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.

VelocityShares Daily 2x VIX Short-Term ETN

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  • Nearest Resistance: N/A
  • Nearest Support: N/A
  • Catalyst: New S&P 500 Highs

One notable decliner this afternoon is the VelocityShares Daily 2x VIX Short-Term ETN (TVIX) - Get VelocityShares Daily 2x VIX Short-Term ETN Report . TVIX is an exchange-traded note that tracks double the daily return of the VIX Volatility Index, a measure of "fear" in the market that historically has a reliably inverse correlation with the S&P 500's price performance. So as the S&P pushes into new highs, TVIX is making its way to new lifetime lows this afternoon.

An important note about this exchange-traded note is the fact that TVIX doesn't have conventional support and resistance levels like a normal stock. Since the price action in TVIX is determined by a statistical formula, not directly supply and demand from market participants, it's important not to try to use conventional technical tools on this unique ETN.

Either way, as long as the uptrend in the S&P remains intact, you don't want to own TVIX.

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Sagent Pharmacetuicals

  • Nearest Resistance: $21.68
  • Nearest Support: $21.50
  • Catalyst: Acquisition

Small-cap drug maker Sagent Pharmaceuticals (SGNT)  has the distinction of being one of the highest-volume issues on the Nasdaq this afternoon, up big after news hit that Japanese drug firm Nichi-Iko Pharmaceutical had agreed to buy Sagent for $21.75 per share in cash. The news gapped Sagent nearly 40% higher at the open this morning, pushing the stock to within a few cents of the offer price. That lack of a meaningful discount to the deal price means that Wall Street is pricing in a very high likelihood that the deal will go through.

That instant gratification for Sagent shareholders also means that the money has already been made on this trade. Investors should look elsewhere for upside opportunities this week.

Freeport-McMoRan

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  • Nearest Resistance: $12
  • Nearest Support: $10
  • Catalyst: Metals Prices

Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report  is benefitting from an uptick in metals prices. Shares are up just over 5% as of this writing.

Longer-term, though, the technical picture in Freeport is beginning to show some cracks. Freeport-McMoRan has been in rally mode in 2016, up 74% since the calendar flipped to January, but a recent descending triangle pattern showing up in shares is waving a red flag here. Put simply, if shares violate support at $10, then we've got a clear-cut sell signal in FCX.

On the flip side, if buyers can muster the strength to break shares out above $12, then this stock's bearish overtones go away. That makes this week's hovering just below the $12 price level all the more important right now. Caveat emptor.

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