Watchlist for April 4, 2008

We must be at the point in the cycle where bad news is good news and good news is great news. This morning's jobs report was worse than expected but the futures have managed to remain in positive territory after a brief dip. It's tough to imagine real buyers pushing the market higher from here but I do think there's potential for a buying panic (short squeeze) from bears. If it's supposed to go down and it doesn't...

Anyway, squeeze or not, the indices are still perched just below resistance. The true test will be whether we can break through those resistance levels.

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: DMAN -8.4% (also downgraded to Mkt Perform at William Blair), RVBD -8.4% (also downgraded to Hold at Deutsche Bank), LWSN -6.3%, FDO -5.3%, CAE -1.4%... Other news: WX -4.2% (files an F-1 relating to a 10.12 mln share ADS offering; 4.26 ADS are being offered by the co and 5.86 mln ADS being offered by selling shareholders), MF -3.2% (checking for anything new; the stock gave up a good portion of its gains yesterday afternoon when WSJ reported that it is seeking financing alternatives), ZMH -3.0% (announced actions affecting its Ohio-based Orthopaedic Surgical Products Operation), AU -2.4% (revises production guidance for Q1), CFC -2.0% (Moody's cuts Countrywide's Bank Financial Strength rating to D; WSJ reports CFC faces downgrade if BofA deal falls through), DIOD -1.3% (to acquire Zetex plc)... Analyst downgrades: KSU -2.6% (downgraded to Neutral at UBS and downgraded to Market Perform from Outperform at BMO Capital), HMY -2.0% (downgraded to Sell at UBS), DELL -1.6% (downgraded to Neutral at tier 1 firm), TGA -1.0% (downgraded to Sector Perform at RBC), RDWR -1.0% (downgraded to Sector Perform at RBC), CSX -1.0% (downgraded to Neutral at Merrill).

Gapping Up

In reaction to strong earnings/guidance: REST +23.1%, BTH +14.0%, MOS +7.2%, WSCI +5.6%, SABA +1.9%... Select fertilizer/agriculture stocks showing strength following MOS earnings: SEED +5.9%, AGU +4.9%, TRA +3.8%, CF +3.2%, MON +2.6%, POT +2.3%... Other news: COCO +6.7% (still checking), DNDN +6.1% (still checking), LDK +5.3% (signs two additional wafer supply agreements and one polysilicon sourcing agreement), OMEX +5.0% (Spain's claim to one of Odyssey's shipwreck cases dismissed), USU +4.6% (showing continued upward momentum following yesterday's 30% surge), SHPGY +3.6% (up in sympathy with AZN and GSK), AZN +3.5% (extended the week's gains after the co said it will stop a trial of its cholesterol blockbuster drug Crestor early due to positive preliminary results), UBS +3.4% (former president pushes for a breakup - WSJ), ZOLL +3.1% (will replace TGIC in the S&P SmallCap 600 after the close on 4/7), CPL +2.6% (Cramer makes positive comments on MadMoney), ING +2.5% (still checking), GSK +2.0% (announces FDA has approved ROTARIX), FSLR +1.4% (Cramer makes positive comments on MadMoney), IDEV +1.3% (licenses European rights for VANTAS to Orion Corp)... Analyst upgrades: RTP +2.4% (upgraded to Outperform at Bernstein), BHP +1.9% (upgraded to Outperform at Bernstein), AUY +1.2% (upgraded to Buy at UBS).