Watchlist for November 3, 2008

I’ve still got my eyes on the resistance around the highs of October 17th, 20th and 21st (depending on which index you’re looking at). Until the bulls can produce a high above those highs I have to consider this rally nothing but a retracement in a larger downtrend.

On Today’s Calendar:

10:00 — Construction Spending
10:00 — ISM Index

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

Select oil/gas names showing weakness with crude lower: BP -3.4%, RDS.A -2.8%, TOT -2.5%… Select financial stocks trading lower: AEG -5.6%, NCC -5.6%, UBS -5.3%, STD -4.7%, CS -3.1%, LYG -2.8% (Lloyds TSB could face rival bid for HBOS: Newspaper – Reuters), BAC -1.1%… Other news: VSE -60.4% (preparing to file for bankruptcy protection – WSJ), ATRC -26.5% (announces investigation by the Department of Justice; also downgraded to Hold at Roth), VOD -6.9% (still checking for anything specific), CEG -1.3% (provides update on liquidity and strategic initiatives)… Analyst comments: FDRY -3.7% (downgraded to Hold at Kaufman), PTEN -3.5% (downgraded to Underweight from Neutral at JP Morgan), IP -2.7% (downgraded to Neutral at Goldman – DJ), BA -2.1% (added to Convictiontion Sell List at Goldman – DJ), CIEN -1.9% (downgraded to Underweight at Merrill).

Gapping Up

In reaction to strong earnings/guidance: SOL +19.4%, DRYS +17.0%, OSK +11.0%, GT +9.9% (light volume), DAC +2.9%, STO +2.5%, PMI +2.4%… M&A news: UBB +15.7% and ITU +9.8% (Itau, Unibanco announce merger – DJ)… Select drybulk shipping names trading higher following DRYS and DAC results: TBSI +11.0%, EXM +8.8%, DSX +8.2%, FRO +5.7%, GNK +3.1%… Select metals/mining names showing strength: BHP +4.4%, GOLD +4.2%, BBL +4.0%, SLV +3.9%, SLW +3.6%, AEM +1.8%, GLD +1.4%… Other news: VMED +30.2% (lenders vote to allow delay of GBP1.66 bln loan repayments – WSJ), HIG +8.9% (comments on capital position; says capital margin would be approx $2 bln at year end), LVS +7.1% (still checking), DPTR +6.2% (Board of Directors to review Tracinda Corporation offer and provide recommendation), NOK +4.2% (still checking for anything specific), MRO +4.0% and BWP +3.7% (Cramer makes positive comments on MadMoney), AIG +3.7% (still checking), BIDU +2.4% (announces $200 mln share repurchase program), MON +1.7% (to invest in technologies for sugarcane with acquisitions of CanaVialis and Alellyx)… Analyst comments: TE +4.0% (upgraded to Buy at KeyBanc Capital Mkts), BIIB +3.4% (upgraded to Outperform at Baird), TSO +2.4% (upgraded to Neutral at JPMorgan), WMT +1.5% (upgraded to Overweight at JPMorgan).