The global death spiral has continued spiraling over night resulting in huge losses and trading halts in Russia, Iceland, Indosnesia, Austria, Romania and Ukraine. And the selling has carried over into our pre-market pushing the futures down sharply.

On Today’s Calendar:

  • 10:00 — President Bush speaks

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: IMN -16.3% (also downgraded to Hold at Brean Murray), M -10.1%, HST -3.8%, CVX -3.8%, GE -3.2%… Select financial names showing weakness: MS -28.5% and GS -21.1% (Moody’s says may cut Morgan Stanley, Goldman ratings), ABK -15.4%, HBAN -15.3%, BCS -11.7% (mulls dip into govt pot; other options on the cards - DJ), IBN -11.6% (drops by record; says has enough liquidity - Bloomberg.com), PRU -9.8%, DB -9.0%, NCC -8.8%, ETFC -8.8%, CS -7.4%, RBS -6.7% (might have to tap UK government - WSJ), AIG -5.9%, HBC -4.4%, C -4.1% (Citi confirms the co ended negotiations with Wells Fargo on Wachovia Transaction), BAC -3.7%, JPM -2.3%… Select solar names showing continued weakness: SOLF -12.1%, ESLR -11.0%, CSIQ -8.7%, FSLR -8.2%, STP -8.1%, YGE -7.0%, JASO -6.3%, SPWRA -5.0%, LDK -4.0%… Select oil/gas names trading showing weakness with crude lower: TOT -6.6%, HES -6.3%, BP -5.7%, E -5.3%, RDS.A -3.5%, COP -3.4%, XOM -2.5%… Other news: RTP -6.7% (falls to record discount to value of BHP’s bid - Bloomberg.com), NOK -5.9% (still checking), UN -8.5% and UL -4.2% (still checking), CTX -4.1% (suspends quarterly dividend)… Analyst comments: FCX -8.4% (downgraded to Sell at Canaccord), X -5.2% (downgraded to Hold at Keybanc), MA -4.3% (downgraded to Hold at Deutsche), INTC -2.9% (downgraded to Sell at ThinkPanmure).

Gapping Up

In reaction to strong earnings/guidance: DECK +5.2% (light volume)… M&A news: WB +35.6% and WFC +2.8% (Citi confirms the co ended negotiations with Wells Fargo on Wachovia Transaction)… Select metals/mining names showing continued strength with higher spot prices: AU +15.8%, GFI +11.8% (upgrades operational guidance for Q1), GOLD +10.4%, HMY +7.2%, SSL +6.0%… Analyst comments: PFG +1.3% (upgraded to Equal Weight at Morgan Stanley).

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