STOCKS IN PLAY – SPY, CMG

 

SPY, CMG, JPM, POT


S&P 500 ETF (SPY:NYSE) Everyone is starting to get excited with Friday’s rally, but question’s still remain. Headline risk out of Europe still looms large, and even if the outcome of this mess is positive, we still could see institutions sell a gap up open Monday AM. On a risk/reward basis it might be wise for investors who don’t have a value or longer term view to stay on the sidelines.

Chipolte Mexican Grill (CMG:NYSE) The continued rise of CMG is causing quite a stir. CMG represents the typical smart money on both sides trade. Today’s Jim Cramer versus Herb Greenberg debate was classic, and Cramer has been on the money with CMG for a while. Still the charts might be telling us a different story, despite CMG‘s fast food niche. We are nearing double top territory and a blow off rally could interest new shorts, or bears who were blown up at lower prices and are just looking to revisit the trade.

JP Morgan (JPM:NYSE) JPM is a usual suspect on our stocks in play list. Mainly because of it’s influence on the financials which consequently weigh heavily on the broader averages. During earnings season, the banks have come up a little bit short, and JPM‘s performance today is somewhat concerning. In simpler terms, JPM should be trading better with the Dow and S&P ripping the way they are today. However, a close over 34.10 or so on heavy volume could bring some swing traders in.

Potash (POT:NYSE) I know we mention the Ag’s on a frequent basis, an I apologize if you are getting sick of hearing about them. However, some long only commodity types have used this group to hide out. As evidenced in the basing pattern of POT‘s chart. A break of $50.73 on heavy volume could make POT a prop trading favorite again.

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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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STOCK ALERTS – MS, UNDT

 

MS, SPY, NFLX, UNDT


Morgan Stanley (MS:NYSE) Shares of MS rallied nicely off of the early morning lows. However, there is still tons of uncertainty out there in regards to the financial sector. This might not be the bottom, but because the sentiment is so bad we could be close. The yield is currently 1.50% at these levels in MS, and considering CD rates and money market yields, that rate is somewhat attractive. Don’t be surprised if institutions start dipping their toes in the water on MS. With the intention of averaging in if shares go lower.

S&P 500 ETF (SPY:NYSE) The was a nice early morning bounce in the Spiders this AM and currently, the daily chart looks like it’s in shape for short term bulls. A sign of a bottom would be if SPY traded in the 320 million share range with a positive close.

Netflix (NFLX:NASDAQ) NFLX is not a stock to own for those who are feint of heart, but there might be a swing trade opportunity. Especially if the market stays relatively stable. Shorts have made a handsome profit recently despite, although some bears were early and consequently got squeezed. Right now is a different scenario though. Any sign of good news in the broader markets could cause spec shorts to cover and provide a trading bounce for bottom fishers. Remember NFLX never tested $100, so that psyche number could be used as support.

Universal Detection (UNDT.OB) There is no news on UNDT that I can find, and the stock seems to only be trading the spread. However, strong activity from penny stock scalpers who have a long bias can have an impact on daily percentage returns of under follwed names. At this point UNDT is up 50% for the day and could potentially show up on some breakout scans tomorrow. Add UNDT to your penny stock list.

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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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Tuesday Stocks to Watch – MCP, SPY

MCP, USO, SPY, MMTC, XLF


Molycorp (MCP:NYSE) Rare earth stocks get hot and cold on a weekly basis, and they should remain volatile. MCP remains king of the hill, but the $50 handle is starting to look more like resistance than support. MCP’s performance can influence some of the more speculative rare earth penny stocks as well.

United States Oil Fund (USO:NYSE) Many traders made the mistake of going short oil names today on the news out of Libya. Playing the USO Oil ETF is even more tricky. Most people don’t understand contango, which often weighs heavily on USO. So if you have a vibe on oil, it’s probably best to look somewhere else, no matter what you bias is.

S&P 500 ETF (SPY:NYSE) Once again, those who sold the morning gap were rewarded. However, despite the late Monday weakness, SPY formed a mini double bottom in the $112.50 area.

Micro Imaging Technology (PINK:MMTC) Last week’s run in MMTC saw no follow through, but shares remain widely traded by penny stock scalpers. At this point, there is no compelling reason to be involved and it’s probably best to wait for news flow.

Financial Sector ETF (XLF:NYSE) This ETF is best used by prop and day traders for hedging positions and scalping. XLF is at a crossroads right now because there are layers of support in the $12 range that need to be held. JPM and WFC are large components of XLF, so watch them if trading this ETF.

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