The market's getting a little squirrelly this week, and as such, trading stocks has become.... shall we say 'adventurous'? Here's a short list of tickers we think could make for some decent trades in the near future. They come from all spectrums.... large caps, small caps, and penny stocks. Money is money though, no matter how you make it.

Note that these aren't official SCN trades (at least not yet anyway), though you never know when they could become one of the site's picks.

In no certain order, here's a trader's look at Purespectrum, Inc. (PSPM.PK), Sprint Nextel Corp. (S), Discovery Laboratories Inc. (DSCO), Hemispherx Biopharma, Inc. (HEB), and GenVec Inc. (GNVC).

Purespectrum, Inc. (PSPM.PK)

This isn't our first look at Purespectrum (or even our second). We posted a bearish view of PSPM on the 9th, waiting for support at 55 cents to break down so the bearish wedge shape could finally play out. As of the 17th, we were still waiting, though the sinking upper edge of the triangle was still causing lower highs.

Well, yesterday's low of 49 cents and the close at 52 cents was a pretty good poke at the support line. I'm not yet convinced it's broken to the point where this penny stock can't be salvaged, but the bulls are really going to have problems now.

If the upper side of the wedge is tested one more time - and fails - that's likely to be a great shorting level.

As before, my worry here isn't that Purespectrum shares are falling. It's that they're falling n the face of good news.

We heard yesterday that the company's dimmable CFL bulb was named as 'Energy Star Compliant', and we learned on Tuesday that growth plans were still being hammered out. No effect.

Sprint Nextel Corp. (S)

With the exception of forestry products (wood and paper), telecom stocks are actually the biggest winners for the week so far. The strength seems to be reserved for the land line companies though, as Sprint shares are falling like a rock. Moreover, they've fallen under a key support line.

I suspect a lot of the demise has to do with inflated expectations prior to the launch of the Sprint/Palm handset aimed directly at the iPhone.

Oh, don't misunderstand - Sprint can't keep them in stock they're selling so well. I just think it's a case of "buy the rumor, sell the news".  Perhaps reality is setting in, after the euphoria.

Anyway, there are several landing spots for this decline. I'm targeting the double-bottom-esque lows at $2.12 from earlier in the year. (I'm also keeping a tight leash on any short trade though.)

Discovery Laboratories Inc. (DSCO)

This one's a hair away from getting bearishly ugly. It's two hairs away from a major move higher. As of right now, it's sitting on the fence. 

We took our first look at Discovery on the 15th, following the monster run from $0.97 to $1.27. The possible reasons for the surge were a buyout, or an FDA approval.... suspicious reasons at any time. And, just for the record (surprise surprise), neither has happened yet.

We also mentioned the stock was bouncing around in an upward-pointed trading range. Well, the lower edge of that range is on the verge of snapping like a twig. In fact, you could argue it already has.... we'll give it the benefit of the doubt (and one more day) though.

And the point? If DSCO doesn't rebound big tomorrow by pushing off that line, we're likely headed lower. If it manages to close above today's high, you've got a decent case for yet-another rally to the upper side of the range.

By the way, the rumor is that the shorts are taking over. It may be true, though we can't verify that. If the short interest really is at 44% though, what a potential short-covering rally we could see.... though who knows when.

Hemispherx Biopharma, Inc. (HEB)

Support broke down on Tuesday (on higher volume), and Wednesday's low volume rebound effort didn't even come close to getting HEB back above that support line.

Hemispherx was put on our radar at the beginning of the month, following swine flu hysteria (though Ampligen's potential approval seems to be the really hot button here).

Despite the euphoria that pushed shares above resistance at $1.80 and on up to a peak of $4.54, we've never wavered from our stance that there's more hype than substance here.... Ampligen's chances were iffy at best, and tons of companies are further along with a swine flu treatment than Hemispherx was/is.

Since then the FDA's pending decision on Ampligen is even more overdue... the red flag is waving faster.
Frankly, I think this is simply a case where time is the enemy. Well, time and the fact that the drug probably isn't ever going to hit the market. Bored investors just can't justify a trade forever, and I've got a feeling those owners are interested in making an exit now.

Could a revisit to the 50-cent area be in the cards? A lower low or lower close on Thursday could spell doom after Tuesday's damage.

GenVec Inc. (GNVC)

We've examined GenVec several times now, urging traders to worry less about fundamentals, and focus more on the range bound chart to find 'swing' opportunities... buy on the dips, and sell at the peaks.

Well, guess what - we like the current dip.

The June 10th peak (a day after our last look) was followed by a retreat back to a low of 71 cents on Tuesday. The stock rebounded to 80 cents on Wednesday. If history holds up, that's likely to be a short-term low and the beginning of a move back up to a rising resistance line.

If you're worried about jumping in or out in front of a key breakthrough (or letdown) from one of the company's drugs, you're not entirely crazy. The company's Phase III trial treatment for pancreatic cancer is supposed to be up for FDA approval soon. The odds look good though, so you may want to maintain a bullish bias, even if you're swing trading it.

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