Nearest Resistance: N/A
Nearest Support: $1.75
Catalyst: Comps Surprise
Finally, Rite Aid (RAD - Get Report) is up nearly 4% today -- and 8% in the last week -- after the firm announced better than expected comparable sales for its stores. Rite Aid has been shellacked in the last year as deteriorating fundamentals sent investors fleeing, but now traders are getting a signal that the selloff was overblown. That puts shares within grabbing distance of new 52-week highs in March.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. A 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 RAD pushes above yesterday's high water mark. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
Twitter and become a fan on Facebook.