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).

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