Stocks to Watch RCON, CCL, POT
Here is a list of stocks that range from large caps to penny stocks. The names are listed below:
Crocs (CROX:NASDAQ) The footwear maker held up very nicely today considering the sharp decline we saw in the broader markets. The 52 week high is 23.47, but the 23 level has shown longs some resistance. CROX currently has the setup, of a stock that outperform comparable names if the market finds a bottom in the next couple of days. Remember the strongest stocks often do best in market reversals.
Banc of America (BAC:NYSE) While there is a school on Wall St that thinks banks should be avoided at all costs, there is another school of thought that thinks the finanacial are vastly oversold. BAC set a 52 week low today on heavy volume which is never good and the $10 psych level seems to be in play. At this point it may be best to go with a financial stock if you want to bottom fish in the group.
Recon Technology (RCON:NASDAQ) This hot penny stock was trading near $1 within the past 5 sessions and happened to break $4 on Monday only to pullback. RCON is not very liquid and often trades with a huge spread which makes it very difficult for even experienced traders to play. While there are no substantial fundamental reasons on why RCON has moved so much, it’s still wise to add RCON to your penny stock list.
Carnival Corp. (CCL:NYSE) It’s pretty clear that this cruise line stock has a very ugly chart, and Wall St. Sentiment is starting to go against the entire industry after huge gains have been made by investors who have traded the group. However, CCL didn’t find a little support late in the day and closed above the day low. CCL is another example of a stock that is probably best played from the sidelines. Regardless of you bias.
Potash (POT:NYSE) It seems like the tide may have changed once again in the Ag sector, because a weak Euro and rising dollar is never good for the group. However, even with the dollar/commodity trade in mind, stocks like POT usually attract interest from short term longs when the market bounces higher. POT is a tremendous trading stock and shorts have to keep in mind that there is some support in the $52 area.
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