MS, SPY, NFLX, UNDT
Morgan Stanley (MS:NYSE) Shares of MS rallied nicely off of the early morning lows. However, there is still tons of uncertainty out there in regards to the financial sector. This might not be the bottom, but because the sentiment is so bad we could be close. The yield is currently 1.50% at these levels in MS, and considering CD rates and money market yields, that rate is somewhat attractive. Don’t be surprised if institutions start dipping their toes in the water on MS. With the intention of averaging in if shares go lower.
S&P 500 ETF (SPY:NYSE) The was a nice early morning bounce in the Spiders this AM and currently, the daily chart looks like it’s in shape for short term bulls. A sign of a bottom would be if SPY traded in the 320 million share range with a positive close.
Netflix (NFLX:NASDAQ) NFLX is not a stock to own for those who are feint of heart, but there might be a swing trade opportunity. Especially if the market stays relatively stable. Shorts have made a handsome profit recently despite, although some bears were early and consequently got squeezed. Right now is a different scenario though. Any sign of good news in the broader markets could cause spec shorts to cover and provide a trading bounce for bottom fishers. Remember NFLX never tested $100, so that psyche number could be used as support.
Universal Detection (UNDT.OB) There is no news on UNDT that I can find, and the stock seems to only be trading the spread. However, strong activity from penny stock scalpers who have a long bias can have an impact on daily percentage returns of under follwed names. At this point UNDT is up 50% for the day and could potentially show up on some breakout scans tomorrow. Add UNDT to your penny stock list.
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