Watchlist for November 5, 2008

I'm just now getting a chance to look at the charts after yesterday's rally. I was surprised to see that the Nasdaq didn't breakout above its October 17th high on yesterday's pop. So it still hasn't broken its pattern of lower highs. The S&P has but with this morning's weakness it's in danger of slipping back under its October 20th high. Both indices are short-term overbought so some weakness here would not be a shocker.

On Today's Calendar:

10:00 -- ISM Services
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: ABK -23.5%, NSR -16.0% (also downgraded to Buy at Wedbush Morgan), MT -15.5%, NILE -15.0% (also downgraded to Underweight at JPMorgan), MBI -14.9%, SAM -11.1%, PXD -11.0% (also downgraded to Market Perform from Outperform at BMO Capital), GGP -10.9%, PWR -7.6%, USU -6.0%, RIG -5.7%, SPWRA -5.0% (also downgraded to Neutral at Credit Suisse), CTSH -4.3%, DUK -4.3%, TOT -3.3%, RL -2.4%, DVN -1.2%... M&A news: ITWO -28.4% (JDAS requests adjournment of i2 Technologies' shareholder meeting slated for November 6, 2008)... Select oil/gas related names showing weakness with crude lower: PBR -4.8%, RDS.A -4.1%, E -3.5%, BP -3.0%, XOM -1.3%... Select financial names pulling back: AIG -10.4%, AIB -7.8% (plunges as bank forecasts lower full-year earnings - Bloomberg.com), ITU -6.4%, DB -5.6%, BBD -5.3%, UBS -4.7%, CS -4.6%, BCS -3.9%, ABB -3.3%, MER -2.6%, GS -2.1%, CIT -1.6%, BAC -1.5%... Select solar names trading lower following SPWRA results: SOL -7.0%, STP -6.1%, FSLR -4.2%, YGE -3.1%... Select metals/mining names showing weakness: GOLD -8.9%, BHP -5.5%, RIO -4.6%, X -3.9%, GFI -3.6%, FCX -3.2%, BBL -1.9%, RTP -1.5%, GLD -1.2%... Other news: CLNE -14.6% (California voters reject fuel-efficient car rebates, according to report - DJ), POM -11.6% (announces it intends to offer 17.5 mln shares of common stock), TTM -8.0% (still checking), LVS -6.6% (still checking), GSK -6.1% and AZN -5.1% (still checking), SI -3.8% (makes EU 1 bln provision for U.S., German settlement - Bloomberg.com), V -2.5% (still checking)... Analyst comments: PCU -7.2% (downgraded to Sell at Deutsche), AZO -4.8% (downgraded to Underperform at Friedman Billings), NVDA -4.2% (downgraded to Sell from Neutral at FTN Midwest), CDE -4.1% (downgraded to Sell at Argus); LNC -3.5%, VMW -3.4% and GWW -3.0% (all downgraded to Neutral at Merrill).

Gapping Up

In reaction to strong earnings/guidance: RAME +23.0%, DTG +17.8%, AGU +12.4%, GGC +11.4% (light volume), RDN +8.8%, GSX +6.4%, CTSH +4.7%, FWLT +1.9%, TIE +1.6%... Other news: CLWR +21.8% (FCC OKs Sprint, Clearwire Merger; DOJ Is Final Hurdle - DJ), THC +8.8% (modestly rebounding after yesterday's 30%+decline), AHII +8.4% (modestly rebounding after yesterday's 50%+drop), S +6.5% (FCC approves Sprint, Clearwire merger; DOJ is final hurdle - DJ), SPLS +3.4% (Cramer makes positive comments on MadMoney), BG +1.5% (Corn Products Int'l notifies Bunge Ltd. of intent to change recommendation of merger agreement with Bunge)... Analyst comments: SPSS +1.9% (upgraded to Buy at Jefferies).