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3 Hot Stocks to Trade (or Not)

Tickers in this article: CWH JCP NOK

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.

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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 today.

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These "most active" names are the most heavily-traded names on the market -- and often, uber-active names have some sort of a technical or fundamental catalyst driving investors' attention on shares. That's especially true now that earnings season is officially underway. And when there's a big catalyst, there's often a trading opportunity.

Without further ado, here's a look at today's stocks .

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Nearest Resistance: $4.80
Nearest Support: $3.50
Catalyst: Technical Setup

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Beleaguered cell phone maker Nokia (NOK) is getting plenty of investor attention today, and not for the best of reasons. The $13.7 billion firm typically sees big trading volume because of its conspicuous spot on the NYSE, but today, it's getting some extra attention thanks to the technical setup in shares. While shares have made some auspicious upside progress in 2013, a reversal looks likely from here.

Nokia is forming a head and shoulders top, a price setup that indicates exhaustion among buyers. The neckline level for shares is $3.50, the stock's nearest support level. If shares slip through there, I'd recommend unloading any long positions in NOK. Shares flirted with price in the high $3.50s today, so the breakdown may not be far off. J.C. Penney

Nearest Resistance: $21
Nearest Support: $16
Catalyst: Earnings Miss

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It's a good thing J.C. Penney (JCP) changed its tagline from "Doing It Right" back in the 1980s, because the department store chain's stock looks all kinds of wrong today. As I write, shares are down 15% on the day after JCP announced a worse-than-expected loss for the fourth quarter. For those keeping score (namely shareholders), that brings the stock's losses in the last 12 months to 56%.