Watchlist for October 22, 2008

We have a good sized gap down working this morning but the indices will still be well within their symmetrical triangles. If the selling accelerates I'll be looking for support at the bottoms of those triangles. That doesn't necessarily mean I'd be a natural/long buyer there. It may just mean covering shorts if I'm short at the time.

On Today's Calendar:

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: CVH -32.8% (also downgraded to Underweight at JPMorgan), KND -13.6%, SIAL -10.2%, MDCO -9.2%, APD -8.6%, PPDI -8.6%, MANH -4.8% (also downgraded to Source of Funds at ThinkPanmure), LUB -3.7% (light volume), WB -3.6%, BA -3.1%, KMB -2.7%, T -2.4%, SLH -1.6%... M&A news: SNDK -26.8% (Samsung withdraws proposal to acquire SanDisk)... Select financial related names trading lower: IRE -10.7%, ING -9.2%, RF -8.8% (Friedman Billings reducing estimates for higher credit expense; cuts tgt to $1), STD -7.9%, BCS -6.1%, HBC -5.7%, MER -4.5%, BAC -3.5%, CS -3.3%, C -2.8%, GS -1.9%, JPM -1.9%... Select oil/gas related names showing weakness with crude trading lower: REP -14.3%, SSL -8.3%, PTR -7.6%, BP -6.5%, TOT -6.5%, RDS.A -6.2%, E -4.4%, CVX -3.4%, XOM -3.1%... Select metals/mining names showing weakness with lower spot prices: RIO -8.0%, BHP -8.0%, RTP -5.9%, GOLD -4.8%, AEM -2.3%, GLD -1.9%... Select healthcare names trading lower following CVH and KND results: UNH -7.1%, HNT -5.9%, AET -3.8%... Select drybulk shippers trading lower: FRO -7.8%, DRYS -6.2%, EXM -3.6%... Other news: DVAX -35.0% (the co and Merck provide update on U.S. FDA clinical hold on investigational vaccine HEPLISAV; also downgraded to Perform at Oppenheimer), BSY -13.5% (trading ex-dividend), ERIC -6.7% (still checking), ABK -6.4% (declares quarterly dividend of $0.01), POT -5.9% (still checking for anything specific), VOD -5.1% (still checking), AXP -4.5% (American Express 'A+' rating placed on CreditWatch Negative at S&P)... Analyst comments: PCX -8.3% (downgraded to Mkt Perform at Friedman Billings), X -5.5% (downgraded to Sell at Goldman - DJ), BIIB -2.6% (downgraded to Market Perform at Leerink).

Gapping Up

In reaction to strong earnings/guidance: VMW +13.5%, AAPL +9.3% (also upgraded to Buy at Calyon), CREE +8.4%, EMC +6.8%, NSC +5.4%, YHOO +4.6% (also upgraded to Accumulate at ThinkPanmure), BRCM +3.6% (also upgraded to Outperform at Baird), CERN +3.1%, AMLN +2.2%... Other news: ICOG +145.9% (Jury awards ICO Global Comm. at least $371 mln plus interest in Boeing lawsuit), MICC +6.2% (modestly rebounding after yesterday's 25%+drop), BEBE +2.5% (discloses its board of directors has authorized a program to repurchase up to $30 mln of its common stock), GENZ +2.5% (FDA panel backs Genzyme Pompe Disease drug - DJ), IFX +2.1% (still checking)... Analyst comments: CBRL +2.6% (upgraded to Buy at MKM Partners).