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Stockhaven @ the bell 5/27/2011 | Stock Haven | Stock Chat Room | Penny Stocks | Options |Stock Haven | Stock Chat Room | Penny Stocks | Options |

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Stockhaven @ the bell 5/27/2011

With no shortage of U.S. economic data out today, traders will get more insight into what the market is thinking. Traders should pay especially close to the 1,328 level on the S&P500, that was the high for the day Thursday. More than that though, 1,328 is also home to the index’s 50 day simple moving average. The 50 day acted as support many times over the last 8 months and with the S&P now below this level it will be noted to see if it acts as resistance. Passed that, 1,340 represents technical resistance. On the support side, continue to pay attention to the 1,310-1,320 area.

The data traders will be reacting are pending home sales for April, reports on personal income & spending, and the final Reuters/University of Michigan consumer sentiment index for May. Mentor Graphics (MENT) and SeaDrill Limited (SDRL) both report earnings.

We’d like to highlight the rare earth metal sector this morning. Rare Earth stocks (as well as rare earth metal prices represented by REMX) have been smoking hot the last 12 months. Names like Molycorp (MCP), Rare Earth Resources (REE), and Avalon Metals (AVL) have all returned investors over 100%. However, over the last month or so these stocks have been falling, but they are showing signs of potential reversals. Keep your eyes on stocks like MCP, REE, AVL, UURAF, & LYSCF because these are all stocks that could provide solid gains should the sector start to rally once more.

LBSR is the penny stock we’ll be watching closest at the bell due to the news that came out on the stock late yesterday. SRSR is similar to LBSR in story and price so if LBSR runs we’ll be watching to see if SRSR gains momentum as well. Other stocks on our watch list are NWBO, ARNA, XTXI, OPK, EGHT, GLUU, HDUP, KKD, DSCO, UAMY, CVSL, LULU, SHKZ, SKGP, TBBC, FCSC, TLON, BMTI, BOX, CTIX, VSUT, & NEOM.

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