Watchlist for September 12, 2008

The price action was impressive yesterday but, as has been the case for months, the accompanying volume was lacking. Below is the Nasdaq chart, which made a bullish engulfing candle after finding support near the July low. It would be nice if the bulls could follow-trough on all the potential reversal candles made yesterday. But judging by the weak futures this morning that probably won't happen.

On Today's Calendar:

10:00 -- Business Inventories
10:00 -- Mich Sentiment-Prel.

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: KNXA -19.8% (also downgraded to Neutral from Outperform at Credit Suisse, downgraded to Hold from Buy at Lazard and downgraded to Underweight at KeyBanc Capital Mkts), LULU -11.1%, ACTL -5.0%... Select mortgage/financial stocks trading lower: LEH -40.7% (cut to Neutral from Buy by Goldman Sachs- DJ and downgraded to Hold at Citigroup), MER -15.0%, WM -13.4%, IRE -11.4%, RDN -11.1%, SNV -10.4%, SCA -8.8%, AIB -8.5% (downgraded to Sell at Dresdner Kleinwort), MTG -8.0%, ABK -7.6%, PMI -7.5%, MS -7.5%, AIG -7.4%, MBI -6.3%, RBS -6.2%, BAC -6.1% (ests cut at Credit Suisse and RBC lowering ests following recent disclosures), AXA -6.0% (downgraded to Neutral at UBS), UBS -5.9%, BCS -5.9%, LYG -5.9%, WB -5.8%, ING -5.4%, GS -5.0%, DB -4.8%, C -4.3%, JPM -3.3%, WFC -3.0%, NMR -2.3% (leads Asian financials down after Lehman loss - Bloomberg.com)... Select metals/mining stocks trading lower with strength in dollar and lower spot prices: GOLD -4.0%, GFI -3.7%, BHP -2.7%, MT -2.2%, RTP -1.4%, HMY -1.3%, GLD -1.3%... Select solar names showing weakness: FSLR -7.0%, YGE -5.6%, LDK -5.2%, JASO -5.1%, TSL -4.9%, CSIQ -4.4%, ESLR -4.2%... Other news: CHL -5.1% (trading ex-dividend)... Analyst comments: PDLI -5.3% (downgraded to Underweight at JPMorgan), AEG -4.9% (downgraded to Sell at UBS), NVDA -4.8% (downgraded to Equal Weight at Lehman), AZN -3.6% (downgraded to Sell at Goldman - DJ), RAI -1.8% (downgraded to Underweight at Morgan Stanley).

Gapping Up

In reaction to strong earnings/guidance: CPSL +7.8%... Select metals/mining names showing strength with metals prices moving higher as the dollar pulls back: PAAS +4.9%, RTP +4.8%, BHP +3.9%, BBL +3.5%, GG +3.4%, ABX +3.2% (Barrick Gold squelches Kinross rumor - Globe and Mail), HMY +2.9%, GFI +2.9%, RIO +2.7%, AUY +2.5%, FCX +2.1%, GLD +1.3%... Other news: FWLT +5.5% (announces a $750 mln share repurchase program), HUN +5.2% (discloses it accepted two backstop proposals), LDK +4.0% (signs 11-year agreement for processing of solar-grade silicon for Q-Cells, coupled with MOU for up to 5 GW in additional wafer supplies), POT +3.1% (announces increase to share repurchase program; the ceiling to ~10% of the public float or 31.5 mln shares), E +2.6% (still checking)... Analyst comments: BTU +3.3% (initiated with Buy at Jefferies), GILD +2.1% (upgraded to Outperform at Baird), CNX +1.8% (initiated with Buy at Jefferies), RIG +1.7% (initiated with Buy at Citigroup), ACI +1.6% (initiated with Buy at Jefferies), NE +1.0% (initiated with Buy at Citigroup), SYT +1.0% (upgraded to Neutral at UBS).