MCP, USO, SPY, MMTC, XLF
Molycorp (MCP:NYSE) Rare earth stocks get hot and cold on a weekly basis, and they should remain volatile. MCP remains king of the hill, but the $50 handle is starting to look more like resistance than support. MCP’s performance can influence some of the more speculative rare earth penny stocks as well.
United States Oil Fund (USO:NYSE) Many traders made the mistake of going short oil names today on the news out of Libya. Playing the USO Oil ETF is even more tricky. Most people don’t understand contango, which often weighs heavily on USO. So if you have a vibe on oil, it’s probably best to look somewhere else, no matter what you bias is.
S&P 500 ETF (SPY:NYSE) Once again, those who sold the morning gap were rewarded. However, despite the late Monday weakness, SPY formed a mini double bottom in the $112.50 area.
Micro Imaging Technology (PINK:MMTC) Last week’s run in MMTC saw no follow through, but shares remain widely traded by penny stock scalpers. At this point, there is no compelling reason to be involved and it’s probably best to wait for news flow.
Financial Sector ETF (XLF:NYSE) This ETF is best used by prop and day traders for hedging positions and scalping. XLF is at a crossroads right now because there are layers of support in the $12 range that need to be held. JPM and WFC are large components of XLF, so watch them if trading this ETF.
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