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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