Nearest Support: $17
Catalyst: Earnings >>5 Stocks Smart Money Hates -- But Should You? J.C. Penney ( JCP) is another name that's getting hefty trading volume today after the firm announced bigger losses for the first quarter. JCP's attempts to right itself -- including ousting CEO Ron Johnson after 17 months -- aren't working. The firm's current CEO says it'll take time to fix the firm's big problems, then again, longtime Penney shareholders have heard that one before. Today's price action in JCP is pretty much meaningless. Investors are shrugging off the bigger loss, bidding down the stock 2.6% today. Support at $17 is going to be an important litmus test for this stock's ability to catch a bid -- a fall through that level would be a sell signal worth heeding. Bargain-hunters should wait for the stock to establish support. Rite Aid Nearest Resistance: N/A
Nearest Support: $2.50
Catalyst: Technical Setup Last up, shares of retail pharmacy chain Rite Aid ( RAD) are up 3.5% this afternoon, buoyed by strong volume thanks to a bullish setup in the stock. RAD has been on fire for the last several months, rallying hard on the heels of improving fundamentals. Now, with support nearby at $2.50, today's breakout to new highs is providing a buying opportunity for shares. 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. As 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. Traders who aren't too risk-averse can enter a position here with a tight stop in place. To see these stocks in action, check out the at Most-Active Stocks portfolio on Stockpickr. -- Written by Jonas Elmerraji in Baltimore.
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