Midday Check

Lots of crosscurrents in the market again today. The broker stocks have gone mostly negative, but there has also been a negative reversal in oil which seems to be bolstering sentiment.

Speaking of sentiment, the put/call ratios are again at elevated levels despite the record readings we have witnessed of late. The VIX hit its highest level since March 2003 on Friday.

My Stock of the Day is MEMC Electronics (WFR).

I think this stock has been unfairly punished during the selloff, despite reporting an outstanding quarter and raising its outlook. The stock is oversold, and just bounced off its 200-day support on Friday. I believe this stock still has material upside into year-end from here.

Other stocks rising on above-average volume today include:

• ENR, ICFI, RBN, FLR, ANIK, CPO, JDAS, GTIV, MPRW

long WFR