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6 Hot Stocks on Traders' Radars

Stocks in this article: GES VRA GS AMCX SCHL ITMN

AMC Networks

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Nearest Resistance: $46

Nearest Support: $42

Catalyst: Profit Miss

It's been a good year so far for shares of AMC Networks (AMCX). The cable TV network owner has rallied more than 18% already in 2012, even if today's price action is a bit of a black eye for shareholders.

The firm missed Wall Street's profit expectations due to hefty marketing costs for new seasons of the firm's flagship shows. Still, shares appear to have stabilized by the midpoint in the session, a factor that could spare AMCX from the fate of the other stocks we've looked at.

AMCX has been locked in a well-defined uptrend since the beginning of November, a good thing for bulls. Even though today's 3.2% drop on earnings shoves shares back down to trend line support, the fact that this stock is holding support is critical.

It makes sense to buy AMCX on a bounce off of support.

AMCX, which shows up on a list of Consumer Discretionary Stocks Bought and Sold by Hedge Funds, was one of " 8 Stocks Billionaire John Paulson Loves."

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