Over the past year or so Duru and I have been saying (writing) "we live in interesting times" to each other probably 10 times per week in response to economic or financial news. That phrase is certainly appropriate this morning. Besides all the LEH, MER and AIG drama we've also got oil tanking through $100 while the dollar's also falling. I'm trying to get a read on where the indices will open. The key levels I'm watching are the July intraday lows as well as the intraday lows from last week. Don't forget that the Fed decision looms tomorrow...
On Today's Calendar:
- nothing
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: OTTR -4.9%... M&A news: TTWO -29.4% (ERTS terminates discussions with Take-Two), BAC -14.2% (Bank of America buys Merrill Lynch in a $50 bln all-stock transaction), BBY -3.3% (Best Buy to Acquire Napster for $2.65/share)... Select financial-related names showing weakness following LEH's Ch 11 filing: LEH -91.5% (to file for protection under Ch. 11 - WSJ), AIG -37.6% (S&P puts AIG ratings on creditwatch negative; WSJ reports scrambles to raise cash, talks to Fed; also subsequently downgraded to Neutral from Buy at Merrill and downgraded to Hold from Buy at Citigroup), WM -16.8%, UBS -16.7% (shares hit by speculation of new writedowns in Europe trading- Reuters.com), RBS -15.3%, PMI -13.5%, ABK -13.4%, BCS -13.4%, AXA -10.7%, SLM -10.3%, WB -10.0%, MS -9.4% (downgraded to Hold from Buy at Citigroup), PUK -8.9%, C -8.1%, GS -7.8% (downgraded to Neutral from Buy at Merrill), IBN -7.6%, ING -7.4%, LYG -7.0%, JPM -6.6% (downgraded to Underperform from Neutral at Merrill), STI -6.6%, WFC -5.4%, HBC -3.8%... Select solar names showing weakness as oil drops ~6 pts following passing of Ike: CSIQ -9.8%, ESLR -9.5%, SPWR -9.3%, JASO -8.4%, SOLF -8.2%, YGE -8.0%, TSL -7.8%, STP -6.9%, FSLR -6.8%... Other news: TSRA -24.5%, GE -7.4% (checking for anything specific)... Analyst comments: AGNC -8.5% (downgraded to Neutral from Buy at Merrill), NLY -6.4% (downgraded to Neutral from Buy at Merrill), LOW -5.5% (downgraded to Neutral from Outperform at Credit Suisse), BXP -5.0% (downgraded to Sell at Merrill), HD -4.9% (downgraded to Neutral from Outperform at Credit Suisse), PHM -4.3% (downgraded to Hold at Citigroup).
Gapping Up
With equity futures trading significantly lower this morning (S&P futures -43, Dow futures -353), very few stocks are trading higher in premarket... M&A news: NAPS +85.2% (Best Buy to Acquire Napster for $2.65/share), MER +35.5% (Bank of America buys MER in an all stock deal; MER holders to receive 0.8595 BAC shares), LDG +3.3% (WAG proposed to acquire all outstanding LDG shares for $75/share)... Other news: PSS +5.6% (announces that the Court has entered a judgment in the adidas trademark infringement case that reduces the monetary award against the co).
Disclaimer & How I use this list
Mike, what do you think of the fact that a high percentage of S&P 500 stocks are still above their 50 day MA...? Was just looking at the chart on stockcharts
James,
See tonight's recap.