Watchlist for April 14, 2008

Things may have seemed really bad on Friday, especially if you were watching GE-owned CNBC, but the technical damage to the indices wasn't so bad. Sure the 50-day moving averages were broken on the Nasdaq and S&P 500 but those indexes are still above their March 31st lows. I see those lows as the most recent intermediate-term lows and as long as the bulls can defend them one can make an argument that the market is at worst going sideways in the intermediate-term.

We've got a lot of economic data (CPI, PPI, Beige Book, Philly Fed...) due out this week as well as many earnings reports. Those will very likely drive the market so I'll just be keying on key support & resistance with the knowledge that the news flow may make for a lot of whipsaws.

On Today's Calendar:

10:00 -- Business 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: SMG -8.5%, WB -7.9%, CRS -6.9%, ACLS -5.2%, GSIG -3.7%, FFHL -1.9%, PHG -1.5%... M&A news: BBI -10.5% (proposes to acquire Circuit City for at least $6.00/share in cash)... Select finanical stocks showing weakness following WB earnings: RF -3.9%, CS -2.2%, BAC -1.8%, WFC -1.6%, C -1.5%, MER -1.4%... Select Chinese names trading lower following weakness in overseas trading: NINE -5.5%, ACH -5.1%, SNP -3.1%, CAF -2.6%, LFC -2.4%, BIDU -1.1%... Other news: GRO -9.4% (announces that the co has been named as a defendant in a securities class action and intends to vigorously contest and defend allegations), PKX -5.1% (drops over 6% on steel margin concerns - Reuters), HOG -1.5% (Hearing tier-1 firm says U.S. retail trends likely deteriorated in March)... Analyst downgrades: CYMI -6.4% (downgraded to Underperform at Credit Suisse), WEN -2.1% (Hearing reinstated with a Sell at tier 1 firm), FAST -2.0% (downgraded to Mkt Perform at Piper).

Gapping Up

In reaction to strong earnings/guidance: ANTP +32.5%, ETN +5.8%, GWW +4.4%, ALO +1.0%, FII +1.0%... M&A news: CC +55.1% (BBI proposes to acquire Circuit City for at least $6.00/share in cash), CLAY +22.4% (to be acquired by Greenfield Partners for $6.00/share in cash)... Other news: AGIX +41.7% (announces "encouraging interim results" from Phase 3 clinical trial of AGI-1067 in type 2 diabetes), AAI +26.6% (updates financial information in response to Friday's market activity; also upgraded to Add at Calyon), INGN +12.1% (announces that ADVEXIN Ph. III clinical trial data in patients with recurrent head and neck cancer confirm earlier Ph. II results of ADVEXIN efficacy), NTRI +7.5% (will replace FRNT in the S&P SmallCap 600 after the close on 4/15), NWA +5.8% and DAL +5.4% (aims to unveil NWA merger pact), TSL +2.6% (discontinues development of polysilicon production facility), AMR +2.0% (rebounding modestly; announced plan to be back to a full, normal schedule on Sunday), PTEC +1.9% (says profit to grow 'immediately'; purchase will boost profit, to raise forecast April 22- Bloomberg), CETV +1.5% (Cramer makes positive comments on MadMoney), VLO +1.3% (mentioned positively in Barron's), PRGO +1.2% (announces approval for over-the-counter children's Cetirizine oral solution), REP +1.1% (CNPC interested in Repsol assets - South Morning China Post)... Analyst upgrades: PETM +1.5% (upgraded to Buy at BofA), EV +1.2% (upgraded to Neutral at JPMorgan).