The Nasdaq closed just shy of its 200-day moving average yesterday. I think that's the thing to watch today. A good move above that line could spark some short covering, if not actual buying...
On Today's Calendar:
- 10:30 -- Crude Inventories
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: DRI -11.9%, EXAR -10.2%, PALM -9.8%, HOV -6.5%, RMBS -6.4%, KMX -5.1%, FSII -1.8%, MANT -1.2%... Select gold stocks showing weakness on lower gold prices: AU -4.2%, GFI -2.8%, HMY -2.3%, GOLD -1.9%... Other news: FRPT -25.5% (FRPT, Navistar, BAE split $2.66 bln truck order), SPAR -5.9% (still checking), ADCT -4.8% (proposes convertible subordinated notes offering of $400 mln), UTI -2.8% (announces departure of CFO), RAIL -2.5% (announces decision to close Johnstown facility, will record a pre-tax restructuring and impairment charge during Q4 of 2007 of approx $34.3 mln), MGRC -2.4% (may continue to buy back shares under its previously announced stock repurchase during the co's current "blackout" period), INFN -2.2% (Carphone Warehouse has selected INFN for its national backbone network in the UK), MTSC -2.1% (names Laura Hamilton Chief Executive Officer), STRL -2.0% (prices 1.6 mln share secondary offering at $20), RTEC -1.5% (acquires semiconductor business of Applied Precision; to be accretive to earnings within first year), AEA -1.2% (announces decision to close 66 remaining centers in Pennsylvania), MCBC -1.1% (makes Q4 provisions for residential development loans)... Analyst downgrades: TRB -3.9% (downgraded to Hold at Deutsche Bank, also CEO expected to resign), BJS -2.4% (hearing downgraded to Sell at tier-1 firm), BCS -2.4% (hearing downgraded to Sell at tier-1 firm), UBS -1.8% (hearing downgraded to Hold at tier-1 firm), TECUA -1.8% (downgraded to Neutral at Baird), NSM -1.4% (hearing downgraded to Neutral at tier-1 firm), SANM -1.1% (hearing downgraded to Sell at tier-1 firm), BP -1.1% (downgraded to Neutral at JPMorgan)
Gapping Up
In reaction to strong earnings/guidance: DGIT +14.7%, ATU +4.1%, AMTD +3.1%, TTWO +2.1% (also upgraded to Buy at Citigroup), ACE +1.7%, NDSN +1.3%, APSG +1.3%... Other news: CEM +19.4% (to review strategic alternatives), EPEX +16.6% (to review strategic alternatives, including the potential sale or merger of the co), CDS +9.3% (plans to acquire two Magnesium companies), CIM +4.8% (Cramer makes positive comments on MadMoney), ETFC +3.3% (Former CEO of E*Trade, trades out of some of his holdings - Barron's Online), ADPI +3.4% (signs forbearance agreements and provides mediation update), CVTX +3.4% (FDA approves new mechanism of action labeling for Ranexa), GCO +2.5% (UBS may be forced to finance a $1.5 bln retail acquisition of GCO by Finish Line - WSJ), ABMD +2.0% (receives FDA approval for the combination iPulse circulatory support system), LMC +1.2% (announces it will repurchase up to 19,620,139 common shares), ALL +1.1% (affirms outlook, provides ests for California wildfires and other catastrophe losses)... Analyst upgrades: MPWR +2.7% (hearing upgraded to Buy at tier-1 firm), SID +2.5% (hearing upgraded to Neutral at tier-1 firm), OSUR +1.9% (initiated with Buy), FLEX +1.7% (assumed with Buy at Deutsche Bank), NILE +1.7% (upgraded to Buy at Citigroup), WFT +1.7% (hearing added to Conviction Buy List at tier-1 firm), DYN +1.6% (initiated with Buy at UBS), SLB +1.4% (hearing upgraded to Buy at tier-1 firm), NMX +1.3% (upgraded to Buy at Deutsche Bank), OXY +1.2% (upgraded to Overweight at Morgan Stanley), FSIN +1.2% (initiated with Buy at Piper Jaffray), AGU +1.2% (upgraded to Outperform at CIBC).
Disclaimer & How I use this list
The Street rang a bell yesterday and suddenly it is not merely the solar stocks kicking higher.
The smaller, broader indices (Russell 2000 and NYSE) kicked-in and look to be forming nice W-bottom patterns. If that completes (it will, look at the calendar right now), this implies a run of the smaller arena through and into January. I'm well in-line for the early bird specials and intriguingly there are too many good looking names to buy them all...charts are looking good now.