The Reformed Broker, AKA Daddy Warbucks, here with today’s Market Recap…
I thought I’d skip the averages today in favor of showing three charts of The New Beasts. From every bear market, a set of new leaders emerges, often, these are stocks that had nothing to do with the prior bull market.
My highlighting of these stocks is by no means an endorsement of any of the companies, rather I am pointing out three names that have absolutely captivated the attention of the active traders in this market…these are the names where the action’s been lately:
BAC: Stifel Nicholas slapped a $22 price target on Bank of America this morning…while cutting their earnings estimates! Doug Kass has repeatedly mentioned that BAC is one of his favorite long positions lately as well.
PALM: The buzz around the new Pre smartphone from Palm, Inc. over the last few weeks would make Steve Jobs blush! This is one of the hottest trading names out there, it’s on everyone’s screen that I talk to on The Street.
GMCR: Green Mountain Coffee Roasters literally personifies momentum right now. GMCR, which just did a stock split, has been on a caffeine jolt. Barron’s wrote a bit about their revenue recognition policies negatively the other day, but you still have a massive short position in this stock being covered on every dip. I’m a fan of the coffee but the stock is not my cup of tea, pun intended.
Anyway, that’s what’s poppin ‘ right now, these are the stocks the active guys are playing, I’m calling them (and others) The New Beasts.
Thanks for reading today, it’s good to be back in the saddle. Tune in tomorrow for Hot Links.
Full Disclosure: I currently manage accounts that are long PALM. None of my above commentary should be construed as an invitation to buy or sell any securities. I do not give advice or make any recommendations on this site. Please do not trade based on anything you read here. For a full disclaimer, visit my Terms & Conditions page.