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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