Friday March 12 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders,
Positive investor sentiment continues to grow, which is helping to push the Dow Jones Industrial Average through its recent resistance levels. According to some of the commentary I heard on Thursday, a decrease in the U.S. trade deficit helped to push stock prices higher. However, we could see some range trading while investors wait another month for the first quarter earnings season. The Dow started the day at 10,560 but some early morning selling pressure caused it to drop to a low of 10,507. This drop must have triggered a strong buy signal because investors were able to drive it to a high of 10,611. The index has struggled recently to make gains past 10,600. It will be interesting to see if this level will now act as support.
The tech sector continues its trek higher. QQQQ, the ETF of the NASDAQ Composite has rallied for almost eight straight sessions. As I pointed out in Thursday’s newsletter, I think the first point of resistance will be $48. The ETF started Thursday at $47.07 and managed to hit a low of $46.98. However the bulls are still in control and pushed QQQQ to close at its high of $47.35.
It appears gold prices are finding some support levels. GLD, the most popular gold ETF hit its lowest point during the last 10 sessions but managed to close in positive territory. The ETF opened on Thursday at $108.28, however a strong U.S. dollar caused the precious metal to fall to a low of $107.86. This created a strong buying opportunity and pushed the price to a high of $108.65. GLD held on to most of its gains and closed modestly lower at $108.60.
We saw some profit taking in our active pick, SNWT, which is not surprising considering the strong move higher on Wednesday. On Thursday SNWT gapped higher and opened at $0.1565 and quickly hit a high of $0.158. This created a very strong sell signal and investors drove the price to a low of $0.13. The stock ended the day at $0.132. Despite the sell-off, SNWT was able to hold on to most of its gains from the Wednesday rally. This could be a signal that investors are comfortable with higher prices.
CIST was hit with another wave of selling pressure. The stock opened at $0.34 and managed to hit a high of $0.35 before sliding lower. CIST hit a low of $0.31 in the early afternoon and remained at that level by the close. This price could be an initial support level and we could see a modest move higher at today’s open.
KNDR continues to make some interesting moves, however I am not too concerned with Thursday’s selling pressure because of the low volume. More than 65,000 shares were traded during the day, which is below the recent average. The stock started the day at a high of $0.055 and fell to a low of $0.045, which was also its closing price.
KATX remains on our watch list today. On Thursday the stock snapped a three day losing streak but continues to trade between its 20-day and 50-day moving average. The stock opened at $0.053 and fell to a low of $0.051, which represents the 50-day moving average. KATX closed at its high point at $0.057, which was just slightly above the 20-day moving average.
The last stock I wanted to mention is our gold pick, AGCZ. Because gold prices have taken a big hit lately, it is no surprise to see the stock price fall. However, if gold can find some support at its current level we could see a push higher in AGCZ. Right now volume is extremely low so it is hard to forecast any price action. On Thursday only 48,200 shares were traded. The stock opened at $0.075, hit a low of $0.071, rallied to a high of $0.097, then closed at $0.095.
Have a Great Trading Day!
Francis
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