STOCKS IN PLAY – FCX, IR

 

FCX, IR, MSFT, YAHOO, WAMUQ


Freeport MacMoran (FCX:NYSE) Friday should be interesting for FCX, not only because of falling copper prices, but because of what could happen in Europe over the weekend. Well it seems like Deutsche Bank has a different opinion because they were positive on FCX today. Maybe the panic has set in and smart money is starting to dabble.

Ingersoll Rand (IR:NYSE) If you are looking for oversold names, then IR might make your list of stocks. IR had a bad reaction on it’s earnings, but longs might take a shot and use the $26 level as support. Keep in mind that IR will be volatile because of it’s European presence and exposure.

Microsoft (MSFT:NASDAQ) Numbers are out on MSFT and the stock is currently only down fractionally. This could be a sign that the bottom is finally in the market, but the conference call could change that theory quickly. Bears have a point when they mention that the technicals look like a failed breakout.

Yahoo (Yahoo:NASDAQ) Will we finally see a takeover at a price substantially lower than what Jerry Yang refused ? Many tout this name as a major breakup value play and YHOO can play the trump card when it comes to unique visitors. Although, history has shown us recently that the best way to play YHOO is buying on dips and selling on rumors like we are hearing today. Just remember that MSFT has a ton of cash to play with for acquisitions.

Washington Mutual (WAMUQ:PK) We highlight this flagship zombie penny stock frequently due to interest from zombie penny stock scalpers. The support level of 6.5 cents remains in place, but WAMUQ is starting to look very weak for speculative longs who are looking for a swing trade. There are just too many lower highs in this name.

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STOCKS IN PLAY – RIMM, WAMUQ

 

RIMM, NEM, IR, EQY, WAMUQ


Research in Motion (RIMM:NASDAQ) Shares are up sharply on the rumor of an Icahn stake. We have highlighted RIMM frequently for a while, and also mentioned that some felt the $20 handle was in play. Well last week RIMM came very close. But are shorts throwing in the towel ? Well if Carl Icahn buys they might. At this point there does seem to be some short term support in the $22 range.

Newmont Mining (NEM:NYSE) Some gutsy traders stepped into gold stocks for a taste on the recent slide, but have seen mixed results. NEM is currently trading lower despite in a nice move in the precious yellow metal. Keep in mind that NEM sometimes lags the underlying commodity for a day or so. There is also an upside gap to fill at $67.58.

Ingersoll Rand (IR:NYSE) IR is a nice liquid, listed trading stock that isn’t mentioned often. Shares have recently formed a nice rally of a short term bottom. However, that could be reversed if IR rallies to the $35 level, which may give some shorts a tasty short term signal.

Equity One (EQY:NYSE) Shares of the REIT ripped today after a sale of some of the company’s properties. EON was talked up by analysts and might be attractive to some who can’t find a decent yield in this bond market. Just watch $17.49 as a resistance level.

Washington Mutual (WAMUQ:PK) The king of zombie penny stocks is having a nice day so far. The volume isn’t quite there to confirm a rally, and some longs might be eyeing the upside gap fill number of .087 as an exit point. Always have WAMUQ on your penny stock list. Especially if you are a scalper.

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STOCKS IN PLAY – POT, EMBA

 

MS, POT, IR, GS, EMBA

 
Morgan Stanley (MS:NYSE) Shares of MS just can’t seem to get their sea legs under them. Obviously the uncertainty in Europe has killed the financial sector for the short term, but it wasn’t so long ago when hedge funds were using the $22 level an entry point for a long channel trade on Morgan Stanley. Add MS to your list of stocks, but a double bottom could develop at lower prices.
 
Potash (POT:NYSE) The Ag’s are hanging in there, but not exactly lighting the world on fire. However, the group does have some constructive charts for longs versus other sectors. A clean break of $64 could really get POT going.
 
Ingersoll-Rand (IR:NYSE) Shares were deeply oversold recently and are now forming a decent base.Use $31.43 as a support level if you are currently long.
 
Goldman Sachs (GS:NYSE) It wasn’t a surprise that GS held the $100 level because natural buyers tend to flock to psyche numbers. But will the level hold a retest ? Traders that have a long bias should hope so. It’s just too hard for the market to rally without GS and JP Morgan participating.
 
Emamba International (EMBA.PK) Shares of this penny stock are building a decent base, but it looks like the volume is slowing down a little bit. Shares of this energy stock can be very volatile due to it’s low market cap. So be careful. For now keep EMBA on your penny stock list as a potential trading vehicle.

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