The Dow and S&P futures are indicating some follow through on yesterday’s rally but Microsoft is weighing down the Nasdaq a bit. I think a lot of traders will be focused on the S&P closing above resistance today.

On Today’s Calendar:

• 10:00 — Mich Sentiment-Rev.

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 disappointing earnings/guidance: ACTG -21.9%, CHE -15.5%, SIRF -14.3%, NTGR -11.6% (also downgraded to Buy at BWS Financial), AMX -11.3% (also downgraded to Neutral at tier 1 firm and downgraded to Hold at Deutsche Bank), SYNA -9.1%, UCBH -8.7% (also downgraded to Market Perform from Outperform at BMO Capital Markets), BJRI -8.0% (also downgraded to Hold at Jefferies), ELGX -7.0%, NTY -6.5%, WPPGY -6.2%, RUTH -5.9%, MSFT -4.7%, WDC -4.3%, GNW -4.3%, CF -4.1%, SHPGY -3.3%, FII -2.9%, MO -2.8% (also hearing removed from Conviction Buy List at tier 1 firm), RACK -2.6% (also plans to name James Wheat chief financial officer), RIO -2.2%, WFR -1.9%, RMBS -1.6%, XXIA -1.4%, EZPW -1.4%… Other news: ISIS -26.8% (FDA provides clarity to Isis regarding the development path for Mipomersen), NSTK -15.1% (a 4.58 mln share common stock offering priced at $1.73), FED -2.9% (reports estimated losses at March 31, 2008), SSL -2.8% (Mazambique raises minimum wage as much as 30%, AIM reports - Bloomberg), SYT -1.9% (still checking)… Analyst downgrades: F -3.1% (downgraded to Neutral at JPMorgan and downgraded to Sell at Merrill and downgraded to Underperform at Bear Sterns), ACI -1.8% (downgraded to Below Average at Caris & Company), DDR -1.1% (downgraded to Sector Perform at RBC).

Gapping Up

In reaction to strong earnings/guidance: ERIC +17.8%, DECK +12.2%, TRMB +12.0% (also upgraded to Buy from Neutral at Piper Jaffray), ARBA +9.2%, MCRL +8.6%, UHS +7.8%, VISN +7.0%, DV +6.5%, PFWD +6.4% (also upgraded to Outperform at Friedman billings), IBKR +5.8% (also files S-1 relating to offering of 50 mln shares of Class A common stock), SWN +5.7%, YRCW +5.5% (also upgraded to Market Perform at Morgan Keegan), GT +5.3%, DDUP +5.0%, AXP +4.0%, JNPR +3.7%, MEE +2.9%, CRDN +2.9%, AFFX +2.8%, BUCY +2.7%, BIDU +2.2%, CVTX +2.1%, IKAN +1.8%, RVBD +1.5%, NCI +1.2% (upgraded to Buy at Merrill), HUBG +1.1%… Other news: PGNX +26.9% (co and Wyeth announce FDA has approved RELISTOR and announces it approved repurchase program to acquire up to $15 mln of its outstanding common shares; also upgraded to Hold at Citigroup), ABK +8.2% (modestly rebounding after this week’s 40%+decline), ALU +6.0% (up in sympathy with ERIC), ETFC +5.0% (still checking for anything specific), V +4.8% (up in sympathy with AXP), TRN +4.8% (Cramer makes positive comments on MadMoney), STM +4.3% (up in sympathy with ERIC), OTTR +3.8% (Cramer makes positive comments on MadMoney), FRE +3.0% (reports monthly volume summary for March; aggregate unpaid principal balance increased to $712.5 bln), GSK +2.6% (still checking), CVA +2.6% (Cramer makes positive comments on MadMoney), BP +1.4% (still checking), HANS +1.4% (announces $200 mln share repurchase program)… Analyst upgrades: THC +6.0% (upgraded to Outperform at Credit Suisse), HMA +5.3% (upgraded to Outperform at Credit Suisse), BIDU +4.4% (upgraded to Buy at Citigroup), VM +4.0% (upgraded to Peer Perform at Bear Sterns), CLS +3.5% (upgraded to Sector Outperform at CIBC), SOHU +3.4% (upgraded to Buy at Citigroup), CS +1.6% (upgraded to Neutral at tier 1 firm), NEM +1.2% (upgraded to Sector Perform at CIBC), WMT +1.0% (upgraded to Buy at Merrill).

Disclaimer & How I use this list