Stocks to Watch JPM, POT, GLD
JP Morgan (JPM:NYSE) Despite settling a relatively small SEC fine, shares of JPM looked strong in late day trading, and could lead the banks on Wednesday if Europe doesn’t fall apart. The vote in Greece went as most experts expected, and along with Goldman Sachs (GS:NYSE) JPM and Jamie Dimon have a history of leading the financials higher on reversal days.
Xinde Technology (WTFS:OB) This stock is the latest of a slew of Chinese reverse merger disasters. However, WTFS is a penny stock and has been exempt from some of the news flow that you see with other related small and mid caps. Shares were down sharply on Tuesday, so refer to our profie on Xinde and the sector if you have an itch to go long. But being flat, might be the best way to play Xinde.
Washington Mutual (WAMUQ.PK) It seems like longer term buyers never learn their lesson when playing zombie penny stocks. WAMUQ is one of the premiere penny stock scalping stocks of all time due to it’s name recognition and liquidity. Shares bounced near the 10 cent mark today, but still finished lower for the session. WAMUQ is for if you, if can trade size successfully for fractional amounts. There are actually people who make good livings doing this. However, if you are not one of them, just stay away.
Potash (POT:NYSE) Recently, the Ag stocks have been all about the Euro, and today we saw the U.S. Dollar get weaker, which caused a rally in many commodity stocks. Especially those that were beaten up the most. POT is a name that is recognized and well liked by day and swing traders. So if Europe is stong overnight, we could see some positive action in POT and other related names.
SPDR Gold Trust (GLD:NYSE) I hate to state the obvious, but watch the grandaddy of all metal ETF’s for a key to market direction tomorrow. Many traders and hedge funds will be eying this ETF and Gold Futures for market direction early in the trading session. Although some traders stay away from commodity related ETF’s, and stick with individual gold penny stocks, GLD is always one to add to your ETF watch list.
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