CNBC paraded Cramer out this morning to co-host Squawk Box so you know things are bad. :-) He's clamoring for the Fed to rush in again and save the day with more rate cuts. As coincidence would have it, QQQQ is set to open real close to where it was trading the morning of Jan. 22, when we got that surprise rate cut. So it seems our double-bottom attempts are already upon us on some indices. Be careful out there...
On Today's Calendar:
- 10:00 -- Pending Home Sales
- 10:30 -- Nat. Gas 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. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance/same store sales: OESX -26.2%, EXBD -21.8%, WVCM -16.6%, IFX -16.0%, DTLK -11.9%, SCSS -11.9% (also downgraded to Underperform from Market Perform at Morgan Keegan), BG -9.0%, UFPI -8.6%, JOSB -8.1%, ARQL -8.0%, CSCO -8.0% (also downgraded to Neutral at JPMorgan and downgraded to Neutral at Baird), GSK -7.7%, AG -6.8%, DO -5.7%, EDS -5.7%, PRU -5.0%, AWR -4.6%, SYT -4.1%, WMT -4.0%, JWN -3.7%, FISV -2.7%, SFLY -2.5%, SUN -1.6%, ESS -1.4%, RACK -1.1%... Select tech stocks showing weakness with CSCO reporting: ALTR -5.8%, FFIV -5.2%, XLNX -4.6%, NETL -4.3%, CIEN -3.9%, JDSU -3.1%, BIDU -2.6%, AAPL -2.5%, RIMM -2.4%, BRCM -2.3%, INTC -2.2%, DELL -1.9%... Select solar stocks showing weakness following DJ story that shipments slowed by winter storm in China: AKNS -5.1%, TSL -4.9%, SOLF -4.4%, LDK -4.1%, STP -3.2%, SPWR -2.6%, CSIQ -2.3%, JASO -1.8%... Other news: IDMI -8.1% (giving back some of Tuesday's huge gains), BIOD -4.4% (prices a 3.81 mln share common stock secondary offering at $154.50/share), MTW -2.5% (still checking)... Analyst downgrades: BT -6.0% (downgraded to Peer Perform at Bear Sterns), ESLT -3.7% (downgraded to Neutral at UBS), ARUN -2.3% (downgraded to Average at Caris), WMG -2.2% (downgraded to Neutral from Buy at Merrill), RL -1.9% (downgraded to Hold at Citigroup).
Gapping Up
In reaction to strong earnings/guidance/same store sales: UTI +13.5% (upgraded to Neutral at JPMorgan), DSCM +6.6%, ENS +6.4%, KNL +6.3%, MKSI +6.2%, FNSR +5.5%, LVLT +5.1%, POWI +5.0% (acquires Potentia Semiconductor for $5.5 mln), WMS +4.7%, PPDI +4.6%, AKAM +4.3%, ANDE +4.1%, UNCA +4.0%, ELNK +3.7%, DHX +3.7%, HOTT +2.8%, CCI +2.8%, URBN +2.5%, TLEO +2.5%, NSIT +2.3%, ATRM +2.3%, NAVR +2.2%, EGOV +2.1%, FRED +2.0%, CREL +2.0%, SRCL +2.0%, COST +2.0%, HUBG +1.9%, JKHY +1.5%, AEO +1.4%, MET +1.2%, CTRN +1.1%... Select airlines showing strength following WSJ article regarding potential mergers: NWA +3.2%, DAL +3.3%, CAL +2.5%... Other news: MBI +7.2% (to issue $750 million in common stock and provides updated information on 2007 financial results), CWTR +5.4% (Chairman Dennis Pence reports a 17.2% stake), IDIX +5.3% (reported data for IDX899 that demonstrates rapid and profound inhibition of HIV replication in a Phase I/II Clinical Trial), FTE +5.0% (France says no plans to sell France Telecom shares - Bloomberg.com), AMKR +4.1% (announces departure of Chief Operating Officer), CME +3.0% (rebounds after yesterday's sharp decline, also WSJ article discusses yesterday's DOJ letter & CFTC response), NMX +1.6% (issues statement in response to DOJ opinion letter), WIND +1.1% (reorganizes into product divisions to optimize growth and profitability, some positions will be eliminated)... Analyst upgrades: PXD +1.8% (upgraded to Buy at Citigroup), DWSN +1.9% (upgraded to Add at Capital One Southcoast).
Disclaimer & How I use this list
Everytime the market dips now, I guess we need Fed rate cuts. I wonder how he will celebrate the market's ability to rally today in spite of not getting more rate candy. He will probably point to it as another sign of why it's "too late to sell" --- until it's time to whine about more Fed rate cuts of course.
"Rate candy"... I like that term. The market baby must be appeased with candy.
It seems clear to me that the Fed is pushing on a string. They keep cutting rates and the market keeps sliding.