One of the only stocks that Clive Corcoran would consider on the long side is for Ultralife Batteries (ULBI), which looks constructive on both the weekly and daily charts.

If the banks don’t bounce soon, the Fed will have to polish off its market rescue manuals and rehearse all of those speeches about the strength of the underlying market fundamentals.

The breakdown in the chart for Corning (GLW) suggests that further erosion towards the 200-day moving average at least is to be expected.

Baker Hughes (BHI) has a chart pattern which suggests that the sellers may be waiting for an entry close to $85 for another assault on the stock.

Continental Airlines (CAL), which appeared to have a bull flag developing last week, is another example of the potential pitfalls of chart formations during earnings season.

The chart for Lehman Brothers (LEH) looks less resilient than Goldman and on Friday a new 2007 low was registered. If the short sellers that have been attracted to the sector are rattled and squeezed in coming sessions, Lehman can be expected to mount an abrupt and powerful rally.

Hasbro (HAS) is coming towards the critical threshold in an upward wedge formation and could be preparing for a break above its recent ceiling in coming sessions.

The chart for Schering-Plough (SGP) is developing a flag formation that could be pointing to another spike up.

Foundry Networks (FDRY) appears to be ready to break above an ascending wedge formation.

Despite a powerful rally at the end of last week, Wells Fargo (WFC) still has some indications that an intermediate top may be forming.