IBM, SPY, CLWR, POT, AAPL
International Business Machines (IBM:NYSE) A revenue miss by IBM is never good for the market. But is this a pause for refresh after the recent market rally ? There seems to be some support in the $170 area, but $167 looks like the line in the sand for current longs. Buy stop orders could be run from there.
S&P 500 ETF (SPY:NYSE) Don’t get me wrong, today didn’t look good, but the large decline wasn’t exactly facilitated on heavy volume. The $119.50 area seems to be the first level of support, but it looks hit or miss from here. The sidelines are sometimes the best place to be if you are a short term trader.
Clearwire (CLWR:NASDAQ) This heavily followed penny stock didn’t test the psyche level of $1, but still seems to be retracing. However, Rule 201 could dissuade further shorting and even cause some bears to finally cash in and cover.
Potash (POT:NYSE) Recently, every time the Ag stocks look good, they don’t follow through and fall back. The group seems to still be in a bottoming, basing pattern, so you need to have some patience if long biased.
Apple Computer (AAPL:NASDAQ) Shares were off today, but outperformed most if you look at the percentage basis. We highlighted AAPL‘s double top last week, but this stock often bucks trends when traders become bearish. Keep AAPL on your list of stocks just in case we see a reversal on Tuesday.
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