The market responded well to today’s pre-market economic data (GDP and the ADP payroll numbers) but it still has the 2:15 Fed announcement to deal with. Hopefully the reaction to that decision will move the market out of its current tight trading range…

On Today’s Calendar:

• 9:45 — Chicago PMI
• 10:30 — Crude Inventories
• 2:15 — FOMC Policy Statement

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: SVVS -26.9% (also downgraded to Neutral at tier 1 firm, downgraded to Hold from Buy at Kaufman, downgraded to Equal Weight at Lehman and downgraded to Hold at Jefferies), FORM -12.8%, VPRT -10.2%, ROCM -10.0%, HTCH -9.8%, JLL -8.8%, HNT -8.8% (light volume), USU -8.4%, FEIC -8.3% (also downgraded to Hold at Brean Murray), CRAY -8.0%, CBI -8.0%, ARAY -7.9%, ALU -6.2%, SAP -4.7%, GRMN -3.9%, HW -3.6%, RAI -2.9%, ESRX -1.6%… Select European financial names trading lower: UBS -3.1% , RBS -1.6% , BCS -1.4%… Other news: STI -2.9% (declares $0.77 quarterly dividend, unchanged from prior quarter amount), C -2.8% (prices $4.5 bln common stock offering, increased from $3 bln yesterday)… Analyst downgrades: LEA -2.4% (downgraded to Hold at Citigroup), WFR -2.0% (downgraded to Neutral at JPMorgan), SOHU -1.4% (downgraded to Mkt Perform at Oppenheimer), CBS -1.3% (downgraded to Mkt Perform at Wachovia), URBN -1.3% (downgraded to Outperform from Strong Buy at Raymond James), MSO -1.2% (downgraded to Sector Perform at RBC), BX -1.2% (downgraded to Neutral at Merrill), ADM -1.1% (downgraded to Neutral at Merrill).

Gapping Up

In reaction to strong earnings/guidance: STAR +18.0%, ALGN +16.3% (also announces $50 mln stock repurchase program), BWLD +15.5% (also upgraded to Buy at Keybanc and upgraded to Outperform from Neutral at Cowen), HS +12.0%, LAD +10.8%, TRLG +10.3%, PLT +10.0%, DBTK +9.0%, SIMO +7.9%, PNRA +7.4%, UNTD +7.1% (also announces plans to acquire FTD), CTV +6.9%, TRW +6.4%, AUDC +6.2%, GM +5.9%, EQ +5.9%, DWA +4.9%, CMI +4.9%, PG +4.4%, MOH +4.0%, FLEX +3.8%, BMRN +3.6%, ARRS +3.4%, MPWR +3.1%, NETL +2.9%, CYBS +2.9%, TWX +2.3%, AMMD +1.0%… M&A news: FTD +6.7% (To be acquired by UNTD for $15.80 a share)… Other news: CRDC +11.1% (reports “positive” top-line results and submits 510(k) for PAS-Port), MC +4.5% (still checking), ABK +3.4% (still checking), TEVA +2.2% (global in-market sales of Copaxone in Q108 grew by 35% as compared to Q107), PH +1.3% (Cramer makes positive comments on MadMoney), CAG +1.0% (Cramer makes positive comments on MadMoney)… Analyst upgrades: KNOT +4.2% (upgraded to Outperform at Oppenheimer), RKT +2.5% (added to Focus List at JPMorgan), SLW +1.9% (upgraded to Sector Perform at CIBC), JRCC +1.3% (upgraded to Buy at UBS).

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