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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