Looks like a flat to slightly up open this morning. I'm still watching for the S&P to break the tight range it's been in since the day after the Fed lowered rates two weeks ago.
On Today's Calendar:
- 10:00 -- ISM Index
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.
Potential day trades:
(From Briefing.com)
Gapping Down
On weak earnings/guidance: RVSN -15.4%, WAG -10.9% (CVS -4.6% in sympathy), SSTR -2.8%... Financials: C -2.5% (lowers outlook), BAC -0.6%, DB -1.1%, JPM -0.7%, WFC -1.7% trading down in sympathy... Other news: AU -5.6% (announces public offering of 61 mln shares), GRMN -5.6% (NOK acquires NVT -- GRMN's map provider), NOK -4.2% (buys Navtec, acquisition is expected to be dilutive to Nokia earnings in 2008 and 2009 on a reported basis), ALU -3.7% (CEO may be forced out as board split emerges - CNN).
Gapping Up
Gapping up on M&A related news: NVT +0.5% (to be acquired by NOK for $78 per share), VELC +10.6% (announced that it has commenced a cash tender offer to purchase all outstanding shares of its common stock for $21.00 per share)... Select China names seeing strength: CNTF +53.7% (signs 3G worldwide subscriber unit and modem card license agreement with QCOM), YTEC +12.0% (announces three call center contract wins with China construction bank), KONG +5.8%, CSUN +4.9%, CPSL +5.0%, CHNR +4.9%, CDS +4.6% (announced today that it has launched operations of CDI Pan Magnesium)... Homebuilders trading higher after Citigroup upgraded CTX, DHI, LEN, PHM and RYL: SPF +4.6%, PHM +2.5%, LEN +2.2%, DHI +1.9%, RYL +1.6%... Other news: TARR +20.2% (announces reinstatement of $79.6 mln of Fannie Mae loans), BCON +10.2% (announces plan to build first frequency regulation plant in NY state), BLC +5.0% (announces it will create separate television and newspaper businesses by spinning off the newspaper business into a publicly-traded co), CRDC +3.8% (co announced it will present at the William Blair Small Cap Growth Stock Conference on Wednesday, 10/3), NTRI +3.7% (upgraded to Strong Buy at Broadpoint Securities).
Disclaimer & How I use this list
Well, we blew through highs today although volume wasn't great.
Fundamentals continue to deteriorate, and not just in the US. (http://benbittrolff.blogspot.com/2007/10/when-banks-start-to-fail.html) So now what? Party like its 1999?
TheFinancialNinja
Good point on the increased volume to the new high. The lack of it makes me want to hold off.