Hot Stocks Watch List

This is a discussion on Hot Stocks Watch List within the General Trading Chat forums, part of the Reception category; The theme of this weekly market report will be popular stocks. The stocks that are featured this week are held ...

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Old Jan 9, 2011, 9:23pm   #1
Joined Jan 2009
Hot Stocks Watch List

The theme of this weekly market report will be popular stocks. The stocks that are featured this week are held by both the institutional money and the public. These stocks are are well known throughout the trading community. It would be prudent to watch the important levels pointed out in these stock market leaders.

Skyworks Solutions, Inc. (NASDAQ:SWKS) is a leading semiconductor and integrated circuit maker that is used in many cellular devices and smart phones. The stock has been in a strong weekly uptrend that began in early 2009. The daily chart remains very strong and indicates some more upside potential. However, the weekly chart is beginning to get a bit extended and should be nearing important resistance levels around the $32.50, and $35.00 levels. This is where traders and investors should look for pullbacks or institutional profit taking to occur.
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Silver Wheaton Corp. (NYSE:SLW) is a leading metals streaming company. The company currently has fifteen silver purchase agreements and two precious metals agreements. The agreements detail that in exchange for an upfront payment the company has the right to purchase all or a portion of the silver production, at a low fixed cost from high-quality mines located around the world. The stock has soared higher throughout 2010, however, on December 7, 2010 a near term top was made at $42.34 a share. Since that time the stock has sold off or corrected by nearly 10.0 points. There will be short term daily chart support around the $33.25 area. The strong weekly chart support levels are $27.50, and $24.50. Traders and investors should watch for bounces around all of these levels.
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One of the leading casino and resorts stocks is MGM Resorts International (NYSE:MGM). The stock surged sharply higher on January 7th, 2011 along with the other leading stocks in the sector such as WYNN Resorts, Limited. (NASDAQ:WYNN), and Las Vegas Sands Corp. (NYSE:LVS). It is important to realize that MGM was the weakest stock of the casino leaders before late August 2010. That was when the Federal Reserve Bank announced its quantitative easing or U.S. Treasury purchasing program. At that time almost every leading stock that was lagging began to rally. Remember, a rising tide lifts all boats. Since August 31st, 2010 MGM has rallied higher by 65.0 percent. The stock will face important resistance around the $17.25, and $19.00 levels. Traders and investors should watch for pullbacks around these price areas.

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