3 Stocks I Saw on TV, August 17
SAN DIEGO (TheStreet) - Dan Fitzpatrick at RealMoney.com, talks about three stocks on CNBC's "Fast Money" and "Mad Money" and gives his thoughts on how investors can use those ideas to grow their money. Today's stocks include : Google (GOOG), Netflix (NFLX),and Saks Holdings (SKX).
Google has been volatile this summer and Fitzpatrick says this is a very difficult stock to trade technically right now. Today, he used the 50-day moving average as reference. For the past week, Google has been trading along that average before closing below it, yesterday. He said he wouldn't buy Google right now and for those who own Google to keep a stop below yesterday's intraday low near $530.
"Fast Money" hosts discussed Netflix on Tuesday, saying the company is too expensive. Fitzpatrick said this is an opportunity to get into Netflix, as the company has been trading in a solid uptrend for the past several years. It had been bouncing off of the 20-week moving average before recently dropping below that level. He said as long as Netflix stays above $220, he recommended buying the stock.
Finally, Fitzpatrick looks at Saks Holdings. Jim Cramer talked to the CEO of Saks on Tuesday's "Mad Money". Cramer thinks this stock has been oversold. Fitzpatrick said it could retest the $8 level, which might be a place to take the stock unless it drops below $8. Then he recommended staying out.
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