The market’s set to retreat from resistance at the open today. I’m curious to see if Friday’s gaps can become support.

On Today’s Calendar:

• nothing

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: OPWV -12.8% (also names Bruce Coleman as Interim CEO), CNB -8.3%, AMLN -7.7%, MAT -3.6%, LLY -3.4%, ETN -3.4%, JEF -3.2% (also sells 13.7% strategic equity interest to Leucadia National), BAC -1.5% (also Moody’s lowers BofA Corp’s ratings; affirms bank’s Aaa; to sell part of China bank stake - Financial Times), SAY -1.1%… M&A news: BCSI -3.4% (to acquire PKTR for $7.10 a share), GW -2.4% (Basic Energy Services and Grey Wolf agree to combine in ”Merger of Equals” transaction)… Select European financial names showing weakness: RBS -4.6% (to announce rights issue and over $10 bln losses on investments - Reuters), ING -3.7%, HBC -1.0%… Other news: NCC -10.3% (close to $6 bln cash infusion), TMA -9.2% (announces Thornburg Mortgage Capital Resources did not make payment on the final maturity date of $300 mln), ADS -4.2% (terminates merger agreement with Blackstone Affiliates), SHLD -3.6% (Bank of America declines to renew credit pact)… Analyst downgrades: CRUS -5.4% (downgraded to Hold at Jefferies), GME -4.3% (downgraded to Sell at tier 1 firm), BCS -2.3% (downgraded to Neutral at Merrill), WFC -2.0% (downgraded to Underperform at Oppenheimer), R -2.0% (downgraded to Hold from Buy at Stifel), CAT -1.5% (downgraded to Neutral at Credit Suisse and downgraded to Market Perform at Wachovia).

Gapping Up

In reaction to strong earnings/guidance: HAS +4.6%, ACI +4.5%, NVS +3.9%, DGX +3.0%, MRK +1.3%, LEE +1.0%… M&A news: PKTR +13.8% (to be acquired by BCSI for $7.10 a share)… Select coal names ticking higher on light volume following ACI’s earnings report: ICO +3.4%, MEE +2.9%, BTU +2.7%… Other news: TIBX +5.3% (announces $300 mln stock buyback program), JASO +3.7% (signs long-term wafer supply agreement with GCL Silicon Technology), ICO +3.4% (still checking), SNP +3.3% (China Petroleum and PetroChina jump on government subsidy - Reuters), STO +3.0% (gains 1/7% in Norwegian trading, the most in 4 months as crude oil rose over $117 a barrel in New York after OPEC said it would maintain production), QGEN +2.4% (still checking), PTR +2.3% (China Petroleum and PetroChina jump on government subsidy - Reuters), TS +2.0% (still checking), GSK +1.1% (up in sympathy with MRK), IRBT +1.0% (announces funding agreement with US Army valued at $6 mln)… Analyst upgrades: HCSG +3.3% (upgraded to Outperform at Morgan Keegan), PPC +2.4% (upgraded to Outperform at Credit Suisse), SLB +1.1% (upgraded to Overweight at Morgan Stanley), POZN +1.1% (upgraded to Neutral at Broadpoint).

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