Watchlist for August 5, 2008

Posted on August 05th, 2008 in Watchlists

Over the weekend I wrote about how support at $120 was looking vulnerable for oil. As I write this oil’s trading in the 119’s. Things could get really interesting the next two days in the oil patch. Today’s Fed decision could send the dollar moving in either direction which should affect oil. In addition, the weekely oil inventory report comes out tomorrow morning. I’m expecting a wild ride in oil and possibly other sectors, like many commodities had yesterday.

On Today’s Calendar:

10:00 — ISM Services
2:15 — FOMC Policy Statement

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: RACK -20.3% (also downgraded to Neutral at Merriman), GLBL -16.8% (light volume), OTTR -15.9%, HNT -14.3%, XING -13.5%, MSTR -11.8% (also downgraded to Hold at Jefferies), AMSC -11.3%, HMA -10.9%, HIMX -9.6% (also downgraded to Sell at Merrill), JRCC -8.2%, CVLT -4.6%, HVT -4.5%, APC -4.2%, IBI -3.7% (also downgraded to Neutral at Baird), MVL -3.6%, DCT -2.8% (also downgraded to Market Perform from Outperform at Morgan Keegan), GLBC -2.7%, MWY -1.8% (light volume)… Select energy related names trading lower with continued pullback in crude: STO -3.3%, CHK -2.8%, HK -2.7%, MEE -2.6%, BP -1.7%, TOT -1.5%, RDS.A -1.3%… Other news: VVUS -3.4% (announces $65 mln registered direct offering of common stock at $7.77/share), SYT -2.9% (traded lower overseas on commodity weakness), BCSI -1.5% (files for 2,119,460 share common stock shelf offering by the selling stockholders)… Analyst comments: LSI -4.1% (downgraded to Underweight at Lehman), WERN -2.4% (downgraded to Underperform at Merrill), JNS -1.8% (downgraded to Underweight at JPMorgan).

Gapping Up

In reaction to strong earnings/guidance: COMS +16.7%, UFPT +16.0%, ACTS +9.9%, AIMC +8.8%, AFAM +8.6%, RRI +7.5%, MASI +7.4%, SVR +6.7%, CSR +6.2%, ACTU +5.8% (light volume), SYKE +5.7%, ATSI +5.3% (light volume), LF +5.3%, COV +5.2%, QGEN +4.9%, GMXR +3.2%, WEL +2.9% (light volume), CUTR +2.4%, PLLL +2.3%, ERES +1.3%, CEDC +1.1%… Select airline/cruise-related names trading higher with continued pullback in crude: RYAAY +9.4%, NWA +5.9%, LCC +5.6%, AAI +5.6%, DAL +5.4%, JBLU +4.6%, UAUA +4.1%, CCL +4.0%, AMR +3.7%, RCL +2.4%… Select mortgage/finanical names showing strength: SCA +17.4%, IBN +9.9% (trading higher following strength in India trading), MBI +9.2%, ABK +7.2%, BCS +5.0% (Swiss Re buys Barclays life arm for $1.5 bln - Reuters), WM +4.5%, LEH +4.1% (Lehman Brothers may sell entire investment management unit, CNBC says - Bloomberg.com), LYG +3.6%, UBS +3.5%, DB +2.8% (upgraded to Outperform at Keefe Bruyette), WB +2.4%, MER +1.9%, ING +1.9%, BAC +1.2%, HBC +1.0% (WSJ reports HBC ROIC fell to 12% in the first half from 18.4% in the same period last year and is under pressure)… Other news: ELN +7.1% (still checking), ERII +6.4% (announces United Arab Emirates desalination energy recovery contract), SIRI +4.3% (CEO buys 2 mln shares at $1.37 on 8/4), HOKU +4.0% (Prudential Locations selects Hoku Solar to install PV on Prudential Locations’ Oahu Headquarters), GSK +2.1% (still checking)… Analyst comments: IFX +6.0% (initiated with Buy at Deutsche Bank), AIG +4.9% (upgraded to Buy at UBS), CREE +3.1% (upgraded to Outperform at Morgan Keegan), AZN +1.5% (upgraded to Neutral at Merrill), AAPL +1.3% (initiated with Buy at UBS).