Question:

What source do you use for upgrades and downgrades.. or do you even mess with it?

My Response:

Upgrades and Downgrades are useful to know before the market opens.  Often times valuation downgrades can occur after a stock has run up significantly and act as a "sale" allowing you to get in to the position if you missed the break out.  However, it can be tricky to get in at the right time on valuation downgrades.  The very best stocks may bounce immediately after gapping down at the open, while others may continue selling for several days.  It does require quite a bit of experience in chart reading, specifically with the intraday charts.  On the opposite side, an upgrade can provide the catalyst the stock needs to break out from a base.

A paid service I have really liked is www.flyonthewall.com which is about $25/month.  They provide near real time alerts on upgrades/downgrades, analyst earnings comments, rumors, etc.  Real Time Traders provides a good free list of upgrades and downgrades at http://www.rttnews.com/marketinfo/g_minfo.asp?page=upgrades