STOCKS IN PLAY – CLWR, QQQ

 

CLWR, QQQ, OIH, WAMUQ, MILV


Clearwire (CLWR:NASDAQ) The day after earnings, shares of CLWR have pulled back. Even more so after the CEO’s mid-day comments.Yesterday we highlighted that Wednesday’s move could have been due to short covering and that the $1.64 gap fill still remains in play. A neutral view might be best on CLWR unless you are a micro scalper or rebate trader.

NASDAQ ETF (QQQ:NYSE) The only reason I am mentioning this ETF is that it could be a mover if the Groupon IPO works in a big way. You know as well as I do that the talking heads on cable news can change their opinions quickly. If Groupon trades at a better than expected premium, hedge funds could bid up NASDAQ futures or simply just by the Q’s in anticipation of expanding valuations of upcoming IPO’s with strong VC backers.

Oil Services ETF (OIH:NYSE) Shares of this volatile ETF are up nicely so far today, although on volume too light to claim a reversal. However, if the consensus changes, and the long term view of the economy gets better, then oil stocks might catch a bid. OIH just filled an upside gap, but the chart is very choppy, and it’s hard to make a call for short term swing traders. However, any type of rally could cause a retest of the $136 area.

Washington Mutual (WAMUQ.PK) We keep talking about this zombie penny stock players dream, but it’s been dead for both bulls and bears. Like many bankruptcy plays WAMUQ is prone to year end tax selling, which is starting now. Longs should hope that it holds the 0.067 level holds.

Mistral Ventures (MILV.PK) This low priced stock has all the fixings of a hot penny stock with PR’s about medicine the common cold and very nice chart. But as in all pink sheets plays, the jury is still out. Although shares seem to be making a constructive pullback today, a break of the .10 cent level might be the only thing that will rattle naked shorts unless substantive news is announced or a flu epidemic occurs.

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STOCKS IN PLAY – NFLX, CLWR

 

NFLX, CLWR, GS, WAMUQ


Netflix (NFLX:NASDAQ) We have touched on this name many times in previous entries, but the sentiment was neutral then. Bulls and bears were at each others throats, but now it seems if longs have run for the hills. Despite Rule 201 being in effect (Which often is a sign of previous naked shorting) , today’s bounce of roughly 2.5% in NFLX could be viewed by some as a dead cat bounce with no substance. The upside gap fill is also so far away that it isn’t even worth taking about. So unless you are a risk taking bottom fisher, or a scalper, the best way to play NFLX might be from the sidelines. Regardless of your bias.

Clearwire (CLWR:NASDAQ) CLWR has been a stock that many low priced NASDAQ traders have been attracted to for some time. CLWR seems to have a riff with Sprint (S:NYSE) whuch might have been already priced into the decline. On the other hand though, CLWR did come out with some relatively nice numbers that caused a surge. Was the rally legit ? Or did it come from short covering ? A close of $2.20 could change sentiment, but resistance seems to be lined up near the $ 2.60 range.

Goldman Sachs (GS:NYSE) The chart of GS is showing a small reversal, and this is a stocks that hedge funds and PM’s love to jump on if sentiment changes. However there is a ton of resistance in the $120ish range. So longs might only want to consider GS as a swing trade for now.

Washinton Mutual (WAMUQ:PK) WAMUQ has been a penny stock scalpers dream for a while. Shares seem to be in a downtrend and can only be viewed as neutral at best by the most optimistic longs. However, the 6.5 cent support range that we have mentioned several times, really hasn’t been violated yet. Even though WAMUQ should probably only be viewed by scalpers, the shares should still be watched on penny stock lists.

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STOCKS IN PLAY – RENN, AERN

 

RENN, AERN, GS, MCP, WAMUQ


Renren (RENN:NASDAQ) It’s no secret that RENN is an oversold stock. Since the highly anticipated Renren IPO, shares have fallen sharply and attracted many of the usual NASDAQ bottom fisher long types. Well, today might be a good sign for bulls. Shares of RENN are basically flat after seeing significantly bad news out of the Chinese government. Keep in mind that a bottoming signal often starts when beaten up stocks don’t fall on bad news.

AER Enrergy (AERN:OB) The promo emails just keep coming, and this time the volume is starting to wane a little bit. The short squeeze rumors are starting to be floated in the penny stock community, but AERN‘s trading pattern is telling us another story despite shares being up today. A break of 5.5 cents could be the beginning of the end for longs. Keep AERN on your penny stock list.

Goldman Sachs (GS:NYSE) Day traders often use GS as a gauge for other hot money type trades, and shares of GS are looking especially week today after staging a decent rebound off of short term lows.Use the $91ish area as a read for support and remember that GS is more volatile than most think. Also, regardless of your bias, don’t be afraid to pair trade GS with Financial Sector ETF (XLF:NYSE) to reduce risk.

Molycorp (MCP:NYSE) Despite some thinking that MCP is overbought, shares of the rare earth company seem to be in a constructive, low volume pullback today. There also is a gap to fill on the upside at $39.85. Add MCP to your list of stocks.

Washington Mutual (WAMUQ.PK) WAMUQ is back in the news today because of Raj Rajaratnam and his insider trading case. As usual the stock remains popular with penny stock scalpers and the WAMUQ IHUB message board is humming. Keep in mind that we have highlighted the key support level of 6.5 cents for some time. Does it hold ? We will see, but traders seem to be respecting it for now.

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Stocks in Play

CLX, CRWV, WAMUQ, DZZ


Clorox (CLX:NYSE) Ichan is back in CLX once again. This time he raised his bid from $10.2 billion to $10.7 billion. Keep in mind that CLX is exactly the type of name that risk averse investors like to stay with in uncertain markets. Plus, CLX is currently paying a dividend in excess of 3.5%, which is nothing to sneeze at considering today’s bond yields.

Crowne Ventures (CRWV.OB) There has been talk of a major short squeeze, multi billion dollar gold properties,and a strong promo behind CRWV. However, shares are currently down for the day. However, the dollar volume is very for a penny stock, and astute traders can use CRWV as a liquid trading vehicle.

Washington Mutual (WAMUQ.PK) When is WAMUQ going to just lay down and die ? Well that is yet to be seen, and penny stock scalpers continue to earn livings off of WAMUQ, despite the decreased summer volume. In a prior piece, we highlighted the 6.5 cent level as strong support. Currently it still looks wise to use that level.

Power Shares DB Gold Double (DZZ:NYSE) It seems like one day gold is overbought and the next day we see gold bugs staying aggressive. Remember that the 2x short DZZ is essentially used for super short term trading. Use another vehicle if you have a longer term short bias on the yellow precious metal. Despite DZZ’s longer term technicals being a mess for longs, the shorter term charts show support right below the $4 range.

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