7 Hot Stocks on Traders' Radars
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 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 traders who want a starting point in their analysis.
Today, we'll leverage the power of the crowd to take a look at seven of the highest-trending stock searches on Google.
Here's a look at how these most searched names are trading technically .
Nearest Resistance: $51
Nearest Support: $49.50
Catalyst: Acquisition, Analyst Upgrade
SBA Communications (SBAC) is getting attention from searchers today following the early closure this week of the firm's Mobilitie acquisition, a deal that adds more thatn 2,300 cellular tower sites to SBA's balance sheet. It's also generating attention for Wall Street -- Morgan Stanley increased its revenue estimates for the firm following the buyout.
That positive sentiment is putting SBAC shareholders in prime position to continue cashing in on this stock.
SBAC has been locked in an uptrend for most of the last year, bouncing off of trend line support four times since October. The fact that SBAC is able to catch a bid at that trend line support level is critical -- it creates a low-risk opportunity for investors to buy on the next bounce off of that level. With shares staging a modest leg up today, now looks like as good a time as any to be a buyer in SBAC.