More pain for the bears today thanks to Big Ben’s speech last night…

On Today’s Calendar:

• 9:45 — Chicago PMI
• 10:00 — Construction Spending

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: DELL -9.4% (also tgt cut to $40 at Bear Sterns), BIG -4.8%, MENT -4.7%, ESEA -2.2%… Other news: FRPT -9.0% (Friedman Billings says reports from last night indicate U.S. Marine Corps may scale back its M.R.A.P requirements which would negativly impact FRPT), COMS -8.4% (Washington Times reports COMS merger with Chinese co may threaten national security), KMP -2.1% (files for 5.2 mln share common unit secondary offering)… Analyst downgrades: MOGN -6.0% , CMC -1.3%

Gapping Up

In reaction to strong earnings/guidance: SEAC +20.9%, JCG +11.7%, OVTI +6.7%, PRLS +6.1%, TIF +3.2%, ANDE +2.8%, LTRE +1.5%, ZUMZ +1.3% (also upgraded to Positive at Susquehanna)… Financial/Mortgage sectors seeing strength after WSJ reports that banks are near agreement to temporarily freeze interest rates on certain subprime home loans: CFC +12.9%, MBI +9.0%, ABK +8.9%, FRE +6.7%, MTG +6.5%, WM +5.6%, FNM +5.3%, CIT +5.0%, WFC +3.6%, MER +3.2% (also WSJ reports CFO of NYX in advanced talks to take key position at MER), GS +3.0%, UBS +2.5%, C +2.2%… Homebuilders seeing strength on rate cut expectations/positive mortgage news: PHM +8.1%, HOV +7.3%, RYL +7.0%, SPF +5.2%, TOL +4.3%, BZH +4.1%, CTX +4.0%… Solar stocks seeing strength, House vote on energy bill is next week (12/5) which could have positive implications for group: SOLF +10.6% (continued momentum after yesterday’s rally on earnings), LDK +6.5% (also announces its polysilicon plant construction on schedule and has secured additional 312 metric tons in polysilicon supplies for 2008), TSL +4.6%, SPWR +2.1%, FSLR +2.0% (also initiated with Hold at Soleil)… Other news: STEM +10.5% (announces first patient to receive transplant of HuCNS-SC cells in phase I clinical trial), JRJC +10.1% (still checking), ETFC +5.8% (trading higher despite analyst downgrade; mixed comments from other analysts), ALO +5.7% (announces positive results from phase III trial for its opioid), AU +5.3% (still checking), CRXL +5.1% (presents Indian phase I rabies antibodies cocktail study with positive results enabling progress towards phase II studies), BIDZ +4.9% (hearing ThinkEquity defending BIDZ), AAUK +4.9% (still checking), VMW +2.9% (CSCO discloses unchanged 6 mln share stake in SC 13D/A), PBY +2.4% (5 directors bought 99k shares in filings disclosed after close), GOOG +1.9% (WSJ reports GOOG plans to announce bid for wireless spectrum), HPQ +1.8% (hearing added to Conviction Buy list at tier-1 firm), ABT +1.6% (FDA advisory committee recommends approval of Xience), FCX +1.4% (Cramer makes bullish comments on MadMoney)… Analyst upgrades: LGF +8.2% (upgraded to Strong Buy at Wedbush), VSEA +3.0% (upgraded to Overweight at Thomas Weisel), FCEL +2.9% (initiated with Overweight at JPMorgan), FFIV +2.6% (upgraded to Outperform at BMO Capital), VLO +1.2% (upgraded to Buy at BofA).

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