Yesterday I heard a lot of excitement on CNBC over the levels the dollar and S&P 500 had reached during the session. After looking at the charts I have no clue what all the hype was about. They're both look solidly range-bound to me, so it's just more of the chop we've seen for weeks... but what do I know.
And oil's trying to breakdown below the important $120 level. Perhaps today's inventory numbers will make or break it...
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: EDAC -27.7%, ULTI -26.1% (also downgraded to Neutral at Broadpoint and downgraded to Sell from Buy at Soleil), LFG -24.9% (light volume, also downgraded to Underperform at RBC Capital Mkts), SIMO -23.2%, HBI -19.0%, ALGN -17.8% (also downgraded to Mkt Perform at Leerink Swann), DGLY -16.7%, OMX -15.0%, CT -14.2% (also downgraded to Hold at Jefferies), ELON -14.0%, CBG -12.9%, TTMI -12.6%, GRMN -12.3%, HAFC -11.1% (also downgraded to Underperform at Friedman Billings), LYG -9.3%, BBOX -7.6%, ACTL -7.0%, VNUS -6.3%, MET -5.5%, ERTS -5.1%, AHG -4.7%, INCY -4.5%, CALD -3.2%, CBI -2.7%, HUN -2.2%, GLW -2.0%, BRE -1.4% (also downgraded to Neutral at Merrill), SNWL -1.3%... Select European financials trading lower following weakness overseas and LYG results: BCS -2.5%, DB -1.7% (faces pressure to expand consumer unit - Bloomberg.com), UBS -1.5%... Other news: ELN -36.9% and WYE -15.3% (Phase 2 clinical trial of bapineuzumab did not attain statistical significance on pre-specified efficacy endpoints in overall study population; also WYE downgraded to Sell at Citigroup), GFI -2.7% (announced that Terence Goodlace has informed the Board of his resignation as COO and an executive director effective September 30, 2008)... Analyst comments: ICTG -3.8% (downgraded to Market Perform at William Blair), FDX -1.3% (downgraded to Equal Weight from Overweight at Morgan Stanley).
Gapping Up
In reaction to strong earnings/guidance: BWLD +17.3% (also upgraded to Outperform at Baird), STAR +16.8%, RSYS +16.6%, CSCX +11.5%, ASGR +11.2%, RFMD +10.3%, PZN +10.1% (light volume), SVVS +10.0% (upgraded to Buy at Jefferies), TWP +9.1% (light volume), TWI +8.7%, KEYN +8.5% (light volume), CMI +7.5%, MT +7.1%, MRVC +5.8%, ADVS +5.4%, SLAB +5.4%, ALVR +4.6% (light volume), CTX +4.4%, NATI +4.2% (also upgraded to Hold at Citigroup), SI +4.2%, OC +4.1%, ENTU +3.2%, CAM +3.0%, BEXP +2.2% (also announces 1,110 BOPD Bakken completion, growing Williston Basin Oil production and apparent third consecutive Southern Louisiana discovery), AMMD +2.1%, CMCSA +2.0%, AMT +1.6% (light volume), ACE +1.6%... Select mortgage/financial stocks showing strength following Bush approval of housing bill: FRE +8.0%, MBI +6.9%, RDN +6.7%, FNM +5.5%, ABK +3.3%, WB +2.4%, LEH +1.4%, WM +1.1%, BAC +1.1%... Other news: CVI +30.0% (says stockholders will not proceed with previously announced common stock offering), HOKU 12.9% (HOKU and Jiangxi Kinko Energy sign $298 mln polysilicon supply contract), COIN 8.8% (announces that it has begun taking orders for its Turf Blend 6), ERII +8.4% (light volume, Energy Recovery's PX Technology contracted for the largest membrane desalination plant in China), CPST +6.7% (receives order from HelioFocus for the development of a solar powered microturbine), GRA +6.3% (BASF Mulling Possible Bid For W.R. Grace - DJ), SLT +5.3% (still checking), SPIR +4.5% (announces multi-yr contract with Trina Solar), AZN +3.7% (still checking), RTP +1.9% (BHP's Argus tells Rio investors takeover to add value - Bloomberg.com), SGP +1.7% (BRIDION (sugammadex) injection approved in European Union)... Analyst comments: WX +1.7% (upgraded to Buy from Neutral at Piper Jaffray), HERO +1.3% (upgraded to Buy from Neutral at Jesup & Lamont), MYGN +1.1% (upgraded to Outperform from Sector Perform at RBC).
Disclaimer & How I use this list
Some of the Dollar / Crude correlations are falling off. I think that once we get through earnings season any major commodity shocks will move the SPY.