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7 Hot Stocks on Traders' Radars

Stocks in this article: DKSKROMTNGFIPPAYAAPL

Dick's Sporting Goods

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Nearest Resistance: $47

Nearest Support: $45

Catalyst: Positive Earnings Dick's Sporting Goods (DKS) is managing to shake off the selling today, buoyed by positive earnings and guidance numbers that fell in line with Wall Street's expectations. Dick's reported earnings for the fourth quarter of 88 cents per share, right on the mark with analyst estimates. That earnings boost is helping to paint a positive technical picture for shares of DKS.

Right now, this sporting goods giant is bumping its head above resistance at $47, a price that's also a 52-week high. Making new 52-week highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.

For late-to-the-game buyers, I'd recommend sitting on the sidelines until DKS pushes above today's high water mark.

Dick's, one of the top holdings at Tudor Investment as of the most recently reported period, was one of Goldman Sachs' Consumer Stock Best Buys for 2012.

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