Stock Watch-List for October 28, 2009

Markets are looking pretty sluggish out there today. Overnight we saw pretty significant declines from the Asian markets with losses ranging between 1.4% and 1.8%. The European markets aren’t fairing much better down about 1.2%. Currently US futures sees the Dow down 52 points, while the NASDAQ and S&P are each down 5.75 and 6.5 points respectively.

We have a few reports coming out this morning from Home Purchase Applications, to Durable Goods Orders to New Home Sales. On the earnings front you have big names reporting such as ConocoPhillips (COP), First Solar (FSLR), General Dynamics, Hess Corp (HES), and Level 3 (LVLT) – (Just thought I’d mention it since it was a stock that Cramer had a love affair with a few years back). There really isn’t any market movers reporting earnings today, like a MSFT or AAPL so I instead just gave you the ones that popped out at me.

Something that I’ve noticed in the market of late, and by market I mean the S&P 500 index, that the volume continues to trickle higher on the daily chart. While I’m not talking about mega-levels of volume, it is above average and trending upwards, signifying that the bears are increasingly becoming more aggressive, and that we are not talking about a typical light-volume pullback going on here. While the bulls may yet again manage to rally the markets after experiencing some selling, at this point, the bears seem to wrestling away control of the market from the bulls.

My current portfolio consists of a short position in AMZN and long positions in GLL and SDS.

Here are Today’s Trade Setups…

Bullish Candle Setups: T, AAP, CAL, AFFY, GGC, WOOF, CYBS, DPS, WIBC, PHH

Bearish Candle Setups: TYL, PMTC

Ready to Pullback: WHR, FII, CYD, JAKK, AMZN

Ready to Bounce: CAL, NITE, ALNY, NSIT, SAIA, SHLM