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3 Stocks I Saw on TV, August 24

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 : Bank of America (BAC - Get Report), Guggenheim Solar TAN (XLF),and Energy Transfer Partners (ETP - Get Report).

The hosts on "Fast Money" were talking about Bank of America last night and they argued banks are too cheap. Though the stock has been in a steep downtrend, over the past couple of months, Fitzpatrick says he thinks Bank of America is trading near support. He said if it continues to trade above $6 for the next couple of days, it could be forming a base.

The next stock Fitzpatrick looks at is Guggenheim Solar ETF, also featured Tuesday night on "Fast Money." Tim Seymour said it's time to get out of the stock, which has dropped from about $8.50 to $5.30 over the past couple of months. Fitzpatrick agrees, saying he doesn't see a lot of upside either, and recommended selling close to the 20-day moving average.

Finally, Fitzpatrick examines Energy Transfer Partners, a pick from Stephen Weiss. The stock has an 8.3% dividend. Fitzpatrick said this is a low risk time to buy the stock, as long as there is a stop right under yesterday's low. But he said it is also a low probability trade, as it is trading under the 50 and 200-day moving averages, which are both trending lower.

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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SYM TRADE IT LAST %CHG
BAC $15.57 0.00%
ETP $55.20 0.00%
GS $198.10 0.00%
JPM $63.24 0.00%
TAN $48.00 0.00%

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