Oil bears must be running scared this morning after Saudi Arabia announced an increase in oil production and the price of oil actually rose 3%. (If it’s supposed to go down but it goes up instead that’s some serious trouble for the shorts.) That surge in oil to a new all-time high, along with the Empire State index, is weighing on stock futures.

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 disappointing earnings/guidance: TXT -5.5%, ITW -1.7%… M&A news: AW -4.2% and RSG -3.0% (Republic Services and Allied Waste confirm merger discussions)… Select airlines showing modest weakness with crude hitting new all time highs: UAUA -2.9%, DAL -2.3%, CAL -2.2%, AMR -2.0%, NWA -1.9%, LCC -1.4%… Other news: ACAD -55.8% (announces results from ACP-104 phase IIb schizophrenia trial; did not meet its primary endpoint), CDS -5.1% (filed for $70 mln mixed shelf offering before the close on Friday), MNI -4.7% (reports that revenues in May 2008 decreased 15.1% and advertising revenues were down 16.6% from May 2007), DSCO -2.7% (files for a $150 mln mixed shelf offering)… Analyst downgrades: OMX -3.3% (downgraded to Neutral at Credit Suisse), UL -3.2% (downgraded to Sell at UBS), T -1.9% (downgraded to Neutral at UBS), IVGN -1.7% (downgraded to Neutral at BofA), WLK -1.6% (downgraded to Neutral at UBS), VZ -1.5% (downgraded to Neutral at UBS), GE -1.3% (downgraded to Neutral at JPMorgan).

Gapping Up

In reaction to strong earnings/guidance: TITN +7.9%… M&A news: SRVY +15.1% (to be acquired by Quadrangle for $15.50 per share), SIRI +8.7% and XMSR +8.3% (FCC staff backs XM-Sirius merger)… Select agriculture names showing strength with Citigroup raising fertilizer price forecasts: TRA +2.1%, AGU +1.6%, CF +1.3%… Select metals/mining stocks showing strength with higher spot prices: AAUK +4.1%, LMC +3.9%, GOLD +3.1%, DROOY +1.5%, BHP +1.4%, BBL +1.3%, RTP +1.1%… Other news: SUPG +12.7% (co’s JAK2 Inhibitor, SGI-1252, inhibits in vivo tumor cell proliferation), BCS +8.3% (says share issue ‘under consideration’ - Financial Times), RAME +7.9% (Cramer makes positive comments on MadMoney), TEVA +5.2% (AZILECT 1mg tablets meet end points in ADAGIO Ph. III trial), CPST +4.9% (announces that it has received orders for new microturbine systems with orders are valued at approx $1.5 mln), CY +2.6% (still checking), AIG +1.7% (names Robert B. Willumstad Chief Executive Officer), SNHY +1.0% (Cramer makes positive comments on MadMoney)… Analyst upgrades: SPWR +4.8% (upgraded to Outperform at Credit Suisse), SNDK +2.2% (upgraded to Market Perform at JMP), ESI +1.8% (upgraded to Buy at Stifel), GME +1.1% (upgraded to Neutral at Goldman - DJ).

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