Watchlist for August 11, 2008

The indices had some impressive price moves on Friday and broke some important technical levels. For example, the S&P 500 broke out of its ascending triangle, the Nasdaq lifted off of its 50-day moving average and the Russell 2000 broke its 200-day moving average. The not so good thing about Friday (for the bulls) is that volume was flat at best and actually declined in some cases. We've seen these relatively low volume rallies continue for a while in the past but they never seem to end well.

On Today's Calendar:

10:00 -- Wholesale 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: URRE -23.1%, PEIX -11.4% TOD -7.7% (light volume), ISPH -3.5% (light volume), RDNT -3.3% (light volume), KNOL -1.2%... Select China names showing weakness following a sell-off in Chinese trading (Shanghai Composite closed -5.2%): CEA -10.0%, ZNH -8.7%, ACH -2.1% (led declines in China after factory-gate inflation accelerated to a nine-year high, increasing concern that higher costs will feed into consumer prices and prompt the central bank to tighten lending)... Other news: SIRF -17.1% (Broadcom announces that ITC judge finds that SiRF infringes six BRCM GPS patents), HK -6.2% (announces public offering of 25.0 mln shares of common stock), FOSL -4.6% (still checking), NCC -3.1% (discloses informal SEC investigation), BRNC -2.2% (Allis-Chalmers Energy and Bronco Drilling terminate merger agreement), ABB -1.5% (still checking)... Analyst comments: HALO -3.3% (downgraded to Hold at Brean Murray), URBN -2.3% (downgraded to Hold at Roth Capital), AXA -1.8% (downgraded to Neutral from Outperform at Credit Suisse), AAP -1.5% (downgraded to Neutral at Goldman - DJ), ED -1.4% (downgraded to Underweight at JPMorgan), SPWR -1.4% (downgraded to Neutral at UBS), QLGC -1.3% (downgraded to Hold at Citigroup), GFI -1.1% (downgraded to Neutral at JPMorgan).

Gapping Up

In reaction to strong earnings/guidance: FEED +11.5%, CPN +7.9%, HOGS +5.3%, LGF +5.0%, SYY +4.6% (light volume), DBD +2.1%... M&A news: ITWO +2.4% (to be acquired by JDAS for $14.86 per share), RSG +1.8% (Waste Management confirms it improved all-cash proposal for Republic Services to $37/share, up from $34/share)... Select oil/gas names showing strength: BP +1.4%, RDS.A +1.2%... Other news: CHIP +27.3% (declares special cash dividend of $1.35 per share), CRXL +2.8% (still checking)... Analyst comments: Q +4.5% (upgraded to Buy at Citigroup), ENER +3.2% (upgraded to Buy at UBS), ANAD +3.0% (upgraded to Accumulate at ThinkPanmure), CIEN +2.8% (upgraded to Outperform at Morgan Keegan), ELX +2.6% (upgraded to Buy at Citigroup), LDK +2.3% (initiated witjh Buy at ThinkPanmure).