Watchlist for October 3, 2008
The market made it through the payroll date but there’s one more hurdle ahead this afternoon when the House votes on the bailout bill.
On Today’s Calendar:
- 10:00 — ISM Services
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: PENN -9.5% (also downgraded to Hold at Deutsche Bank), MRVC -7.8%, LWSN -6.4% (also downgraded to Neutral at Amtech), ABMD -5.9%… Other news: MGA -17.7% (announces that Russian Machines’ participation in arrangements with the Stronach Trust has terminated), C -12.2% (was in talks with Wachovia prior to today’s WB/WFC merger announcement), ALU -4.5% (still checking), SAP -3.3% (falls after Goldman Sachs cuts share price estimate - Bloomberg.com), DEO -1.7% (still checking), LRY -1.0% (announces pricing of its 4.75 mln share common stock secondary offering at $33/share - DJ)… Analyst comments: ADBE -2.0% (downgraded to Sell at UBS), CMI -1.9% (downgraded to Market Perform at Wachovia), WAG -1.3% (downgraded to Equal Weight at Morgan Stanley), STLD -1.2% (downgraded to Underperform at Merrill).
Gapping Up
In reaction to strong earnings/guidance: GPN +9.1% (also upgraded to Neutral from Negative at Susquehanna Financial)… M&A news: WB +66.2% and WFC +3.1% (Wachovia, Wells Fargo agree to merge)… Select financial related stocks rebounding: NCC +19.1%, SOV +12.4%, LYG +11.0%, ABK +10.4%, RF +9.7%, BCS +7.9%, AIG +7.7% (to refocus as worldwide property and casualty company with continuing presence in foreign life), HIG +7.3%, DB +5.9%, PRU +5.7%, GNW +5.2%, CS +5.0%, ETFC +4.0%, MS +2.5%… Other news: GGP +14.1% (announces interim CFO and dividend suspension), CPST +7.8% (announces the signing of a new Distributor Agreement with Toan Thang for oil & gas applications and market segments in Vietnam), S +4.7% (gets interest from NI Holdings and PE firms for Nextel unit - WSJ), LINE +3.3% (Cramer makes positive comments on MadMoney), UL +2.5% (FT reports investors in Unilever are set to push the group to reinvent the way it operates), PBT +1.7% (Cramer makes positive comments on MadMoney)… Analyst comments: MET +3.7% (upgraded to Outperform at Keefe Bruyette), CSX +2.7% (upgraded to Overweight at JPMorgan), COST +1.7% (upgraded to Buy at Goldman - DJ).
Disclaimer & How I use this list
This post has 2 comments
October 3rd, 2008
Michael,
The T2108 has been really helpful in gauging market extremes extremes. Too bad it doesn’t function in real time. I’ve searched long and hard to come up with a similar indicator which could accomplish readings while the market is in play. Think of all those missed gaps! (you alluded to it in yesterday’s post). I suppose I’ll have to program something myself or hire a third party unless there is something out there on the shelf. Others point to the vix and the put/call ratio as oversold/bought barometers, though in my mind they are not as reliable. I’ve mentioned this to the folks at Worden and all in all they think it’s a good idea, though not sure if anything will come of it. I was hoping you might share your thoughts on this. Thanks, George
October 3rd, 2008
John,
You can update T2108 intraday. Just do a data update during the session. Right now T2108 has risen 1.24 to 9.46. I did that a few times yesterday because I was considering buying at the close to avoid the dreaded gap up. (I decided to just wait though)
If you want to go another route, you could probably build the indicator in Excel or MetaStock. It doesn’t seem worth the trouble to me though.