The bulls liked this morning’s CPI report and are pushing the futures higher. So it looks like the Nasdaq will gap over the little double-top it formed last week at 2500 and make a move for its 200-day moving average. The S&P will open beneath last week’s high near 1422 and will need to clear that resistance before tackling its 200 DMA.

On Today’s Calendar:

• 10:30 — Crude 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 disappointing earnings/guidance: ASEI -11.9%, APP -11.3%, WFMI -9.4%, MELI -9.1%, HQS -7.5%, DE -6.5%, JBX -5.5%, WCG -5.1%, TTIL -5.0%, GIVN -4.4%, MBRK -2.5%, ERTS -1.9%… Other news: IMB -6.5% (continued weakness from yesterday’s 20%+ decline), CHDX -5.0% (confirms $100 mln shelf registration; currently believes hospital division will achieve an approximately 30% increase over last fiscal year’s revenues), CAT -1.7% (down in sympathy with DE), NLY -1.4% (prices a 60 mln share common stock offering at $16.15/share), EXR -1.3% (announces pricing of public offering of Common Stock of 13 mln shares)… Analyst downgrades: ANAD -2.3% (downgraded to Perform at Oppenheimer), IPI -2.2% (initiated with Sell at Soleil), ARBA -1.9% (downgraded to Hold at Roth Capital), ZMH -1.5% (downgraded to Neutral at Robert W. Baird), CCJ -1.0% (downgraded to Neutral at UBS).

Gapping Up

In reaction to strong earnings/guidance: CAAS +20.4%, SOL +13.7%, M +9.3%, DSX +8.6%, CRME +7.1%, FSIN +7.1%, FRE +6.0%, BUF +5.6%, CVLT +5.4% (also upgraded to Outperform at Raymond James), FLML +5.1%, JOBS +5.0%, HMIN +4.3%, SNE +3.8%, DRL +2.5%, DHT +2.2%, ING +1.8%, MT +1.2%… Select solar stocks showing continued strength following strong earnings from SOL: SOLF +3.7%, AKNS +3.6%, JASO +1.9%, STP +1.6%, LDK +1.5%, FSLR +1.3%, SPWR +1.1%… Other news: XRIT +10.0% (announces Chief Financial Officer departure, appointment of interim replacement), UA +4.8% (will replace IMB in the S&P MidCap 400 after the close of trading on May 15), NFP +3.2% (will replace LIFC in the S&P SmallCap 600 after the close of trading on May 16, 2008), FNM +2.8% (up in sympathy with FRE), BHP +1.9% (rises overseas on talk Chinalco may seek stake - Bloomberg.com), OI +1.5% (Cramer makes positive comments on MadMoney), CCU +1.0% (announces settlement of litigation and amended merger agreement with private equity group co-sponsored by Thomas H. Lee Partners and Bain Capital Partners)… Analyst upgrades: RFMD +5.7% (upgraded to Buy from Neutral at Merrill), NTT +5.0% (upgraded to Buy at UBS - Bloomberg), ESLR +4.0% (upgraded to Buy at Jefferies), JAVA +2.2% (upgraded to Outperform at Wachovia), SPLS +1.6% (upgraded to Buy at Jefferies).

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