Monday Feb. 22 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
Last week was important for the bulls as investors were able to drive the Dow Jones Industrial Average higher. The surprise rate cut Thursday evening helped to spook some traders and after a bit of a stumble in the morning the index continued its trek higher. The Dow ended the week just shy of positive territory for 2010. On Friday the index opened at 10,387 and quickly dropped into negative territory. After hitting a low of 10,339 the Dow recovered and jumped into positive territory for year hitting a high of 10,438. Finally the index settled at 10,387. The Dow has rallied for eight straight sessions so I continue to remain cautious about further gains. Investors have been very sensitive regarding problems in Europe and Greece. Those problems could once again come to a forefront this week as Greece attempts to sell as much as $6.7 billion in 10-year bonds. If the auction is not successful it might raise more concerns over the country’s ability to pay its debts. So far no firm date has been set for the auction.
The NASDAQ composite continues to moves in step with the general market sentiment. On Friday QQQQ, the ETF of the tech sector, closed in positive territory for the sixth straight session. The ETF opened the day at $44.76 but like the general market stumbled is the morning hitting a low of $44.62. The stock managed to recover and broke through resistance hitting a high of $45.05. However the gains could not be sustained and QQQQ closed at $44.83.
Gold continues to hold most of its gains made during the week. According to some of the comments I have heard, the strong gold prices reflects a weaker U.S. dollar. For the last four sessions GLD, the biggest gold ETF has traded around $109 and even broke through $110 on Thursday and Friday. On Friday the GLD opened at $109.32 and hit a low of $108.81. However investors looking for a bargain jumped in and drove the price to a high of $110.39. However prices dropped again in the afternoon and closed at $109.47.
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It was another positive day for WDRP. The two days of selling was enough to shake out the weaker investors and now bargain hunters are jumping back into the stock. On Friday the stock opened at $0.016 and hit a brief low of $0.015. I have said that this area was a good buying opportunity. With the momentum we have seen in this stock there is a very good chance that prices will move higher very quickly. The stock hit a high of $0.0225 and closed at $0.022. On Friday the stock traded more than 47 million shares. For investors who have struggled to get into this stock or who want to increase their exposure, we are recommending the current price as a good entry point.
CBBV, is also expected to take off. The stock closed at its high of $0.24. Volume has increased steadily for the past three sessions. On Friday the stock traded 448,000 shares. For investors who are not members of the inner circle there is still a chance to get into this stock. We like its current price as a good entry point. We think CBBV has enough momentum to reach $0.35 and maybe $0,50. Go see this page for more info: http://www.hypergrowthstock.com/feb-22-pick
Our pick, BYSD didn’t start as strong as we expected but after a brief consolidation period we are seeing signs of a reversal. The candle formed from Friday’s price action is called a hammer. Basically it means that prices dropped low enough to attract investors, who were able to drive the price off its low and close near its opening price. What confirms the reversal pattern is the fact that the stock has been in a modest down trend for the last two weeks. On Friday the stock opened at $0.28 and dropped to a low of $0.23, which created the strong buy signal. BYSD hit a high of $0.29 and closed at $0.27. But the volume is low presently so you have to use smaller position if you do so.
After a brief consolidation period we think our pick, BHWX, is ready to take off. The positive close on Friday could a sign of a reversal. I also like the fact that the stock has built a good base with support at $0.56. On Friday the stock opened at that price and managed to remain in positive territory for the entire day. The stock hit a high of $0.60 and closed slightly lower at $0.59.
Another View of BHWX
It looks like our gold pick, AGCZ is finding some support. Volume remains low so I continue to watch and wait. The stock opened at $0.14, which was also the day’s low, and high of $0.21. The stock closed at $0.20. I continue to watch gold price as well. As I have said before a strong rally in gold will increase interest in small cap gold stocks.
To start the week off I wanted to provide you another set of stocks on our watch list. We are watching these stocks to see if there is any momentum play we can make.
GYSN
HDVY
MFLI
PAYD
SUNV
Have a Great Trading Day
Francis
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