The Dow settled at 11,383.83, losing 512 points, the steepest such decline since Dec. 1, 2008. However, the 512-point decline was far from the 778-points slide that the blue-chip had posted on Sept. 29, 2008. In one of its worst sessions since February 2009, the S&P 500 settled at 1,200.24. The Nasdaq suffered its worst session since January 2009 and closed at 2,556.39. However, investors chose to term the 10% decline in benchmarks from its spring high as a correction.
Kodiak Oil & Gas Corp. (KOG) - Kodiak Oil & Gas Corp. was one of my best oil stock ideas for 2011. Kodiak Oil & Gas Corp. (KOG) is one of the up and coming companies in the Bakken Shale. KOG reported outstanding earnings Thursday night and rallied over 10% at one point Friday. KOG is a buy below $5.50 from here on out. Discuss KOG
Samson Oil & Gas Limited (SSN) - SSN plunged on Friday. SSN will have resistance located at $2.80. SSN is a buy below $2.00 if we see another large correction.
Paramount Gold and Silver Corp. (PZG) - Paramount Gold and Silver Corp. (PZG) is my Top Gold Stock for 2011. PZG is trading back below $3.00. PZG will have resistance located at $2.70. PZG is a buy near $2.25 if we see a retest of the lows.
American International Group, Inc. (AIG) - American International Group, Inc. (AIG) is now trading back below $28. AIG will have resistance at $31.79. AIG has support located at $25.
Sirius XM Radio (SIRI) - Sirius XM Radio (SIRI) is now back trading below $2.00. Sirius XM Radio will now have support at $1.73. Sirius XM Radio is a strong buy on pullbacks below $1.60. SIRI will now have resistance located at $2.00.
Las Vegas Sands Corp. (LVS) - Las Vegas Sands Corp. (LVS) is now trading back near $43. Las Vegas Sands Corp will have resistance located at $50. Las Vegas Sands (LVS) is a buy below $38 for a swing trade.
Dryships Inc. (DRYS) - Dryships Inc. (DRYS) is now trading back below $3.00. DryShips (DRYS) will now have resistance located at $3.18. Drys has support at $2.75.
Direxion Daily Financial Bear 3X Shares (FAZ)
Daily Finan. Bull 3X Shs(ETF)(FAS) - Daily Finan. Bull 3X Shs(ETF)(FAS) bottomed near $16.15 on Friday and then rallied back to $18. FAS will have support located at $16.15 and resistance located at $23. FAS is a strong buy below $17 per share. I would be avoiding Direxion Daily Financial Bear 3X Shares (FAZ) right now.
Research In Motion Ltd. (RIMM) - Research in Motion Ltd (RIMM) hit $22.54 on Friday. Research in Motion (RIMM) has support located at $22. Research in Motion (RIMM) will have resistance up at $30.25.
Cisco Systems, Inc. (CSCO) - Cisco Systems, Inc. (CSCO) hit a new 52 week low on Friday. CSCO will have resistance around $16.00 now. Cisco Systems (CSCO) will have support down around $14.00. Cisco Systems is a strong buy below $17 for the long term. Goldman Sachs recently rated the stock a buy.
Stocks to Watch for Daytrading - Samson Oil & Gas Limited (SSN) - Hyperdynamics Corp (HDY) - DryShips, Inc. (DRYS) - Arena Pharmaceuticals, Inc. (ARNA) - Bank of Ireland (IRE) - Cyclacel Pharmaceuticals, Inc. (CYCC) - Somaxon Pharmaceuticals, Inc. (SOMX) - Rediff.com India Ltd. (REDF) - Allied Irish Banks plc (AIB) - YRC Worldwide Inc. (YRCW) - China Shen Zhou Mining & Resources, Inc. (SHZ) - Limelight Networks, Inc. (LLNW) - Level 3 Communications Inc. (LVLT) - Jones Soda (JSDA)
Amazon.com Inc. (AMZN) - Amazon.com Inc. (AMZN) dropped below $195 on Friday. AMZN will hit resistance at $230. Pullbacks below $180 are a buy.
Level 3 Communications Inc. (LVLT) - Level 3 Communications Inc. (LVLT) is back trading below $2.00. Level 3 Communications (LVLT) is a buy below $2.00
Netflix, Inc. (NFLX) - Netflix, Inc. (NFLX) dropped into the $230's on Friday. Netflix Inc (NFLX) will have resistance located at $251 going forward. Netflix has support located at $230. Netflix Inc (NFLX) is a buy on pullbacks below $220.
Baidu, Inc. (BIDU) - Baidu, Inc. (BIDU) is back trading near $145. Baidu Inc will have resistance up at $155. Baidu has support located at $140. If Baidu Inc. (BIDU) ever falls below $120, I would rate the stock a buy.
Oracle Corp (ORCL) - Oracle Corp (ORCL) bounced at $27.50 on Friday. ORCL will now have resistance located at $30 over the next week.
E-Commerce China Dangdang Inc. (DANG) - E-Commerce China Dangdang Inc. (DANG) is now trading back below $10. DANG will have support located at $8.30 and resistance located at $10.85.
Advanced Micro Devices Inc. (AMD) - Advanced Micro Devices Inc. (AMD) held $6.00 on Friday. Advanced Micro Devices Inc. will now have resistance located at $8.02 which is the 200 day moving average. AMD will have support down at $6.20.
Goldman Sachs Group, Inc. (GS) - Goldman Sachs Group (GS) is trading back below $130. Goldman Sachs (GS) will now face resistance around $145. Goldman Sachs (GS) has support located at $120.
Potash Corp. of Saskatchewan, Inc. (POT) - Potash Corp. of Saskatchewan, Inc. (POT) held $50 on Friday. Potash Corp will have support located at $50. Potash Corp. of Saskatchewan, Inc. (POT) is a strong buy below $52 on a pullback.
Freeport-McMoRan Copper & Gold Inc. (FCX) - Freeport-McMoRan Copper & Gold Inc. (FCX) is trading below $48 now. FCX is a buy below $50, strong buy below $45.
SanDisk Corp. (SNDK) - SanDisk Corp. (SNDK) rebounded off the $37.79 low on Friday. SNDK will have resistance around $42 going forward.
YRC Worldwide Inc. (YRCW) - YRC Worldwide Inc. (YRCW) is back trading below $1.00. YRC Worldwide Inc (YRCW) continues to be at risk of going bankrupt. YRC Worldwide (YRCW) is not a buy unless the stock trades back above $2.54 and holds.
Allied Irish Banks plc (AIB) Bank of Ireland (IRE) - Allied Irish Banks plc (AIB) & Bank of Ireland (IRE) continue to be active and worth watching.
Cell Therapeutics, Inc. (CTIC) - Cell Therapeutics, Inc. (CTIC) traded back in the $1.20's on Friday. Cell Therapeutics will have support located at $1.20 now. CTIC will have resistance up at $1.30.
Whole Foods Market, Inc. (WFM) (WFMI) - Whole Foods Market (WFM) is back trading below $60. WFM will have resistance up at $70.
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