MGM, BAC, AMD, FCX
MGM Mirage (MGM:NYSE) Along with other casino stock laggards, MGM is currently on the NYSE most active list and is down almost 5%. Shares of MGM have remained weak today due to a price cut by Citi. However, MGM does seem to have a ton of support near the $9 handle.
Bank of America (BAC:NYSE) To nobody’s surprise, BAC is at the top of the NYSE most active list. Shares are up nicely today on news of debit card fees to customers. Shares remain in a downtrend and a break of support at $6 could lead to a retest of BAC’s 2009 lows. It just seems like nobody believes their story and volume seems to be coming from rebate traders who used to trade Citigroup (C:NYSE) before the reverse split.
Advanced Micro Devices (AMD:NYSE) Shares are obviously weak after AMD cut guidance. Hedge funds look at guidance as much as the do earnings beats or misses. Just remember, that bottom fishers have stepped into AMD in the past. It doesn’t help that this news came out on a day when the NASDAQ was soft. It just seems like AMD has it’s eyes on the always important $5 level and shorts will be doing their best to run those stop loss orders that are in the immediate vicinity.
Freeport McMoran (FCX:NYSE) Copper seems to be in a bear market and seems to have dragged this dynamic trading stock into a tailspin. Unless you have a long term perspective, there is no reason to be a hero in this name. Many novice traders have stepped into FCX in the past with no idea how volatile and choppy the action can be. A break of $28.35 could really cause some panic selling.
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