Things may have seemed bad on Friday but the selling wasn’t enough to cause any serious technical damage to the charts. Sure, the bottoms of the triangles broke but the February (and January) lows are still intact.

On Today’s Calendar:

  • 10:00 — Construction Spending
  • 10:00 — ISM Index

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: GEHL -15.8%, DFR -11.4%… Select mortgage names showing weakness following co specific news: TMA -24.6% (announces additional margin calls of approximately $270 mln), SCA -4.6% (to take $1.5 bln charge related to credit derivatives - DJ), ABK -3.1% (cuts dividend to $0.01 from $0.07; suspends structured finance writings for six months; discontinues writing new financial services businesses)… Other news: FRPT -12.4% (announces delay in 2007 form 10-K and required restatement of form 10-Q for the period ended September 30, 2007), LLNW -8.1% (confirms verdict in patent trial, jury awarded Akamai damages of ~$45.5 mln plus prejudgment interest; also downgraded to Mkt Perform at Raymond James), SLT -4.6% (still checking), BG -4.4% (correcting net sales and cost of goods sold that were overstated in its 2007 unaudited quarterly financial statements), BA -4.0% (Northrop wins $40 bln tanker contract - WSJ), CEDC -3.4% (files for a mixed shelf offering; announces a $310 mln convertible notes offering under the shelf registration statement), JBL -3.2% (Lehman cuts estimates and says stock has further downside), RTP -2.4% (still checking), SYT -2.0% (still checking), BP -1.1% (still checking)… Analyst downgrades: ALNY -8.5% (downgraded to Underperform at Needham), NPSP -7.8% (downgraded to Sell at tier 1 firm, APOL -4.1% (downgraded to Sell at BofA), CVC -2.9% (downgraded to Sell at Pali Research), WDC -2.2% (downgraded to Underweight at JPMorgan), F -1.2% (downgraded to Sell at Citigroup).

Gapping Up

In reaction to strong earnings/guidance: ATPG +7.8%, HBC +4.0%, STXS +3.1%, PRX +1.1%… M&A news: DBD +64.2% (United Technologies proposes acquisition of Diebold for $40/share in cash; ATM manufacturer NCR is trading up 9% in sympathy)… Select gold stocks showing strength with higher spot prices: HMY +4.6%, GFI +2.9%, GOLD +2.1%, AUY +1.4%… Other news: BRLC +12.7% (signs LCD panel supply agreement with LG.Philips LCD), BONT +10.1% (Barron’s makes positive comments), MFN +7.5% (still checking), NOC +5.6% (wins $40 bln tanker contract - WSJ; also upgraded to Outperform at Oppenheimer), ETFC +4.4% (WSJ reports with Layton as Chief Executive, might be angling for a sale), SLM +3.3% (closes new financing facilities), COIN +3.1% (Barron’s interview with Dennis Gartman discusses his current long positions including COIN), AEM +1.4% (reports investment in Forum Uranium Corp. and concurrent option agreement; also Cramer had CEO as guest on MadMoney to discuss co’s outlook and growth prospects)… Analyst upgrades: MELI +3.7% (upgraded to Outperform at RBC), LULU +3.4% (upgraded to Mkt Perform at BMO), OSIP +1.6% (upgraded to Outperform at Wachovia), PIR +1.5% (upgraded to Outperform at Wachovia), EGLT +1.3% (initiated with an Buy at Piper Jaffray), AU +1.2% (upgraded to Buy at UBS), ENTR +1.2% (initiated with an Buy at Piper Jaffray), DV +1.1% (upgraded to Overweight at Lehman), ETR +1.0% (upgraded to Buy at Jefferies).

Disclaimer & How I use this list

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