Watchlist for October 7, 2008

Posted on October 07th, 2008 in Watchlists

The futures have been swinging wildly this morning in anticipation of, and reaction to, PPT actions. At the moment it looks like we’re in for some additional strength today.

On Today’s Calendar:

1:15 — Ben Bernanke speaks
2:00 — FOMC Minutes

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: BAC -8.1% (also commences offering of ~$10 bln of common stock and lowers dividend), ITW -4.7%… Select financial stocks showing weakness following BAC results and continued weakness overseas: RBS -24.7% (stock plunged in overseas trading on reports they are seeking funding from the British Govt, but co reportedly said later that it did not make request to govt for capital), AIB -11.7%, BCS -8.8%, DB -6.1% (has no plans to raise equity capital - DJ), MER -5.0%… Select solar stocks trading lower following analyst downgrades of select names: FSLR -14.8% (downgraded to Sell from Buy at Goldman- DJ), SPWRA -11.8% (downgraded to Sell from Buy at Goldman- DJ), CSIQ -7.9%, JASO -7.9%, ESLR -6.8%, STP -6.7%, SOL -6.5%, LDK -6.5%, YGE -5.0%… Other news: SAP -11.5% (extends slide as analysts lower estimates on sales figures - Bloomberg.com), MT -10.2% (headlines on Bloomberg from yesterday say MT says steel users are destocking, taking wait and see approach), PSPT -4.2% (announces receipt of request to delay closing of merger transaction up to October 31, 2008)… Analyst comments: CRM -6.7% (downgraded to Hold at Roth Capital).

Gapping Up

Select metals/mining names showing strength with higher spot prices and slightly weaker dollar: GFI +9.3%, GOLD +8.3%, SLV +6.6%, SLW +6.5%, AU +5.7%, AEM +3.0%, GLD +2.7%, AUY +2.5%… Select oil/gas names rebounding with early strength in crude: TOT +2.5%, E +2.5%, RDS.A +1.5%… Select financial related names rebounding: NCC +10.9%, FRE +10.6%, AIG +8.5%, FNM +7.0%, ABK +6.6%… Other news: AMD +30.0% (to spin off manufacturing to new venture - WSJ), ROYL +15.7% (announces it has discovered natural gas in its Andrus Island East well in the Sacramento Basin of California), COIN +12.8% (announces initial sale of organic fertilizer to Matosantos for Puerto Rico market)… Analyst comments: JRCC +3.6% (initiated with Buy at Jefferies), FCX +2.5% (upgraded to Outperform at Friedman Billings).