CDIV, BAC, POT, HH, BAC
Bank of America (BAC:NYSE) Today’s news of the $8.5 billion settlement and a strong market created an upward move. However, BAC is still in a downtrend, and isn’t out of the woods just yet. This still might be a good buy for investors with a long term strategy, but with so much event risk, there seems to be better banks to trade for the short term.
Potash (POT:NYSE) The Ag’s obviously have looked strong this week and POT has always been a darling of short term traders. But, there is a potential double top formation on POT and it’s just slightly above the current level. This chart pattern should be factored into your trading strategy, but a breakout is very possible.
E-Commerce China DangDang (DANG:NASDAQ) We recently issued a piece on Chinese reverse mergers and most investors know that there is a dark cloud hanging over many stocks headquartered in China. Today, DANG did buck the trend. This once hot IPO rallied nicely today and the news of the stock buyback and insider buying certainly won’t hurt.
Hooper Holmes (HH:AMEX) We highlighted this AMEX penny stock a little while back and after a nice pop, HH seems to be basing again. Hooper Holmes was a stock that was followed by several major brokerage firms and was once in the double digit range. Put HH on your AMEX penny stock list because it is in the midst of building a two year base. Remember, when the base is long, sometimes the upward move is larger.
Cascadia Investments (CDIV.PK) I know we mention this one often, but you sort of have to if you follow penny stocks. Shares of CDIV have not shown much life since the stock reopened from it’s halt. Volume was less than pathetic today and it seems like the activity in CDIV might be reduced to tax selling.
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