STOCKS IN PLAY – MF, COH

 

MF, COH, QQQ, DG


MF (NYSE) MF Global situation is a mess and hopefully if doesn’t drag down the broader averages for more than a day. It boggles my mind that Corzine is in this situation. Shares are still halted, but when it re-opens zombie penny stock plays will almost surely be attracted to it. Look for MF to regularly be one of the most active pink sheets stocks on it’s delisted from the NYSE.

Coach (COH:NYSE) This high end retail name was used by some longs as a stealth China play due to the country’s new demand for high priced goods. However, the chart is starting to roll over a bit, but has held the $63 range a few times before. The 62.79 level looks like a line in the sand level for now. A break of that support could lure in some aggressive swing trading shorts.

NASDAQ ETF (QQQ:NYSE) I want to mention the Q’s a few days in advance of the Groupon IPO. Mainly because traders often buy NASDAQ futures when high profile IPO’s trade at nice premiums. This trend has happened several times before and needs to be watched. Some IPO services are calling for a 3-5 point premium in Groupon so add QQQ to your ETF list.

Dollar General (DG:NYSE) We mentioned this name a few days ago as a stock that could be sold because of a rotation of institutional funds. But so far it’s only drifted down mildly despite having a chart that appears to be rolling over. Use the $38.50 as a read for future short term direction.

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STOCKS IN PLAY – CLWR, TQNT

 

CLWR, TQNT, LVS, JPM, DG


Clearwire (CLWR:NASDAQ) CLWR is just a stock that needs to be mentioned. Not because of it’s performance, but because of it’s cultish following from longs. Recently, CLWR once again staged a rally that gave a sign to some that the trouble was over, and they were out of the woods. However, shares of CLWR were rejected today after they broke the $2 handle and the volume is waning to the point where shares look tired. If we pullback next week, the $1.60 level could be in play. Keep in mind that there might be a slew of stop orders at $1.50

Triquint Semiconductor (TQNT:NASDAQ) TQNT is viewed by some speculative traders as a way to participate in Apple Computer (AAPL:NASDAQ) for a smaller cash outlay. However, this time TQNT investors were blindsided with weak guidance despite AAPL stabilizing. The recent drop might represent a buying opportunity to some. There is an upside gap to fill at $6.81 and there are waves of support right above the $5 handle.

Las Vegas Sands (LVS:NYSE) LVS is just a name that even the bravest, most experienced traders often avoid. Both from the long, and when it’s available for borrow, the short side. But today is a little different. LVS posted great numbers and investor sentiment is improving, especially if we see a few more good days in the broader averages. LVS is starting to look a little overbought on a short term basis, but you simply have to throw rhyme or reason out the window regarding this name. In other words the 52 week high of $55.47 could be in play soon.

JP Morgan (JPM:NYSE) To the casual eye JPM looks dead today. However, the volume is very light and today’s relatively break even day so far could be viewed by some as a pause for refresh. Especially after the gap up we saw earlier in the week. As always, keep JPM on you list of stocks, but the low hanging fruit for longs might already be gone.

Dollar General (DG:NYSE) We highlighted DG yesterday as a candidate to be sold by some institutions who are looking to rotate into beaten up brand name stocks. Today DG continued it’s shallow decline, and the technicals are starting to look like they about to roll over. The $38 dollar level is starting to look like the line in the sand for enthusiastic longs.

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STOCKS TO WATCH – MOS, JPM

 

MOS, JPM, GS, DG


Mosiac (MOS:NYSE) This Ag stock might be starting to come back into vogue with hedge funds and prop traders. The overhang from the Cargill sale seems to be over and MOS trades at a significantly lower multiple than it’s peer Potash (POT:NYSE). Shares just broke through a double top on the daily charts, but there is a ton of resistance in the $71-$72 area. Look for MOS to be on a few different swing trade lists.

JP Morgan (JPM:NYSE) The market can’t sustain a rally without the banks moving higher. It’s as simple as that. JPM has and for the near future, will always be one of the top reads for the direction of financials. If you happen to like JPM, don’t be afraid to pair trade the name versus XLF, which is the underlying ETF, to reduce risk. A break of $38.57 on strong volume could solidify a reversal for JPM.

Goldman Sachs (GS:NYSE) It boggles my mind that nobody ever wants to put on a long position in GS after it gets beat up. However, these same skeptics will chase the shares as they go higher until the cows come home. My rationale on the past Goldman fear is pretty simple. Either you believe in their balance sheet or you don’t. Aggressive longs should keep in mind that there is some resistance in the $118 area. A positive close with volume over 12 million shares could really help the cause though.

Dollar General (DG:NYSE) I am only mentioning this retail name because it’s done so well in poor market condition, but isn’t participating today. Maybe DG is overbought ? Or maybe today’s weak performance is just a pause for refresh. Either way, DG could be a candidate to be sold in a rotation that could lead funds into big name stocks that are at perceived discounts.

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STOCKS IN PLAY – DG, NNAN

 

DG, NNAN, GS, INTC, XLF


Dollar General (DG:NYSE) The recent Warren Buffet buys is up today and should remain on the watch list for short term bulls if shares hold the $35.75 range. Weekend risk is another story though.

NaturalNano (NNAN:OB) NNAN is just another example of why you have to treat most penny stocks as trading vehicles. Shares of NNAN look strong recently, but are currently in a major downtrend. However, they are approaching support, which could entice penny stock scalpers. Put NNAN on your penny stock list just in case it turns into a bounce candidate.

Goldman Sachs (GS:NYSE) The chart looks like a nightmare even though it could be oversold. Also, the current small bounce in GS looks weak. Especially after considering the volume At this point, watch the $85.80 range if you are a swing long.

Intel (INTC:NASDAQ) Shares of INTC look strong, and the company’s dividend might be playing a part with interest rates this low. While many longs view INTC as a tremendous value play, a break of $24 is needed on heavy volume.

Financial Sector ETF (XLF:NYSE) Not so long ago, we mentioned the $12 level as support on the bell weather ETF. Well that level has now been violated and use yesterday’s low of $11.34 as the new support.

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STOCKS TO WATCH MCP, DG

 

MCP, DG, AAPL, WAMUQ, TOFS


Apple Computer (AAPL:NASDAQ) Apple is ripping again. But is a blowoff top in the works ? Volume would have to be near the 30 million mark for that to happen. For now though, it’s probably best not to short this juggernaut because there is no reason to be a hero. Plus the talk about testing the $500 psyche level are starting. Watch for more upgrades from the herd.

Molycorp (MCP:NYSE) Shares are smashed after the cut by JP Morgan and MCP is starting to look oversold. In addition rare earth prices are falling. However, MCP President and CEO Mark Smith will be testifying before Congress tomorrow about rare earth supplies. So short covering isn’t out of the question.

Dollar General (DG:NYSE) The stock has made a nice move since the Warren Buffet buys, but still needs to retest and break $38.59 on heavy volume to prove that this breakout is for real.

Washington Mutual (WAMUQ:PK) We mention this zombie penny stock frequently to shed color to our scalper followers. We mention the 7 cent level as the line in the sand and WAMUQ ripped from there only to fall back into the trading range. It’s probably wise to continue to use that level as a guide if you have a long bias.

247MGI (TOFS.PK) Shares of this pink sheets penny stock are building a nice base, but are currently down on Tuesday. The news of entering into a billion dollar industry is fluffy, but I have seen worse. Right now TOFS is currently the most active IHUB message board, so it could turn into a decent trading vehicle.

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