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TheStreet Open House

3 Stocks I Saw on TV, August 23

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 : Goldman Sachs (GS), SalesForce (CRM),and Travelzoo (TZOO).

Shares in Goldman Sachs began falling Monday after news that CEO Lloyd Blankfein hired a high-profile lawyer for the company. Fitzpatrick said he does not think this is a stock to buy right now. He expects financial companies to continue to decline, and warned against buying a stock based on tangible book value.

Jim Cramer was looking at SalesForce Monday night on "Mad Money." The stock has fallen below the 200-day moving average. Currently, it is trading above $110 and Fitzpatrick said the next logical support level was down near $100. He said this is not a stock to buy right now.

Finally, Fitzpatrick looks at Travelzoo, another stock that's been heading lower. Over the past couple months, the stock has gone from trading near $100 down to below $34 and Fitzpatrick recommended staying out for a while. He said to wait for Travelzoo's stock to build a base before buying. He said this will take some time and will probably occur below where the stock is trading today.

At the time of publication, Fitzpatrick was long XXX, though positions may change at any time.

Dan Fitzpatrick is the publisher of StockMarketMentor.com, an advisory newsletter and educational forum dedicated to teaching effective risk management and trading methodologies to aspiring traders and investors. He is a former hedge fund manager and a member of the Market Technicians Association, and he now trades from his home in San Diego, Calif. While Fitzpatrick holds various securities licenses, he does not give recommendations to buy or sell stocks. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. He appreciates your feedback; click here to send him an email.

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