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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.

U.S. Steel Group

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  • Nearest Resistance: $13
  • Nearest Support: $9
  • Catalyst: Metals Rebound

Steel producer U.S. Steel (X)  is participating in a metals rebound this afternoon, up more than 12.5% as I write. Long term, U.S. Steel has been carving out a bottom, gradually reversing its downtrend over the last three months now. Today's big breakout above $9 makes U.S. Steel's change in trend official.

From here, resistance up at $13 looks like the next potential stumbling block for shares. If you're comfortable enough with U.S. Steel's volatility to be a buyer, support at $8 is a logical place to park a protective stop.

Checkpoint Systems

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  • Nearest Resistance: $10.15
  • Nearest Support: $6.75
  • Catalyst: Acquisition

Shares of small-cap inventory management solution stock Checkpoint Systems (CKP)  are up 28% this afternoon following news that the firm is being acquired by CCL Industries for $10.15 per share.

Like with most acquisitions, the money has already been made on the Checkpoint trade. This stock gapped up to its target price on the news, leaving no merger premium on the table at current levels for late-to-the game traders.

Brown-Forman

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  • Nearest Resistance: $98
  • Nearest Support: $92
  • Catalyst: Q3 Earnings

Earnings are swatting shares of distiller Brown-Forman (BF.B)  slightly lower this afternoon. Brown-Forman reported profits of 94 cents per share for the third quarter, a number that came in right in line with Wall Street's expectations. Even so, the firm's expected EPS range of $3.32 to $3.42 per share came in below previous expectations -- and that's driving today's 2.3% correction.

Shares have been melting up over the course of today's session, so while the gap lower this morning does represent a violation of this stock's 2016 uptrend, it doesn't necessarily mean that buyers have left the building in Brown-Forman. Wait for shares to establish some semblance of support again before trying to take a stake in this alcoholic beverage stock.

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.