Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.

From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept that's known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.

Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.

While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis.

Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market…

iShares MSCI Emerging Markets ETF

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  • Nearest Resistance: $40
  • Nearest Support: $37
  • Catalyst: Technical Setup

Leading things off this afternoon is the iShares MSCI Emerging Market ETF (EEM) - Get Report , a $32 billion exchange-traded fund that's topping the NYSE's list of most actively traded stocks this afternoon despite relatively flat price action.

EEM's activity is being fueled by its long-term uptrend, a well-defined series of higher lows and highs that's been in force since shares bottomed back in January. Now this stock looks like it has more upward trajectory in store as it hovers above the lower end of its price range. Now looks like a good time to accumulate EEM from a risk/reward standpoint.

Twitter

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  • Nearest Resistance: $24
  • Nearest Support: $19
  • Catalyst: Buyout Rumors

The latest round of buyout rumors are driving trading volume in shares of Twitter (TWTR) - Get Report  this afternoon, as speculation heightens that Alphabet (GOOGL) - Get Report  unit Google could be interested in acquiring the social media stock. Google has been playing catch-up in the social media space for a while now, and management could see a Twitter acquisition as a relatively easy way to get instant exposure to a popular platform. (GOOGL is a holding in Jim Cramer's Action Alerts PLUS charitable portfolio.)

Technically speaking, Twitter looks attractive right now. Shares have been in an uptrend since the beginning of June, and they're currently trading near the top of their uptrend range. That means, while shares might look attractive strategically, the tactical move is to wait for a pullback down to the bottom of the price channel before clicking "buy."

Cabela's

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  • Nearest Resistance: $65.50
  • Nearest Support: $57
  • Catalyst: Buyout

Cabela's (CAB)  is up almost 15% on big volume this afternoon, rallying following the announcement that the outdoor products stock will be bought by Bass Pro Shops in a deal worth $5.5 billion. Cabela's shareholders will get $65.50 per share in cash when the deal is completed. Capital One Financial (COF) - Get Report  will buy the firm's credit card business.

Shares are trading near their offer price, but there's still about a 4% risk premium being priced in at this point.

Transocean

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  • Nearest Resistance: $13.50
  • Nearest Support: $9
  • Catalyst: Analyst Outlook Cuts

Shares of offshore drilling service provider Transocean (RIG) - Get Report  are down more than 6% on big volume this afternoon, selling off following news that that RBC analyst Kurt Hellead reduced his EPS estimates for the firm, countering the relatively bullish outlook for offshore energy stocks in the last few trading sessions.

Long-term, Transocean is down but not out. Shares are still trading in an uptrend here, catching a series of higher lows that started back at the tail end of the first quarter. Energy bulls should look for another opportunity to buy Transocean on the next successful test of trendline support.

Janus Capital Group

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  • Nearest Resistance: $16.50
  • Nearest Support: $15.50
  • Catalyst: Acquisition

Shares of $3 billion investment manager Janus Capital Group (JNS)  are up more than 13% this afternoon, following news that the firm is being acquired by London-based Henderson Group in a stock-for-stock deal. The tie-up will create a $320 billion asset manager in a move to boost scale and offset the challenges to fee revenues that active managers are facing in this environment.

Technically speaking, today's news looks attractive for Janus shareholders. The stock broke out above a long-term resistance level at $15 following the announcement, and because it's a stock deal, Janus' shares can continue to trade freely (mirroring the price action in Henderson) until the acquisition is completed.

VirnetX Holding

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  • Nearest Resistance: $4.50
  • Nearest Support: $1.75
  • Catalyst: Apple Verdict

Shares of small-cap patent company VirnetX Holding (VHC) - Get Report  are among the most actively traded on the NYSE this afternoon, up more than 34% as of this writing, following a verdict in which Apple (AAPL) - Get Report  has been ordered to pay $302.4 million in damages for patent infringement. The latest verdict is the latest in a long-running series of court battles between the patent holding company and Apple, and it overturns two prior verdicts in Apple's favor.

Despite the big up-move in VirnetX this afternoon, shares remain in a wide-ranging downtrend rom their February highs. That means this stock is likely to correct from here, an outlook that's bolstered a bit by the fact that shares have spent the entire trading session fading after this morning's big gap higher. Caveat emptor.

This article is commentary by an independent contributor. At the time of publication, the author was long Apple.