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Stocks to Watch - 5/19/09 - Stock Market Ideas
Financials: The bank stocks were on fire today thanks to Goldman Sachs Group, Inc ( GS ) upgrade of Bank of America Corp. (NYSE:BAC). Below is a detailed list of the stocks that make my watch list for Tuesday.
Direxion Daily Financial Bear 3X Shares (FAZ)
Direxion Daily Finan. Bull 3X Shs(ETF)(FAS) - FAS is benefiting from the strength in the financials. I am watching the 10 day moving average at $10.07, a close over this level could spark a new rally in FAS. I would then be placing a tight stop at $10 to limit any downside risk. If you don't want to place a stop loss order so tight, move it down to $9.30. The support level of $8.09 ended up holding which is a positive sign! Check out our FAS/FAZ group.
Citigroup Inc (C:NYSE) - Citigroup stock hit up against the $3.70 resistance level on Monday. When Citigroup closes over this level, I think it will retest $4.
Bank of America Corp. (NYSE:BAC) - BAC stock was upgraded to conviction buy on Monday, hit a high of $12.10 and then went back to the lows. Bank of America stopped right at the May 12th low of $12.12 which is right at the 10 day moving average. A break above this area would be huge for B of A stock!
Wells Fargo & Company (NYSE:WFC) - Wells Fargo is probably one of the strongest financial stocks I've seen in awhile. WFC just doesn't give up. Pullbacks to $24 have been bought heavily last week and now the stock is back over $26 again. Looking at the charts, WFC could be headed back to the recent high of $28.45.
Cell Therapeutics, Inc. ( CTIC ) - I continue to watch CTIC.....we had another retest of the $1.37 area which failed. This makes $1.37 an ever greater resistance level but I know exactly where to buy now. The ASCO conference will be here in a few weeks.
Hemispherx Biopharma, Inc. (HEB) - HEB was one of the hottest stocks on Monday, breaking through the $1.80 resistance level. I will be watching HEB closely on Tuesday. Discuss HEB
MGM Mirage (MGM) - MGM popped on Monday after a JP Morgan upgrade. I continue to trade this stock in the morning and will most likely trade MGM on Tuesday. You have to love the volume!
India Stocks: All were on fire because of the Sensex index rising 17% - Watch: Rediff.com India Limited (ADR) ( REDF ) - Sify Technologies Limited ( SIFY ) - Tata Motors Limited (ADR) ( TTM ) - Sterlite Industries India Limited (ADR) ( SLT ) - Satyam Computer Services Limited(ADR) ( SAY )
Other Stocks to Watch: May 19, 2009
Las Vegas Sands Corp. ( LVS )
Beazer Homes USA, Inc. ( BZH)
BioCryst Pharmaceuticals, Inc. ( BCRX )
Novogen Limited (ADR) ( NVGN )
Federal Agricultural Mortgage Corp. ( AGM )
Zale Corporation ( ZLC )
Rex Energy Corporation ( REXX )
Saks Incorporated ( SKS )
Penny Stocks to Watch: 5/19/09
Discovery Laboratories, Inc. ( DSCO )
Emisphere Technologies, Inc. ( EMIS )
AVANIR Pharmaceuticals ( AVNR )
OceanFreight Inc. ( OCNF )
Patriot Energy Corp ( PGYC.PK )
Spongetech Delivery Systems, Inc. ( SPNG.OB )
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