This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Big Swing Trade Ideas for Friday, May 16

Stocks in this article: RP S WAC

Sprint traded up on Thursday 6.01% to $9.53 per share.

  • Thursday's range: $9.00 - $9.66
  • 52-week range: $5.61 - $11.47
  • Thursday's volume: 39,296,444
  • 3-month average volume: 15,900,600

Sprint had a big day yesterday and is near a breakout level of about $9.60.

Sprint beat estimated earnings on April 29, and has traded up 25% since earnings were reported. That's lucky for those who bought at the bottom!

We need to see continued strength today, but Sprint may pull back a little, due to normal Friday profit-taking. A pullback will offer us a better entry price. A good entry would be anywhere above $9 and below yesterday's close of $9.53, or an inside day entry. Start with a 1/4 position and add to the position on the breakout above $9.60.

I'd set a stop below yesterday's low, say about $8.90. Target the 52-week high of $11.47, which is about 17% to the upside. There is resistance at $9.79, then again at the gap down that occurred on Jan. 3. The gap down resistance levels are $10.03 to $10.40.

Stay long until you see a confirmed sell signal or a close below the t-line.

3. Next, let's see about Walter Investment Management, which together with its subsidiaries provides business services to the residential mortgage industry in the U.S.

WAC traded down on Thursday 1.74% to $28.81 per share.

  • Thursday's range: $27.71 - $29.08
  • 52-week range: $24.00 - $45.12
  • Thursday's volume: 1,330,776
  • 3-month average volume: 1,123,500

Walter more than doubled its estimated earnings, it reported last week. It had a huge day following that report, up 16.5%. Then it trade up a couple days, and profits were taken, gapping down on Wednesday. The gap down tested the bulls, and I believe the bulls prevailed, trading back over the t-line.

One problem is Jefferies' downgrade of the stock today.

There is resistance to $29.30 from the gap down, which has also been resistance for the last few months. The next overhead resistance levels are at $30.23, $30.78 and $33.20.

We need to see continued strength today and look for an entry above the t-line, at $28.64. Start with a 1/4 position and add to the position at the breakout above $30.65.

I'd set a stop at yesterday's open of $28.17. Stay long until you see a confirmed sell signal or a close below the t-line.

Good luck traders, and happy Friday!

>>Read More: These Are America's 5 Funniest Cities

>>Read More: Apple Has Opportunity To Succeed Where Pandora Has Failed

>>Read More: Reduce Your ETF Risk, Not Well-Deserved Rewards

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

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

2 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs