RENN, AERN, GS, MCP, WAMUQ
Renren (RENN:NASDAQ) It’s no secret that RENN is an oversold stock. Since the highly anticipated Renren IPO, shares have fallen sharply and attracted many of the usual NASDAQ bottom fisher long types. Well, today might be a good sign for bulls. Shares of RENN are basically flat after seeing significantly bad news out of the Chinese government. Keep in mind that a bottoming signal often starts when beaten up stocks don’t fall on bad news.
AER Enrergy (AERN:OB) The promo emails just keep coming, and this time the volume is starting to wane a little bit. The short squeeze rumors are starting to be floated in the penny stock community, but AERN‘s trading pattern is telling us another story despite shares being up today. A break of 5.5 cents could be the beginning of the end for longs. Keep AERN on your penny stock list.
Goldman Sachs (GS:NYSE) Day traders often use GS as a gauge for other hot money type trades, and shares of GS are looking especially week today after staging a decent rebound off of short term lows.Use the $91ish area as a read for support and remember that GS is more volatile than most think. Also, regardless of your bias, don’t be afraid to pair trade GS with Financial Sector ETF (XLF:NYSE) to reduce risk.
Molycorp (MCP:NYSE) Despite some thinking that MCP is overbought, shares of the rare earth company seem to be in a constructive, low volume pullback today. There also is a gap to fill on the upside at $39.85. Add MCP to your list of stocks.
Washington Mutual (WAMUQ.PK) WAMUQ is back in the news today because of Raj Rajaratnam and his insider trading case. As usual the stock remains popular with penny stock scalpers and the WAMUQ IHUB message board is humming. Keep in mind that we have highlighted the key support level of 6.5 cents for some time. Does it hold ? We will see, but traders seem to be respecting it for now.
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