Clearwire (CLWR:NASDAQ) Shares of Clearwire were up nicely today in anticipation of earnings. In the aftermarket they also remain near where they closed. On the surface CLWR had a decent release. Revenue was up and losses subsided. CLWR also feels they can beat the streets subscriber target of 10 million. But was today’s move higher just short covering before numbers ?
Amazon (AMZN:NASDAQ) Shares of AMZN are already up over 30 plus percent for the year and the bar has been set extremely high for earnings expectations. So even a slight miss could do severe damage to overzealous longs. However, a retest of resistance of 246.71 tomorrow wouldn’t surprise many if the market bids up before AMZN earnings.
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.
AER Energy Resources (AERN.OB) AERN has been an extremely hot penny stock, but the continued high volume of promo emails is alarming to some. Shares are up over 20 percent at the time of this entry, but the Reg Sho, Rule 201 is now in effect. Rule 201 is often a sign of naked short selling. Keep your eye on this one for no other reason than to watch the outcome of bears versus bulls.
Corning (GLW:NYSE) Management upped GLW‘s dividend and approved a stock buyback. GLW is consequently up over 5% at the time of this entry. But how many times have we seen this type of shareholder friendly news fail for short term traders ? If you have a long term time frame, the recent GLW news is positive, but traders should remember that there is still a downside gap that needs to be filled.
Clearwire (CLWR:NASDAQ) We frequently touch on CLWR and have not been fans of the name. Even after the Sprint (S:NYSE) related hype came in. But right now, CLWR has and upside gap to fill at $2.30, and the company does have a cult like following of low priced bottom fishers. Use the $2 level as a gauge for support in case the is a run on stop orders.
Molycorp (MCP:NYSE) Shares are smashed after the cut by JP Morgan and MCP is starting to look oversold. In addition rare earth prices are falling. However, MCP President and CEO Mark Smith will be testifying before Congress tomorrow about rare earth supplies. So short covering isn’t out of the question.
Molycorp (MCP:NYSE) There have been “psyche number” buyers on past MCP moves near and below $50. But will the flagship rare earth stock hold on another dip ? For now use the $51.20 are as a guide for support. Just remember that the sentiment in the rare earth space can change quickly.
Molycorp (MCP:NYSE) Rare earth stocks get hot and cold on a weekly basis, and they should remain volatile. MCP remains king of the hill, but the $50 handle is starting to look more like resistance than support. MCP’s performance can influence some of the more speculative rare earth penny stocks as well.