Watchlist for September 4, 2008

Here we go again with the opening weakness. I'll be watching yesterday's lows and the 50-day moving averages on the Nasdaq and S&P 500.

On Today's Calendar:

10:00 -- ISM Services
10:35 -- Crude 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/same store sales: CIEN -19.0%, TEX -10.1%, HOV -9.0%, DLX -4.9% (also announces expansion of cost reduction program), ANF -4.5%, HRB -3.0%... Select financial names showing modest weakness: RBS -3.7%, BCS -3.1%, UBS -3.0%, MER -1.9% (may fail to sell bad loans to Korea Asset - Bloomberg.com), LEH -1.7% (MUFG says no truth to Lehman acquisition report - DJ), DB -1.6%, CS -1.6%, HBC -1.5%, GS -1.0%, BAC -1.0%... Other news: HIBB -5.8% (announces departure of Nissan Joseph, Chief Operating Officer), SHPGY -4.2% (Citigroup selling 8 mln shares at 938P each - Bloomberg), TPP -4.0% (discloses that it is contemplating possible sale of certain non-core assets; also files for debt securities shelf offering), MTW -3.6% and CAT -2.6% (down in sympathy with TEX), ABK -1.8% (says as of Aug 6, AMBAC was in violation of certain net asset covenants contained in the credit agreement - Reuters), SI -1.8% (still checking), MDT -1.7% (Medtronic product linked to surgery problems - WSJ), HCN -1.3% (announces proposed offering of 6 mln shares of common stock), NOK -1.1% (still checking), LAZ -1.0% (prices common stock offering at $37.00)... Analyst comments: MRVL -2.8% (downgraded to Hold at Deutsche Bank), LM -2.6% (downgraded to Underperform at Credit Suisse), SPNC -1.6% (downgraded to Sell at Goldman - DJ), KLAC -1.0% (downgraded to Equal Weight at Morgan Stanley).

Gapping Up

In reaction to strong earnings/guidance/same store sales: CBAK +18.5%, HAYZ +11.1% (light volume),) NAV +6.4%, ZUMZ +6.3%, AEO +1.6% (light volume), GPS +1.4%, MR +1.3% (light volume), SAI +1.2% (also upgraded to Outperform at Wachovia)... Select metals/mining names rebounding: RTP +4.0%, BBL +3.5%, BHP +2.6%, AAUK +2.2%, AUY +1.8%, GLD +1.3%... Other news: RDN +6.9% (continued strength following yesterday's 25%+move higher), UL +6.2% (names Nestle's Polman as CEO - Reuters), SOLR +3.6% (LDK signs polysilicon reactor agreement with GT Solar for an estimated value of $32 mln), BP +3.4% (TNK-BP Partners settle conflict - WSJ), BBT +2.3% (Cramer makes positive comments on MadMoney)... Analyst comments: STLD +2.9% (upgraded to Buy at Goldman - DJ), NVLS +2.2% (upgraded to Overweight at Morgan Stanley).