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TheStreet Open House

4 Hot Stocks to Trade (or Not)

Boston Scientific

Nearest Resistance: N/A
Nearest Support: $6.80
Catalyst: Earnings Call

Last but certainly not least is Boston Scientific (BSX), the $10 billion medical device maker. BSX announced earnings yesterday, reporting numbers that sent investors into buy mode. Today, BSX is seeing continuation, with shares bid up around 3% as I write.

>>5 Biotech Stocks Under $10 Moving Higher

That's got BSX testing new 52-week highs in this week's trading, a good sign for shareholders. Making new 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 though, I'd recommend sitting on the sidelines until BSX pushes above yesterday's high water mark.

To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr.



At the time of publication, author had no positions in stocks mentioned.

Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet. Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily, and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.

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