All eyes are on the Fed today, awaiting the statement to be released at 2:30pm EST. What investors a re looking for is a sign of whether or not QE 3 is coming down the pipe. Globally the central banks have pumped somewhere in the neighborhood of $6 trillion to keep the banking sectors propped up, along with stock prices. Now the question becomes one of sustainability? Can the economy get on a growth trajectory that will allow a walk back of the stimulus. Cause the money hose has to get shut off eventually.
Hot Stocks to Watch
BankAtlantic Bancorp, Inc. (NYSE:BBX) is riding high on the news that their merger with BB&T is moving forward. Currently the stock is up 80% on 10-times its average volume – over one million shares being traded. BBX’s market cap is at 54.55 million dollars. The sweetenened merger deal should help keep the shares higher through the day. One to watch for sure.
Sirius XM Radio Inc (NASDAQ:SIRI) trading flat today, on average volume. With a market cap of 8.66 billion, the stock is one of the more heavily traded equities on the Nasdaq. Mainly a bastion of day traders cause of its inherent volatility being under three dollars a share. In the blogosphere a lot of writers are calling SIRI seriously overvalued. Mostly the writers at Seeking Alpha. So traders should be mindful of that.
Sprint Nextel Corporation (NYSE:S) is riding the wave off general bullish on the market. Up over 2% on heavy volume, Sprint’s market cap is 8.33 billion. The stock has been trending upwards in recent days after being around the $2.25 level.
For the more adventurous trader, Titan Iron Ore Corp (OTC:TFER) is up nearly 3% in intra-day trading. The penny stock has been rising a wave of newsletter interest so the caveat, buyer beware is definitely necessitated. Most stocks like this thrive off volume and with it slowing down, short interest could become an issue for traders that are long TFER.