Monday March 8 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
Friday’s strong move in the Dow Jones Industrial Average is proof that investors are feeling more optimistic over the employment outlook in the U.S. A stronger than expected nonfarm payrolls report helped push the index up more than 100 points. The index is moving closer to erasing all of its losses from the Jan. 20 sell-off. On Friday the index opened at 10,445 and never looked back. The Dow Jones hit a high of 10,571 and managed to hold on to most of its gains and closed at 10,566. I would expect the first sign of resistance could be the Jan. 21 high of 10,614.
The tech sector also received a major boost on Friday. QQQQ, the ETF of the NASDAQ Composite recorded its higher close since Jan. 20. Friday’s close signaled almost 100% retracement of the January sell-off. The ETF opened at $46.10 and hit a low of $45.99 before the bulls took over and drove the price to a high of $46.54. By the close QQQQ ended the week at $46.44.
The U.S. dollar continues to hold on to its recent strength, which has hampered the recent rally in gold prices. GLD, the biggest gold ETF, is trading in a fairly wide range with support at $110 and resistance at $112. The ETF ended the week in the middle of its recent range. On Friday GLD opened at $111.13 and managed to hit a high of $111.75 before the bears took over to drive the price down. The ETF closed at its low point of 110.81. The ETF continues to hold on to its recent gains, which helps to support higher prices in the near future.
***** Go see the page on CIST to have a better view and also more info, this stock should move well this week.
http://www.hypergrowthstock.com/cist-update
On Friday the ticker symbol for Globotek changed to GBTO from CBBV. Despite the symbol change this stock had a very busy day. On Wednesday and Thursday the company announced 2 major contracts to build APG processing plants. This news caused a major jump in GBTO and we expect to see that action continue on Monday. On Friday GBTO opened at $0.26 and managed to hit a high of $0.30 before investors took profits and caused some selling pressure. The stock hit a low of $0.18, which created a strong buy signal. The late afternoon rally helped the stock close at $0.21. It definitely looks like a bottom is being formed right now.
It was a big day for our recent pick, BHWX. Our timing was a bit off on this trade but it has moved in the direction we expected. The stock has been consolidated for the last nine sessions but that period ended on Friday with its strong move higher. BHWX gapped at the open and started the day at $0.68. The stock hit a low of $0.67 before resuming its rally to a high of $0.74. The stock closed the week at $0.73. The stock has broken its recent support levels at $0.70 and the strong volume is a good sign we could see the test initial resistance at $0.80 and eventually a high of $1.00.
WDRP continues to consolidate but we are starting to see some signs of a reversal. On Friday the stock opened at 0.0209 and managed to hit a high of 0.0220. Bears were able to take control of the price and drive it down to a low of 0.0160. However a late afternoon rally helped push the price to close at $0.019. The closing price represents the 20-day moving average, which could create a strong buy signal on Monday.
Our pick LUXE continues to consolidate. However we could see a bounce on Monday as the stock ended the previous week at a recent support level. The stock opened at its high point of $0.04 and hit a low of $0.0346 and settled to close at $0.035.
We are also seeing some consolidation in SNWT. Volume appears to be strong but is lower than the recent moves, which is a sign of consolidation. On Friday more than 600,000 shares were traded and the average is about 1 million shares. The stock opened the session at $0.11 and hit a low of $0.108. SNWT managed to close slightly higher at $0.109.
Finally we are seeing some high volatility in SATM but the strong volume points to a rise in its stock price. On Friday the stock traded in an extremely wide range opening at $0.28, hitting a high of $0.309, a low of $0.211 and finally closing at 0.25. Its low of $0.211 appears to be an initial support point for the price and created a strong buy signal.
Have a Great Trading Day!
Francis
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