% (reports AugQ), RIMM -1.1% (Palm to partner with MSFT)… Energy/hurricane stocks back up after recent run as Rita was less severe than expected: FUEL -8%, CHK -2%, IPII -2.4%, TSO -2%, VLO -1.7%.

Gapping Up

NL +12% (Mad Money mention), MIK +7.7% (UBS upgrade), PALM +6.5% (teams with Microsoft for smart phone), PANC +6.5% (Legg Mason upgrade), VVUS +5.5% (reports on end of Phase 2 meeting with the FDA), STEM +4.6% (News Medical story), TOMO +4.6% (extends recent momentum), DCTH +4.4%, PAYX +4.2% (Deutsche upgrade), AEOS +4.1% (Chairman discloses large purchase of stock), VPHM +3.1%, SOHU +3% (Tudor discloses 5.12% stake), AMD +3% (Barron’s story says stock heading to $50), BA +2.5% (strike ends), BOOM +2.1% (extends Friday’s 13% move), SHLD +2%, AAPL +1.5% (positive UBS note)… Under $3: CYTR +23% (FDA fast track review), KRY +15% (expansion update), MEMY +18% (clinical data).

Intraday Updates:

  • 09:50 MNTA’s in the move again. testing $30 now…

  • 10:06 OK, I’m now absolutely convinced that Briefing.com is using the Trade-Ideas scanner. It’s uncanny how often I see a stock on Trade-Ideas and then 30 seconds later Briefing mentions it in one of their ‘technical’ alerts. AMLN is the latest example

  • 10:09 CME’s rolling once again, up 8 points… and *only* a 35 cent spread today.

  • 10:35 From Briefing.com — President Bush to comment on energy supply at 10:55 ET - CNBC

  • 11:31 I bought a couple of stocks but they’re not doing much. We’ve got a pretty narrow triangle building on the QQQQ this morning. I’m waiting for it to be broken before making any more moves.

  • 1:35 The gap closers showed up a little later than i expected but they’re here in full force now… and I think I’m done for the day. Also, it looks like Grenspan just lobbed another grenade at the housing sector with his ‘froth’ comments a few minutes ago.

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