BAC Breaking News   BAC and AAPL
Bank of America (BAC:NYSE) Buffet buys and lends confidence to the name, but BAC CEO Moynihan loses credibility at the same time. How weird is this ? Fast Money’s Cortes and Najarian were not very bullish for the short term, so the early AM move might signal nothing more than a short covering pop. Just remember, even though Buffet hit home runs with Goldman Sachs (GS:NYSE) and General Electric (GE:NYSE) during the Lehman Crisis, the Oracle of Omaha still receives better terms on his purchases than the Average Joe does. So take this booster shot with lightly if you have a short term perspective. Also watch for an upcoming piece from PSE on BAC Warrants.

aapl Breaking News   BAC and AAPLApple Computer (AAPL:NYSE) The Steve Jobs news has essentially been baked into the cake for some time. Weak hands seemed to be the cause of the $357.00 print earlier on Thursday, and shares of AAPL have consequently rebounded. In other words, this move somewhat was expected and bottom fishers stepped in and were rewarded handsomely. On a technical basis, the weekly chart shows that AAPL has tremendous support in the low $350′s range. Remember that even though skeptics will say AAPL is done, they still have $76 billion in cash reserves and products that stores can’t keep on the shelves.
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Newmont Mining (NEM:NYSE) There was a lot of red on the screen today, and gold was only up marginally. NEM often lags behind the performance of the precious yellow metal for a day or even two, but today was different, both NEM and SPDR Gold Trust ETF (GLD:NYSE) had similar returns. NEM has strong support in the low $50 range, but today’s volume might be telling us that there isn’t a ton of conviction in the risk on gold trade.

Pandora (P:NYSE) Pandora is an odd duck, many felt it was a NYSE issue with limited earnings visibility. However, Pandora beat estimates on Thursday evening, and this event could cause some shorts to cover. Please remember that Pandora was a super hot IPO recently, and crumbled from first day highs due to fundamental questions. Put Pandora on your stocks to watch list and check back with PSE for future IPO color.

Feel Golf (FEEL.PK)
FEEL had released numbers that were impressive for a pink sheets penny stock. Sales were up and losses were down, and the sub penny name finished Thursday op 33.33%. Add FEEL to your penny stock watchlist.

Potash Corp. (POT:NYSE) Despite the decline in the NYSE, POT and other Ag stocks seemed to have a constructive low volume pullback. Watch the $56.22 level because a break could spur a rally.

Washington Mutual (WAMUQ.PK)
The only reason that I am mentioning WAMUQ today, is because of it’s technicals. We all know that WAMUQ is a zombie penny stock, but there are scalpers who make decent living flipping names like this one around. So I will now mention that the 6.5 cent level looks like a line in the sand for those who are currently long.

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Carl Ichan Raises his Stake in FDML

It seems like Carl Ichan is back. About a week ago, we highlighted the fact that Ichan announced that he was bullish in an aftermarket CNBC interview. And consequently we followed up and pointed out a few names that he was involved in. One of them being Motorola Mobility Holdings (MMI:NYSE). One of our goals at PSE is to provide you with a wide variety of ideas and ultimately let you make the choice.

Today, as many off you know, MMI was acquired by Google (GOOG:NYSE) today for $12.5 billion dollars as the wave of “patent fever” continues.

Right now, we want to provide you with Carl Ichan’s most recent buy. On August 10th, Ichan raised his stake in Federal-Mogul Corp. (FDML:NASDAQ) by purchasing an additional 139,899 shares that averaged $15.24. Even though the layered up FDML purchase wasn’t exactly enormous by Ichan’s standards, his buy reversed sentiment because there were reports that he was planning to liquidate his shares in the $24 range. This change of pace in FDML must have been based on a discounted value in the shares as the stock dipped in the recent decline. For now, we will continue to follow the activity of Carl Ichan, because it often makes sense to ride the hot hand.

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News Corp (NWS:NYSE) NWS had a monster reversal today on earnings and a buyback program. However, today’s move in NWS might just have been a function of short covering. There is still a large amount of headline risk in NWS, so be careful if you have a long bias.

Cypress Sharpridge (CYS:NYSE) This high yielding name is trading like a champ and is one of the few names that really hasn’t been impacted by the market’s recent decline. But CYS has done spot secondary offerings more often than most, and this name is often shorted by hedge funds who are looking for a quick pop on the dilution.

Digagogo Ventures (DOGO:OB) Not so long ago there was chatter in the penny stock community that DOGO was going to launch a massive promo program. Shares were active for a little more than a week, but seem to be dead money now. I’d still keep an eye on it because there is often a second move after the initial drop. Add DOGO to your penny stock list on a just in case basis.

JP Morgan (JPM:NYSE) Traders and investors often try to get too cute when the go long financials. They buy beaten up stocks with questionable fundamentals and hope for moves like we witnessed today. However, the solid, less risky way to play this group has been in JPM. The stock led the group out of the Lehman crash and could do the same if we have actually bottomed. There are a couple of gaps to fill on the upside as well.With the highest one being at $39.90.

American Rare Earth Materials (AREM.OB) This is a super speculative rare earth penny stock. The shares has been a non event recently and is trading near 52 week lows. However, Molycorp’s (MCP:NYSE) CEO Mark Smith made some positive comments on the industry on CNBC after the close, so it’s possible that some sympathy plays might develop in lesser names like AREM. So add AREM to your rare earth penny stock list, despite it’s lack of fundamentals.

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Potash (POT:NYSE) This Ag play is very interesting. Does the decline in the dollar create a rally for POT or does the potential lack of global demand reduce shares to dead money at best ? The Ag’s deserve to be watched, but POT could be extremely complex to trade in this environment.

Propell Corp (PROP.OB) Shares of PROP still have not retraced from last week’s gap up, but the promo may run out of steam due to sentiment. Remember, hot money sometimes only goes as far as the broader market will take it. The 12 cent level seems to be a guide for short term support.

Silver Wheaton (SLW:NYSE) This silver streamer stock is another way to play the 2nd hottest metal on the street. Shares SLW and silver mining penny stocks may get another look from traders with the Standard and Poors U.S. debt credit downgrade. Mainly because most of the group are trading at a fair distance off of their highs.

Net Savings Link (NSAV:OB) This is worth mentioning solely because NSAV is a hot penny stock that has undergone a symbol change. The old symbol (CXLT) was a potential Groupon IPO sympathy play, and the charts seem to be against this name on a short term basis.

S&P 500 ETF (SPY:NYSE) Throw the longer term charts out the window on Monday, because we are in unchartered waters. Scalpers may have a ball tommorow playing intraday charts, but regardless of your bias, swing trading on the broader indexes should probably be avoided.

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