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Monday, January 02, 2012 

Top Trade Ideas for the first trading day of the year

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Renren Inc (NYSE:RENN) was one of the winners on Friday, as the stock closed up 25 cents on the day with huge volumes. The technical daily chart shows the rally is back again as %K line has just crossed on top over %D line and stock is back above 20-day moving average, a positive signal. Moreover, the daily RSI is also displaying positive divergence and has recovered from deeply oversold levels. The outlook is positive and a move to 3.7-4 appears likely. Over the last 52 weeks RENN has ranged from a low of $3.21 to a high of $24. Shares shorted have decreased 9.4% from 5,502,700 to 4,982,300 month-over-month. Next targets for the stock are $4 and $4.42. 

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Apple Inc. (NASDAQ:AAPL) is flagging near resistance on low volume since the move up. It would be very attractive as a long candidate if it holds its ground here and then turns higher. MACD is still on the positive zone. RSI is still at high 60s. Accumulation/Distribution chart is still on the upmove and the stock is comfortably above the 200 and 100-day moving average. Given the current stock levels, it is important for it to break $409. Fresh exposure on this stock can be taken only if it breaks  this level and if there is strong volumes in this movement. I'm still holding shares from $393.

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General Electric Company (NYSE:GE) - Consolidating after a huge run up. A buy if $17.60 holds.

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Pacific Biosciences of California (NASDAQ:PACB) - Still like this one. A break of $3.08 and this could fly. The accumulation/distribution chart is showing some strength in this movement, which a good sign as investors are not using this movement to get out of the stock. MACD is also showing some strength and looks like it could give a buy signal sometime soon.

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Elan Corporation, plc (NYSE:ELN) - Nice move up on big volume on Friday. I'm going to keep an eye on it and see how it reacts tomorrow. The volume chart from "On Balance Volume" has been on an upside. However, for the stock to move from this level would be difficult as the RSI indicator is in the mid 70s. So, there is a strong possibility of the stock to correct back to probably $13 before an upside target of $14.25. On the contrary, a close above $14.02 would have bullish implications and would push the stock to the 14.32-14.50 range. Hold with a stop-loss at 13.25. Existing holders could remain invested. The bias is bullish in nearest term.

During the day I tweet many times to my readers. I encourage everybody to subscribe AC Investor Blog  twitter and newsletter, so you can receive my trade ideas and stock news in real time.

Other stocks to watch :

New 52-week High stocks

VZ - Verizon Communications
DUK - DUKE ENERGY CORP
AMGN - Amgen Inc.
AMT - AMERICAN TOWER CORP
LLY - LILLY ELI & CO
ABT - ABBOTT LABORATORIES
EP - EL PASO CORP
KMI - Kinder Morgan Inc
XEL - XCEL ENERGY INC
GOOG - GOOGLE INC
HCP - HCP Inc
NEE - Nextera Energy
ECL - ECOLAB INC
NVE - SIERRA PACIFIC RESOURCES
GSK - GlaxoSmithKline PLC
WYN - Wyndham Worldwide WI
ALXN - Alexion Pharmaceutical
DTE - D T E ENERGY CO
PGN - Progress Energy Inc
WEC - WISCONSIN ENERGY CORP

Unusual Volume Detected

GRNE - Green Endeavors, Inc.
IJJP - IJJ Corporation
CPWR - Compuware Corporation
ATRN - New Motion Inc
SGCP - Sierra Gold Corporation
AWYI - Ariel Way, Inc.
CYCA - Cytta Corp.
RTGV - RTG Ventures Inc.
EXH - Exterran Holdings Inc
LEAP - LEAP WIRELESS INTL
HMC - HONDA MOTOR CO LTD
RAM - Ram Ene Res
AFTC - Alternative Fuel Technologies, Inc.
TXMC - The Tirex Corporation
BGOI - Bonanza Oil & Gas, Inc.
POPT - Pop3 Media Corp.
NNSR - NanoSensors, Inc.
GSX - Gasco Energy Inc
FRHV - Fresh Harvest Products, Inc.
ETLS - EtotalSource, Inc.
MOSY - Mosys Inc
LGDI - Legend International
FSP - Franklin St Prop
WSGI - World Survnc Grp
LTHU - Lithium Technology
EGHT - 8X8 Inc
SPLM - Sentry Petroleum Ltd
BRKL - Brookline Bancorp
SYNW - Sync2 Networks Corp
VIIC - Cheetah Consulting Inc
SKY - SKYLINE CORP
DANOY - GROUPE DANONE
BOCX - BIOCUREX INC
SRCI - Sono Resources
CYCC - XCYTE THERAPIES INC
EPSEF - Epsilon Energy Ltd
CUTR - CUTERA INC

Disclaimer : This is not an investment advisory, and should not be used to make investment decisions. Information in AC Investor Blog is often opinionated and should be considered for information purposes only. No stock exchange anywhere has approved or disapproved of the information contained herein. There is no express or implied solicitation to buy or sell securities. The charts provided here are not meant for investment purposes and only serve as technical examples. Don't consider buying or selling any stock without conducting your own due diligence.

Thanks for visiting AC Investor Blog.

AC

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  • I'm a 38 year old Independent Trader using propriety technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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