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 – SPY, CMG

 

SPY, CMG, JPM, POT


S&P 500 ETF (SPY:NYSE) Everyone is starting to get excited with Friday’s rally, but question’s still remain. Headline risk out of Europe still looms large, and even if the outcome of this mess is positive, we still could see institutions sell a gap up open Monday AM. On a risk/reward basis it might be wise for investors who don’t have a value or longer term view to stay on the sidelines.

Chipolte Mexican Grill (CMG:NYSE) The continued rise of CMG is causing quite a stir. CMG represents the typical smart money on both sides trade. Today’s Jim Cramer versus Herb Greenberg debate was classic, and Cramer has been on the money with CMG for a while. Still the charts might be telling us a different story, despite CMG‘s fast food niche. We are nearing double top territory and a blow off rally could interest new shorts, or bears who were blown up at lower prices and are just looking to revisit the trade.

JP Morgan (JPM:NYSE) JPM is a usual suspect on our stocks in play list. Mainly because of it’s influence on the financials which consequently weigh heavily on the broader averages. During earnings season, the banks have come up a little bit short, and JPM‘s performance today is somewhat concerning. In simpler terms, JPM should be trading better with the Dow and S&P ripping the way they are today. However, a close over 34.10 or so on heavy volume could bring some swing traders in.

Potash (POT:NYSE) I know we mention the Ag’s on a frequent basis, an I apologize if you are getting sick of hearing about them. However, some long only commodity types have used this group to hide out. As evidenced in the basing pattern of POT‘s chart. A break of $50.73 on heavy volume could make POT a prop trading favorite again.

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STOCKS TO WATCH – IBM, SPY

 

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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STOCKS TO WATCH – AERN, MCP

 

AERN, MCP, CLWR, POT


AER Energy Resources (AERN.OB) AERN has been an extremely hot penny stock, but the continued high volume of promo emails is alarming to some. Shares are up over 20 percent at the time of this entry, but the Reg Sho, Rule 201 is now in effect. Rule 201 is often a sign of naked short selling. Keep your eye on this one for no other reason than to watch the outcome of bears versus bulls. The 12 cent range also shows a fairly strong resistance level.

Molycorp (MCP:NYSE) In the last two weeks, rare earth stocks have gone from riches to rags. Now they seem to be on their way back to prosperity. A break of $39.68 would be huge for MCP longs, but the recent volume has been light. However, the political sentiment out of Washington seems to favor this group. Especially because China, for all intensive purposes, has essentially been on the other side of the market in regards to the commodity.

Clearwire (CLWR:NYSE) This once trendy NASDAQ small cap name is now a penny stock in the truest sense of the words. Longs should beware that tax selling season is close and those $1 stop loss orders could be tested at some point, partially because so much hot money is underwater now.

Potash (POT:NYSE) The flagship Ag name is trading nicely today on huge volume. A solid break of the psyche level of $50 dollars is still needed, but the reversal off of the capitulation like bottom of $39.58 looks impressive on a technical basis. Keep POT on your list of stocks for swing trading purposes.

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STOCKS TO WATCH – POT, MCP

 

POT, MCP, SPY, SLW, JPM


Potash (POT:NYSE) Ag’s are starting to look oversold here a panic sets in. A key support read for POT is $44.21. The monthly charts looks ugly on a break of that level.

Molycorp (MCP:NYSE) I know there has been bubble talk in the REE space, but the monster breakout occurred from the $26-27 range. So a retest of that area is always possible. However, bounce buyers could step in if this market rallies. Keep MCP on your list of stocks to watch.

S&P 500 ETF (SPY:NYSE) The Spiders went straight down on the open after trading above $115 in the premarket. The newsy nature of this current market should provide some nice intraday fades for the foreseeable future. However, this is the type of choppy market that the micro scalpers get chewed up in. The $113 level remains important for support.

Silver Wheaton (SLW:NYSE) The silver streamer looks very oversold at these levels. However, we all know how volatile the underlying commodity is. Just keep in mind that there is an upside gap to fill at $40.61.

JP Morgan (JPM:NYSE) One good sign in this weak market is that JPM is outperforming the financials so far today. Many traders look at JPM as the leader in the group and shares have formed a decent rally of the bottom of $28.53. Although the $32.50ish level could stir up some resistance.

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