Tuesday March 9 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
A quiet start to the week appears to have provided an opportunity for investors to take some profits. The Dow Jones Industrial Average saw an impressive rally on Friday following a better-than-expected nonfarm payrolls report. The index gave back some of those gains Monday morning. The Dow Jones started the day at 10,563 and managed to hit a high of 10,587 before prices started to slip. The selling caused the index to drop to a low of 10,542 but a modest recover helped it close slightly higher at 10,552.
The tech sector continues to make gains as it slowly approaches new highs for 2010. It is hard to say just when the sector will run into some selling pressure. QQQQ, the ETF of the NASDAQ Composite, appears to be running into resistance at $46.64, which was the January high. The ETF hit that price and then fell back but close modestly in positive territory. QQQQ started the day at $46.46 and slid to a low of $46.44 and then managed to rally and finally close at $46.53.
GLD, the biggest gold ETF, lost over 1 dollar to close near important support levels. Last week GLD made some major gains and hit a high of $112.18 on March 3. However the ETF could not maintain those gains. On Monday GLD opened at $111.22 and managed to hit a high of $111.30 before a wave of selling caused it to drop to a low of $109. 52. GLD managed to bounce off that level and close at $109.88, which is pretty close to its recent support level. According to some of the comments I am hearing gold prices tumbled because of debt concerns in Europe. This story is becoming very old but traders remain very wary of the problems Greece and other European countries face.
It was a relatively normal day for our latest pick CIST but volume remains strong. We would have liked to see the price move up on this. On Monday the stock opened at $0.345 and managed to hit a high of $0.35 before the price started to slide. CIST hit a low of $0.33 and managed to close slightly higher at $0.338. As we pointed out over the weekend, the company is embarking on a major public relations campaign and this should ultimately help attract new investors but we also want to see movement.
An afternoon rally helped push GBTO off its lows. On Monday the stock opened at a high of $0.24 and quickly fell to a low of $0.17, which was also Friday’s low price. This drop must have created a strong buying signal because investors were able to push it up to close at $0.22. We are expecting to see some strong gains this week in this stock after the company made two major contract announcements last week. Any significant drop in price will probably create a strong buying opportunity for investors.
We saw a strong move in LUXE Monday morning as the stock managed to gap higher at the open. However the stock faced some selling pressure, which drove the price to Friday’s low. LUXE opened at $0.038, which was also it’s high point and dropped to a low of $0.033.
SNWT remains relatively unchanged as low volume plagues this stock. The stock has traded around $0.11 for the last three sessions. On Monday the stock opened at $0.109, and managed to reach a high of $0.112 before falling back and closing at $0.1092, which was just higher than the opening price. If volume can pick up again I think we will see another push in the stock’s price.
We continue to wait and watch KNDR. The stock continues to trade in a tight range between $0.05 and $0.06. What I wanted to point out is the fact that volume was relatively high on Monday. Any sign of volume growth could be a bullish sign for this stock. More than 350,000 shares were traded on Monday, which is slightly above the daily average. On Monday the stock opened at $0.05 and hit a low of $0.049. Renewed buying interest helped to drive the stock to a high of $0.055. However this was not sustained and the stock dropped back to its opening price.
We are currently watching a stock, IDCN. We missed the initial push higher but we are going to watch and wait for a pullback. A sharp sell-off with low volume could create an entry point for us. The stock is in a pretty good uptrend and volume should support higher prices in the near term. On Monday the stock opened at $0.0017, hit a low of $0.0016 before rallying to and closing at a high of $0.0026.
We are watching also watching and old pick for a new trading opportunity. PNTVhas rallied higher for the last six sessions and volume remains very strong. On Monday the stock dropped sharply which created a strong buy signal and helped drive the price to a positive close. PNTV opened at $0.07 and hit a low of $0.055. This is when the investors jumped in and pushed the stock to a high of $0.075. The stock settled slightly lower at $0.071.
Have a Great Trading Day!
Francis
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