Watchlist for August 16, 2006

No, you're not dreaming, we're gapping up for the third day in a row. The bulls are liking the CPI data this morning and are putting pressure on the bears. The level I'm watching today is S&P 1,293, which was the intraday high on August 4th. If we get through that we should get a lot of short covering as the technical bear case deteriorates.

reminder -- oil inventories hit at 10:30.

Potential swing trades:

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

Potential day trades:

(From Briefing.com)

Gapping Down

Gapping down on disappointing earnings/guidance: DAKT -29%, ELTK -4.8%, TWB -4.3%, ROST -3.9%, PLAB -2.9%, PETM -2.7% (also Raymond James downgrade)... Other News: ALSC -19% (receives Nasdaq delisting notice), OCCF -10% (rejects takeover bid from SPSX), WOLF -4.6% (co says it's not for sale), CG -3% (Loews to sell 15 mln shares of CG), BMR -2.5% (prices offering), KLAC -1.1% (in sympathy with AMAT qtr).

Gapping Up

Gapping up on strong earnings/guidance: SNDA +9.3% (also Bear Stearns upgrade), ANF +7.3%, BLI +6.9%...
Other News: XLNX +6.3% (files 10-Q, finds no evidence of option fraud), ANSV +9.4% (hires two new VPs), BIVN +6.4% (Pru initiates with $11 tgt), CLN +11% (extends momentum; stock up 75% in 3 days), IMCO +3.7%, PEIX +3.6% (to delay 10Q, but provides guidance), NTLI +3.2% (Private equity firms are preparing a fresh $18.9 bln bid for co -- Reuters citing The Times), RMBS +3.2% (Tate resigns from board), CVTX +2.6% (prices offering), XMSR +2.6% (GM to lower radio upgrade in cars), TFSM +2.5%, ACI +2.3% (Cramer positive on Mad Money), IGT +2.2% (on Mad Money, Cramer calls it the best gaming stock available), NYNY +2.2%, QCOM +2.1% (added to Focus List at Tier-1 firm), BTU +1.8% (Cramer positive on Mad Money), BEAS +1.8% (Pru upgrade), HANS +1.5%, BRCM +1.3% (positive UBS comments), BIDU +1.3% (in sympathy with SNDA), SNY +1.3%... European stocks are strong on positive broker comments on SAP and other European stocks: CRXL +8.2%, SAP +3.2%, ALA +2.8%, NOK +3.3%, ERICY +2.1%, ASMI +1.7%, ASML +1.3%... Under $3: CNR +31% (provides operation update), PPHM +10% (phase 1 data).