Stocks to Buy May 8, 2009 5/8/09

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Thursday, during regular trading hours, there were many stocks that continued to break out to the upside. Below is a list of stocks that are worth watching for May 8, 2009. Also, check out the Biggest Stock Gainers of the Day. You can also find previous stocks to buy reports - Right Here

Stocks to Watch - 5/8/09 - Stock Market Ideas

Financials: After skyrocketing in pre market on Thursday, the bank stocks came back to reality as we await further details on the bank stress tests at 5pm. On Friday morning, we will receive the employment data and unemployment rate figure for April. This has the opportunity to be a market moving event. I will be watching the following bank stocks for a possible trade right after the open on May 8th. My goal is for these stocks to gap down in pre market and then turn around right after stocks open. If this becomes reality, I will buy them as they are breaking through their high of the day and selling them into strength.

Citigroup ( C ) - For the long term, once $4.48 is closed over, its off to the races

Bank of America Corporation (BAC) - As long as it holds $12, I like B of A stock!

Financial Bull 3x ( FAS ) - Needs to hold $10, a close over $12.53 would be huge

Financial Bear 3x ( FAZ ) - FAZ stock plunged this past week, hasn't closed over the 10 day moving average since it broke $100 on March 10th. The 10 day moving average is $7.15 and getting lower everyday. A close over the 10 day could signal it's time to get back into FAZ.

Wells Fargo ( WFC ) - Has to hold $24

Cell Therapeutics, Inc. (CTIC) - CTIC reported earnings on Thursday, ripped higher in pre market, and then sold off throughout the day. The previous resistance level was the April high of $0.97. On Wednesday, CTIC stock ripped through that and spiked to $1.85. On Thursday, we had the first successful retest of $0.97 and it held. $0.97 is now a critical support level and would have my stop loss order ready to trigger at $0.96. The next major support level would be in the low $0.70's.

Fortress Investment Group LLC (FIG) - FIG has been tanking over the past two trading days but is a great trading stock to buy. FIG stock has nice volume, is on traders radars, has Guy Adami of CNBC Fast Money backing it, and is very volatile. FIG has nice support between $4.80-$5, resistance at $6.50 & $7.10.

MGM Mirage (MGM) - The casino stocks have cooled down recently after being scorching hot! Tuesday's low of $10.75 must hold or things could get ugly but present a good buying opportunity under $10. For Las Vegas Sands Corp. (LVS), support appears to be solid at $9.

Other Stocks to Watch - 5/8/09

Vanda Pharmaceuticals, Inc. (VNDA)
Prudential Financial, Inc. (PRU)
Capital One Financial Corp. (COF) - Jim Cramer said sell on Thursday
THQ Inc. (THQI)
Lamar Advertising Co. (LAMR)
Office Depot, Inc. (ODP)
Genworth Financial Inc. (GNW)
UltraShort Real Estate ProShares (SRS)
UltraShort Financials ProShares (SKF)
Huntington Bancshares Inc. (HBAN)
Fifth Third Bancorp (FITB)

Penny Stocks to Watch: May 8, 2009

Noble International, Ltd. (NOBL)
La Jolla Pharmaceutical Co. (LJPC) - Going up on the VNDA news
Nextwave Wireless Inc. (WAVE)
Oscient Pharmaceuticals Corp. (OSCI)
NexMed Inc. (NEXM)
Sunesis Pharmaceuticals Inc. (SNSS)
Lear Corp. (LEA)
Cortex Pharmaceuticals Inc. (COR)
Hemispherx Biopharma, Inc. (HEB)
Biopure Corp. (BPUR)
Cell Genesys, Inc. (CEGE)

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