Wednesday March 10 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
It was an amazing day for the tech sector as the NASDAQ Composite made a new high for 2010. QQQQ, the ETF of the NASDAQ, managed to hit its highest price since August 2008. The ETF has been in a very strong uptrend since hitting a low one year ago.
On Tuesday, QQQQ opened at $46.40, which was also its low point of the day, and managed to hit a high of $47.05. The previous high price was made in January when the ETF hit $46.64. QQQQ managed to hold on to most of its gains and closed at $46.79.
The Dow Jones Industrial Average appears to be hitting a wall of resistance just above 10,600. On Tuesday the index opened at 10,552 and hit a low of 10,533. News that the U.S. government could be ready to sell some of its 72% stake in Citigroup helped give the bulls some traction to push the index higher. The Dow managed to rally to a high of 10,612 before it hit some selling pressure.
When the dust settled the index closed at 10,564, which was 12 points higher than the open.
GLD, the biggest gold ETF, gapped significantly lower opening at $109.16. The price continued to drop in the morning hitting a low of 109.04, where it found some support. GLD rallied to a high of $110.16 and by the close settled at $109.72.
I like the way our latest pick CIST, traded yesterday. It has taken a little long for this trade to shape up but it looks like we could see a strong move to the upside very shortly. The stock had been consolidating for the last two sessions and on Tuesday made a definitive move higher. The stock opened at $0.335 and hit a low of $0.32, which appears to be a strong support level.
The stock managed to rally to a high of $0.37 where it closed for the day. Volume remains very strong and as I have said previously it could help to support higher prices.
The next stock on our list is SNWT and I wanted to quickly mention the importance of patience. The stock continues to consolidate around $0.11 and we are expecting the price to jump higher in the near term. We continue to watch the volume in this stock and on Tuesday more than 700,000 shares were traded. This shows there is a lot of interest in the stock but at the moment the supply and demand picture appears to be balanced. The stock opened at $0.11 and closed at $0.1095. It definitely looks like accumulation is taking place at these levels…
Here at Hypergrowthstock.com, we are developing a new type of stock screener and we are becoming very excited with its progress. We aren’t ready to fully announce the scanner but we have been testing it out. CLNH was one of the stocks picked up on our scanner. This stock came up on monday based on the volume increase. And on Tuesday the stock opened at $0.26 and hit a low of $0.24, which was just below the previous closing price and created a strong buy signal. CLNH managed to rally to a high of $0.45 and closed modestly lower at $0.44. This is a good example of how this scanner can perform…
We are watching a couple of stocks – the first on our list is LTUM. Last week the stock was in a significant pullback after hitting a recent high of $1.37. The pullback appears to have been reversed and we could see another push higher. The price action on Tuesday confirmed the reversal. The stock opened at $1.17 and hit a low of $1.15 before it rallied to close at its high point of $1.26.
We continue to watch KNDR and although volume remains strong we are not seeing much movement in its price. The stock opened at $0.05 where it also closed. The stock traded more than 100,000 shares on Tuesday.
We also continue to watch GETA as it continues to consolidate. The stock has traded in a relatively tight range over the last few weeks. The stock is finding resistance at $0.12 and support at $0.10. GETA is trading in the middle of its range. On Tuesday the stock opened at $0.112, hit a high of $0.115 then it was hit with some selling pressure. The stock hit a low of $0.105 and closed modestly higher at $0.106. There will be a point where this stock will trigger an entry, I am only watching it closely right now.
Have a Great Day!
Francis
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