We have a huge gap up in store for us this morning. If the futures hold where they are now the QQQQ will make its first higher high on the daily chart since late September. That would still be just a small dent in the losses the market’s suffered but it’s a start and an important change of character for the market.

On Today’s Calendar:

  • nada

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: NWY -19.8% (also downgraded to Neutral at Suntrust and downgraded to Hold at Brean Murray), PHG -7.8%… Other news: RBS -17.2% and  LYG -4.2% (both tumbled again as investors fretted that moves by the govt to take stakes in the cos would limit returns; also Bloomberg.com reports LYG cut terms of HBOS offer, plans to raise 17 bln pounds.

Gapping Up

Select financial related names rebounding: MS +32.2% (Mitsubishi UFJ Financial Group confirms closing of $9 bln equity investment in Morgan Stanley), NCC +31.0%, ABK +30.6%, GNW +28.6%, KEY +25.2%, AIG +24.9%, IBN +19.1% (climbs by a record after saying it has funds - Bloomberg.com), UBS +18.3%, RDN +18.0%, BAC +12.1% (upgraded to Buy at Stifel Nicolaus), WB +11.7% (Federal Reserve Board approves Wells Fargo’s application to merge with Wachovia), SOV +11.5% (Santander nears Sovereign deal - WSJ), C +11.5%, GS +9.3%, STI +7.1% (upgraded to Market Perform at Keefe Bruyette)… Select metals/mining names showing strength: AU +18.3%, GOLD +13.3%, MT +13.2%, SLW +12.3%, AUY +8.3%, SLV +5.6%… Select solar stocks trading higher: YGE +16.2%, ESLR +13.7%, STP +13.3%, CSIQ +10.3%, LDK +9.5%, FSLR +9.0%, JASO +8.9%, EMKR +6.9%… Other news: F +28.1% (considers sale of Mazda stake - WSJ), GM +20.4% (had talks with Chrysler - WSJ), IFX +16.4% (still checking), AA +15.6% (still checking for anything specific), AMD +10.2% (confirms DoJ has closed its Antitrust Investigation of the graphics industry with no action), ABT +6.3% (announces new $5 billion share repurchase program)… Analyst comments: LVS +10.3% (upgraded to Neutral from Underperform at Merrill), MGM +7.1% (upgraded to Neutral from Underperform at Merrill), AAPL +6.3% (hearing upgraded at Bernstein), CSCO +3.6% (upgraded to Outperform from Market Perform at JMP), XOM +3.4% (upgraded to Buy at Goldman - DJ), ANN +2.5% (upgraded to Neutral at Goldman - DJ).

Disclaimer & How I use this list

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