POT, PROP, SLW, NSAV, SPY
Potash (POT:NYSE) This Ag play is very interesting. Does the decline in the dollar create a rally for POT or does the potential lack of global demand reduce shares to dead money at best ? The Ag’s deserve to be watched, but POT could be extremely complex to trade in this environment.
Propell Corp (PROP.OB) Shares of PROP still have not retraced from last week’s gap up, but the promo may run out of steam due to sentiment. Remember, hot money sometimes only goes as far as the broader market will take it. The 12 cent level seems to be a guide for short term support.
Silver Wheaton (SLW:NYSE) This silver streamer stock is another way to play the 2nd hottest metal on the street. Shares SLW and silver mining penny stocks may get another look from traders with the Standard and Poors U.S. debt credit downgrade. Mainly because most of the group are trading at a fair distance off of their highs.
Net Savings Link (NSAV:OB) This is worth mentioning solely because NSAV is a hot penny stock that has undergone a symbol change. The old symbol (CXLT) was a potential Groupon IPO sympathy play, and the charts seem to be against this name on a short term basis.
S&P 500 ETF (SPY:NYSE) Throw the longer term charts out the window on Monday, because we are in unchartered waters. Scalpers may have a ball tommorow playing intraday charts, but regardless of your bias, swing trading on the broader indexes should probably be avoided.
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