BALTIMORE (Stockpickr) -- 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.
National Bank of Greece
Nearest Resistance: $1.4
Nearest Support: $1
Catalyst: Greek Talk Collapse
One of the biggest casualties this afternoon is National Bank of Greece (NBG), down more than 6% on big volume this afternoon following news that talks had collapsed between Greece and its creditors. Greece is due to repay 1.6 billion euros to the IMF by the end of the month, which means that the country is likely to default on its obligation unless a final-hour agreement is reached before then.
Technically speaking, National Bank of Greece has looked "toxic" for a while now, and shares' decline this afternoon shouldn't be much of a surprise. $1 is the line in the sand to watch closely in this high-profile banking stock. If support at $1 gets violated, then look out below in National Bank of Greece.