It's obviously been a rough month for the bulls, with the Nasdaq down 9% and the S&P 500 down 7% in November. The market is oversold -- note T2108 under 20 -- and the indices are showing signs of stabilizing. I'll be watching the short-term trendlines (see charts below) for upside breaks...
On Today's Calendar:
- nothing
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
In reaction to weak earnings/guidance: NWL -10.8%, CRME -7.8%...Other news: TSO -5.2% (Tracinda expresses concern about TSO rights plan), ETFC -3.4% (WSJ article says sale of co may hinge on its mortgage portfolio)...Analyst downgrades: FNM -3.9% (downgraded to Neutral at UBS), FRE -2.8% (downgraded to Neutral at UBS, also plans to raise $5 bln in preferred stock sale), SSL -1.8% (downgraded to Peer Perform at Bear Sterns), HBC -1.5% (hearing downgraded to Sell at tier-1 firm).
Gapping Up
On strong earnings/guidance: SKIL +5.9%...M&A: GLYT +49.9% (PHG to acquire GLYT for $95.50 per share), AYI +4.3%(up in sympathy with GLYT)...Other news: HOKU +40.2% (signs $306 mln polysilicon supply contract), CFSG +11.9% (announces $31 mln contract with Shougang Jingtang Steel and Iron), GBT +11.1% (announces $3.2 mln contract with Jilin Jinao Mining Equipment), TGEN +7.5% (announces FDA removed hold on its Phase I/II clinical trial of tgAAC94 for inflammatory arthritis), BRLC +6.7% (announces co will provide outlook for Fiscal 2008 this Wednesday), QGEN +5.1% (still checking), PTR +3.9% (still checking), MICC +3.8% (still checking), GOLD +3.2% (spot gold prices are higher by 8.30 at 832.10 this morning), CHINA +2.7% (discloses co has presented proposal for investment in and restructuring of Linktone), ERIC +2.4% (announces co has been selected by Algerie Telecom as sole supplier and system integrator for its network upgrade), RTP +2.1% (invests $2.4 bln in 2 new iron ore mines and increases dividend 30%)...Select retailers seeing pre-mkt strength following reports of better than expected Black Friday: CC +7.4%, BBY +1.4%, GLW +1.6% (may be picked up as beneficiary of flat panel sales)...Analyst upgrades: SGP +2.5% (hearing reinstated to Buy at tier-1 firm), BA +1.5% (upgraded to Outperform at Wachovia), CELG +1.4% (upgraded to Buy at BofA), MA +1.0% (target raised to $260 at Calyon).
Disclaimer & How I use this list
You based your bull rally on a black Friday rally! Volume is expanding to the downside and people are looking to get out. You could have sold short or bought puts into any mini rally the bulls could muster this month.