Bank of America has fallen off a cliff recently… but Fitzpatrick questioned whether that translates into a “Buy” decision for this stock. While stochastics (an indicator that measures a stock’s momentum) show that BAC is oversold, that’s not enough information to pull the trigger. “That strategy would have put you in $15 or $16 ago, and you’d still be long,” said Fitzpatrick. With support (the price level a stock has trouble moving below) around $5, there’s around 20% downside potential for this play. Fitzpatrick recommended waiting until it got to a level closer to support before buying this big bank.

“We have a stock that’s already bounced once,” said Fitzpatrick. He thinks that that fact could mean some upside for GE as it prepares to come off its support level. That said, Fitzpatrick isn’t a huge fan of buying this stock. “If you’re going to buy GE, just buy the S&P 500… it moves the same, it’s more diverse, and it doesn’t have a knucklehead for a CEO.”

Right now, Citigroup’s chart looks like a “trifecta of falling knives”, a pattern means that the stock price has declined sharply in a very short period of time. A decrease in trading volume could mean consolidation for the stock, which is a bullish signal. If you have to play this one, Fitzpatrick recommended keeping a tight stop around $2.90 – a recent low.

Microsoft is in a volatility squeeze right now, a period of low volatility where the stock trades in a tight range – it’s generally an indicator that the stock is ready to breakout either up or down. Nevertheless, Fitzpatrick recommended avoiding this software company. “This thing’s a dinosaur right now. I would absolutely not be buying Microsoft. In fact, I’d short this sucker on any kind of rally.”

Fitzpatrick recommended buying CAG “right here, right now,” with a stop around $16. He sees the stock going up 10% to 15% in the short term.

Higher highs and lows have placed this stock around its 50-day moving average (the stock’s average price over the trailing 50 days), making Fitzpatrick wonder whether MDRX has breakout potential. Ultimately he said that widening Bollinger bands (a measure of a stock’s volatility) make him nervous about buying this company until some serious trading took place to move it first.

In a video posted on TheStreet.com just before Google’s first ever drop in profits was announced, Fitzpatrick saw a chance to make some money off the impending news. He recommended waiting for a decisive action up or down before following suit saying, “Wait for it to get going first, it’ll take a few weeks for it to run its course.”

In a video posted on TheStreet.com just before Google’s first ever drop in profits was announced, Fitzpatrick saw a chance to make some money off the impending news. He recommended waiting for a decisive action up or down before following suit saying, “Wait for it to get going first, it’ll take a few weeks for it to run its course.”