MS, POT, IR, GS, EMBA
Morgan Stanley (MS:NYSE) Shares of MS just can’t seem to get their sea legs under them. Obviously the uncertainty in Europe has killed the financial sector for the short term, but it wasn’t so long ago when hedge funds were using the $22 level an entry point for a long channel trade on Morgan Stanley. Add MS to your list of stocks, but a double bottom could develop at lower prices.
Potash (POT:NYSE) The Ag’s are hanging in there, but not exactly lighting the world on fire. However, the group does have some constructive charts for longs versus other sectors. A clean break of $64 could really get POT going.
Ingersoll-Rand (IR:NYSE) Shares were deeply oversold recently and are now forming a decent base.Use $31.43 as a support level if you are currently long.
Goldman Sachs (GS:NYSE) It wasn’t a surprise that GS held the $100 level because natural buyers tend to flock to psyche numbers. But will the level hold a retest ? Traders that have a long bias should hope so. It’s just too hard for the market to rally without GS and JP Morgan participating.
Emamba International (EMBA.PK) Shares of this penny stock are building a decent base, but it looks like the volume is slowing down a little bit. Shares of this energy stock can be very volatile due to it’s low market cap. So be careful. For now keep EMBA on your penny stock list as a potential trading vehicle.
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