Watchlist for September 28, 2005

My outlook today is basically the same as it was yesterday except now I'm watching for a break of a two day range. It's Wednesday so that means we've got the oil inventory report at 10:30. As usual I'll wait until 15 minutes after that to make any moves.

Potential swing trades:

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

Potential day trades:

(From Briefing.com)

Gapping Down

INCY -27% (HIV drug not cleared for Phase III), SKYE -20% (reports 1H results), FMD -17% (CEO resigns; JP Morgan downgrade), NOVN -16% (FDA will not approve co's fentanyl patch; ENDP -2.8% is NOVN's partner), LPMA -16% (guides signifcantly lower), LIFC -6% (Piper downgrade), AFFX -5% (guides lower), MHK -4.7% (guides lower), FNLY -4.2% (jewelry retailer to lose 184 sites due to FD/MAY merger), FORM -4.2% (JP Morgan downgrade), CELG -3.7% (trial of Revlimid halted - WSJ), CTIC -3.5% (profit-taking following yesterday's rally), FDS -2.8% (founder's estate to sell shares), EYET -2.6% (TheDeal.com reports that OSIP may push for downward revision in merger terms).

Gapping Up

SPIR +8% (announces installation of solar panels), PAYX +7% (reports AugQ, guides higher), TVIN +5%, RNWK +5% (named Cingular's provider for its next generation video service), MEDI +3.9% (Lehman upgrade), SWN +3.3% (Mad Money mention), WVCM +2.8%, MLNM +2.7%, TER +2.2% (JP Morgan upgrade), SHLD +1.6%... Energy stocks on the move again: TXCO +6%, NGAS +5%, OMNI +5%, TS +5%... Under $3: INSM +39% (receives FDA approvable letter for iPlex).

Intraday Updates:

09:45 CELG hass my attention as it continues to breakdown

09:49 Interesting to note that all 3 major indices are up 0.3% but the A/D line on the NYSE is 15/11 while it's 10/13 on the Nasdaq.

09:57 AAPL is looking vulnerable here too. (disclosure: I'm long AAPL in my long term account -gulp-)

10:25 Hmm, CELG's turning. 5 minutes to the bog report....

10:32 Post-oil report the Nasdaq is now above yesterday's high but still a few points from Monday's high of 2131

10:42 Naz is now back below yesterday's high (yawn)

10:51 Nasdaq's trying for another run at 2131. Its A/D line has now turned positive at ~ 14/13 while the NYSE A/D is 18/11. TIme to line up some long candidates just in case this move is for real...