STOCKS TO WATCH – POT, MCP

 

POT, MCP, SPY, SLW, JPM


Potash (POT:NYSE) Ag’s are starting to look oversold here a panic sets in. A key support read for POT is $44.21. The monthly charts looks ugly on a break of that level.

Molycorp (MCP:NYSE) I know there has been bubble talk in the REE space, but the monster breakout occurred from the $26-27 range. So a retest of that area is always possible. However, bounce buyers could step in if this market rallies. Keep MCP on your list of stocks to watch.

S&P 500 ETF (SPY:NYSE) The Spiders went straight down on the open after trading above $115 in the premarket. The newsy nature of this current market should provide some nice intraday fades for the foreseeable future. However, this is the type of choppy market that the micro scalpers get chewed up in. The $113 level remains important for support.

Silver Wheaton (SLW:NYSE) The silver streamer looks very oversold at these levels. However, we all know how volatile the underlying commodity is. Just keep in mind that there is an upside gap to fill at $40.61.

JP Morgan (JPM:NYSE) One good sign in this weak market is that JPM is outperforming the financials so far today. Many traders look at JPM as the leader in the group and shares have formed a decent rally of the bottom of $28.53. Although the $32.50ish level could stir up some resistance.

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Stocks to Watch for Thursday – BRCD, GLD

 

BRCD, GLG, SLW, CLWR, NNAN

 
Brocade Communication Systems (BRCD:NASDAQ) This sub $5 stock looks like it’s oversold and is forming a little bit of a short term base. BRCD was smashed on 8/5/11 and has an upside gap to fill in the $4.90 range. Earnings were on the upper end of the guidance range, so BRCD might be appealing to some low priced NASDAQ bottom fishers at these levels.
 
S&P 500 Gold Trust ETF (GLD:NYSE) Is this the end for the flagship precious metal ETF ? Or is this just a constructive pullback that will lead bears into a trap ? Dennis Gartman think Gold goes much lower from here and he’s not alone, but as long as margin requirements aren’t raised, a bounce wouldn’t surprise many. Still, it might be best to wait for Jackson Hole before taking a big position in GLD, regardless of your bias.
 
Silver Wheaton (SLW:NYSE) The silver streamer held the critical $36 level once on Wednesday, but the iShares Silver Trust (SLV:NYSE) looks like it’s starting to breakdown after making a futile attempt to re-test it’s historic highs. Remember, it’s hard to make money being long silver when you have low inflation and low growth.
 
Clearwire (CLWR:NASDAQ) CLWR might be a little overbought at these levels, but monitor the Sprint/Apple situation for a better read on Clearwire. If the situation pans out favorably for Sprint, CLWR has a shot of putting up hot penny stock like returns.
 
NaturalNano (NNAN.OB) Shares of NNAN ripped today due to anticipation of a presentation at a cancer summit. Just remember that cancer related penny stocks are often best used as trading vehicles, not investments. Add NNAN to your hot sub penny stock list.

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