Volume should continue to be on the light side as we head toward Labor Day next Monday. If it’s anything like the end of last week I’ll be having some real short days this week because almost nothing will be hitting my scanner. Here are some index and oil charts:

On Today’s Calendar:

  • 10:00 — Existing Home Sales

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: GILT -11.5% (GILT also informed the purchasers that they have 72 hours to complete the definitive merger agreement, or co shall seek all remedies at its disposal including legal action), APWR -3.6%… Airline stocks are ticking lower as crude trades higher: AMR -4.6%, DAL -3.8%, UAUA -3.5%, LCC -3.3%, NWA -3.2%, CAL -3.2%… Other news: LEH -3.9% (FT reports South Korea’s top financial regulator on Monday warned that Korea Development Bank should take a “cautious” approach to buying an overseas bank, following the state-run group’s expression of interest in Lehman Brothers), WB -2.2% & WM -2.0% (FT reports that Wells Fargo (WFC) is ‘unlikely’ to pursue larger rival; market talk had linked WFC with a number of rivals including WB and WM)… Analyst comments: FNM -8.0%, FRE -5.0% Citigroup says although there has been no change in the GSEs’ fundamentals, the sharp share price declines could limit their financial flexibility), AIG -3.9% (Credit Suisse cut their AIG ests & tgt to $22; Friday after the close Fitch placed AIG ratings on rating watch negative).

Gapping Up

In reaction to strong earnings/guidance: LDK +6.8%, CHINA +3.0%… Select solar stocks are trading higher following upside LDK guidance & CSUN upgrade: SOLF +4.5%, CSUN +4.2% (upgraded to Buy at Jefferies), AKNS +2.4%, ESLR +1.9%… Other news: CREE +3.4% — light volume (Cree, LG Display to set up LED joint venture in China - The Korea Times), CF +2.3% (to replace EDS in the S&P 500), AZ +2.1% (FT reports AZ is prepared to delay or abandon plans to break up Dresdner Bank before an important deadline this month, a move that would signal a deal was near for the insurer to sell the whole of Dresdner), FE +1.9% — light volume (mentioned positively in Barron’s).

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