7 Hot Stocks to Trade (or Not)

The sustained downtrend that shares have been in since late March hasn't abated yet, and the pop in Nokia is fading into the afternoon. I'd look to go short on a push below $1.75.

For another take on Nokia, it was also featured recently in "6 Hated Stocks to Stay Away From." Walgreen

Nearest Resistance: $35.50

Nearest Support: $34

Catalyst: Pharmacy Network Deal

Pharmacy retailer Walgreen (WAG) is rallying today too, up more than 10% as I write thanks to a pharmacy network deal that got penned between the firm and Express Scripts (ESRX) . The two companies had been feuding for the last seven months, unable to agree on pricing deals to let ESRX customers fill their prescriptions at WAG retail locations. The standoff was worse for Walgreen than it was for ESRX, so it's understandable that buyers are piling back into shares on the news.

Walgreen gapped up hard this morning, something that makes trading this stock a whole lot trickier. Right now, WAG has weak support at $34 and a stronger resistance level at $35.50 -- not an ideal situation. That said, the downtrend that WAG has been stuck in since late April is definitively broken, and that bodes well for investors even if WAG gives back a few points later in the week.