STOCKS TO WATCH – IBM, SPY

 

IBM, SPY, CLWR, POT, AAPL


International Business Machines (IBM:NYSE) A revenue miss by IBM is never good for the market. But is this a pause for refresh after the recent market rally ? There seems to be some support in the $170 area, but $167 looks like the line in the sand for current longs. Buy stop orders could be run from there.

S&P 500 ETF (SPY:NYSE) Don’t get me wrong, today didn’t look good, but the large decline wasn’t exactly facilitated on heavy volume. The $119.50 area seems to be the first level of support, but it looks hit or miss from here. The sidelines are sometimes the best place to be if you are a short term trader.

Clearwire (CLWR:NASDAQ) This heavily followed penny stock didn’t test the psyche level of $1, but still seems to be retracing. However, Rule 201 could dissuade further shorting and even cause some bears to finally cash in and cover.

Potash (POT:NYSE) Recently, every time the Ag stocks look good, they don’t follow through and fall back. The group seems to still be in a bottoming, basing pattern, so you need to have some patience if long biased.

Apple Computer (AAPL:NASDAQ) Shares were off today, but outperformed most if you look at the percentage basis. We highlighted AAPL‘s double top last week, but this stock often bucks trends when traders become bearish. Keep AAPL on your list of stocks just in case we see a reversal on Tuesday.

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STOCKS TO WATCH – RAYS, AAPL

 

RAYS, AAPL, TQNT, GOOG, JPM


Raystream (RAYS:OB) RAYS is currently flat in what seems to be the fifth day of the promo. The volume is a little lighter than we have seen this week, which may be a surprise to some because of RAYS massive promo budget. It’s hard to give technical reads on such a young chart, but use $1.36 as a support level for now. Keep RAYS on your penny stock list.

Apple Computer (AAPL:NASDAQ) We highlighted the fact that a run might be made on AAPL‘s buy stops at the $400 level when the stock was much lower. It seems now that the longs have the advantage, and Wall St. has more confidence in the company’s transition from Steve Jobs’s unfortunate death. Just remember that a double top has formed on the daily charts.

Triquent Semiconductor (TQNT:NASDAQ) Steve Najarian recommended going long TQNT @ $7 at lunch on CNBC. TQNT is a great way to play AAPL if you have limited funds. A decent day on Monday could easily cause TQNT to test it’s Friday high of $7.76. Traders often have so much going on that they forget to follow AAPL sympathy plays until it’s too late. Always keep TQNT on your list of stocks if you are one of those types who religiously follow AAPL.

Google (GOOG:NASDAQ) On the daily charts, GOOG broke out today after strong earnings. Even naysayers and bears have to respect today’s move. However, there is still a downside gap to be filled @ $559.00. On the flip side, a few upgrades from the major firms could lead to a test of the $600 level.

JP Morgan (JPM:NYSE) I just want to touch on JPM because it looks so weak on an up day for the broader averages. Keep in mind that it’s difficult for the market to move higher if the banks don’t participate. A break of $30.92 signals a lower low, and could foreshadow a retest of our recent Dow and SPY lows.

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STOCK ALERTS – RAYS, AAPL

 

RAYS, AAPL, NWS, INTC


Raystream (RAYS:OB) Raystream is being talked about by some in the penny stock community as being the next Lithium Exploration Group (LEXG:OB). At this point the stock is up 10% and if the rumors about a strong promo campaign are true, then RAYS could become a frequent member of many Stocks to Watch lists. At this point add RAYS to your penny stock list but, be cautious because of the underlying fundamentals.

Apple Computer (AAPL:NASDAQ) We highlighted the potential of AAPL squeezing shorts and triggering buy stop orders at the $400 level in an earlier entry, and it happened today. However, don’t confuse the recent bounce with a sustained rally. There are still gaps for AAPL to fill on the downside.

News Corp. (NWS:NASDAQ) NWS has done surprisingly well on a relative basis with all of the recent negative news flow regarding their recent scandal. If you have a long bias, use $16.30 as a read for support. However, the Wall St. protesters probably won’t help Murdoch’s situation much.

Intel (INTC:NYSE) Thus old stodgy large cap tech name might be coming back into play. INTC seems to be gaining on the chatter side in the message board community, but many of these hot money traders don’t realize is that INTC has a yield of slightly almost 4 percent. The rumors of an InterDigital (IDCC:NASDAQ) takeover also seem to be drawing attention to this name. Use $20.62 as support if you have a long bias.

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STOCKS IN PLAY – JPM, SPY

 

JPM, SPY, AAPL, MS


JP Morgan (JPM:NYSE) As usual, watch JPM as a read into whether Monday’s rally in the financials is legitimate. The Europe news helped today, and the 29.50ish area seems to show some support. On the more speculative side, JPM Warrants might start to come back into play.

S&P 500 ETF (SPY:NYSE) The mother ship of all ETF’s had it’s biggest gain in over a month on Columbus Day, so don’t be surprised if you see some selling come in if we see a gap up open in the AM. Remember, there is a difference from a trading rally and a confirmed bottom. We are not trying to make a directional market call on the broader markets, but the jury still seems to be out.

Apple Computer (AAPL:NASDAQ) The new iPhone 4S sales news could cause some shorts to panic a little. Keep in mind that the sentiment to buy AAPL on dips has been around for a while. The $400 level might be a place where bears have entered buy stops.

Morgan Stanley (MS:NYSE) The break of $15.09 to the upside could prove to be key for MS and could lead to a test of the $16.50 level for short term traders. Keep in mind that MS was one of the few financials that was in favor three months ago, so watch for extra volatility.

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STOCKS IN PLAY – AMR, MS

 

AMR, MS, AAPL, AGHD


AMR Corp. (AMR:NYSE) AMR an example of why you stay away from a falling knife. There is huge resistance slightly under $3. Shares currently look like they are not going to close at the lows of the day. But ask yourself his. How many fans of the airline industry do you know? At this point I just can’t see a rush of bottom fishers stepping into this name. On the short side it’s hard to borrow and it’s probably best to stay away from a long perspective unless you have a 15 minute time frame or less.

Morgan Stanley (MS:NYSE) Shares of MS tested year lows today which isn’t a good sign. However, the stock is almost 50% lower from where hedge funds were looking to go long for a quick channel trade. You would think the broader averages would be lower after the performance and rumors coming out of the media today. Maybe the panic has finally set in.

Apple Computer (AAPL:NASDAQ) By no means am calling a bottom on this name, but just remember that AAPL has frequently been a leader when the market comes off of short term bottoms. So for this reason alone add AAPL to your list of stocks. There are a couple of gaps for this stock to fill on the upside if the market turns.

Augrid Global Holdings (AGHD:PK) This sub penny stock is currently showing a 100% name in a down market. Although these percentage returns can surely change if scalpers flatten out their long positions. However, despite the dollar volume being small, penny stocks like this often show up on traders market screens, which can drastically increase interest. Add AGHD to your penny stock list.

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