Why Are Investors Piling Into These Five Stocks Today?

In other news, China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT) shares are 19% higher than yesterday’s close on the strength of technical buying. The stock recently closed above a key technical moving average and some bullish investors are betting that the momentum can continue. Given the illiqudity and the small float, China Information Technology, Inc. – Ordinary Shares (NASDAQ:CNIT)’s stock price can move very fast, both up and down. We would stay on the sidelines until there are more positive fundamental data-points (rather than just technical).

Seeing as WTI contracts are 1.5% higher for the day, it’s not surprising that Bonanza Creek Energy Inc (NYSE:BCEI) is also in the green. Shares of the oil and gas E&P have rallied 13% in afternoon trading as the stock remains a high beta function of WTI changes. With shares down 81% year-to-date, Bonanza Creek Energy Inc (NYSE:BCEI) could certainly use a technical end-of-the quarter rally like crude experienced in the third quarter. Hedge funds have been more cautious on Bonanza, as our data show the number of elite funds long the stock falling by three to 15 at the end of the third quarter.

Disclosure: none