Thursday March 18 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
A strong rally helped the Dow Jones Industrial Average close at a new high for 2010. Wednesday’s price action erased the losses created from the major sell-off started on Jan. 20. According to some of the chatter, lower inflation concerns are helping to boost investor confidence. On Wednesday the U.S. government released a report that showed a significant drop in the Producer Price Index and this will help to justify lower interest rates for an extended period. The index started the day at 10,686, which will was also its lowest point in the day. The Dow managed to rally to a high of 10,767 and then fell to close at 10,733.
The positive sentiment helped boost the tech sector. QQQQ, the ETF of the NASDAQ Composite eked out a modest gain and continues on its trek to $48. This price represents a long term resistance line and might halt this rally that has lasted 10 sessions. QQQQ opened on Wednesday at $47.60 and fell to a low of $47.53. It appears that $47.50 is a point of support and this created a buy signal. Investors were able to drive the price to a high of $47.90 but fell back to close at $47.67.
The seesaw battle continues in gold prices. GLD, the biggest gold ETF, gave back some of its gains it made on Tuesday and closed below the psychological level of $110. The ETF started Wednesday at $110.18 and managed to rally to a high of $110.46 before it fell under strong selling pressure. GLD fell to a low of $109.55 and only closed four cents higher at $109.59. I am optimistic about the gold price in the near term. The U.S. dollar is starting to weaken and any drop in the greenback will help to drive commodity prices higher.
Our latest pick, BONZ was very volatile on Wednesday but I think it will enter a consolidation period. The stock opened at $0.031 and managed to rally to a high of $0.033. However, investors could not hold on to its gains and it fell to a low of $0.027. BONZ closed slightly higher at $0.029.
I am still interested in the price action of WDRP. Wednesday was a relatively quiet day for the stock but after a consolidation period we could see a push higher. The stock opened at 0.0227, hit a high of $0.0255 but then fell to a low of $0.022. When the dust settled, the stock closed at $0.023.
We have a new stock on our watch list – there is growing interest in LYJN and we could see some big gains in the next few days. On Wednesday LYJN started the day as a sub-penny stock but managed to close above one cent. The stock opened at $0.004, which was its low point of the day and closed at its high of $0.015. The move was accompanied with very strong volume; more than 3 million shares were traded, which makes us confident that we will see further gains.
I continue to monitor NRTLQ and it looks like we could be seeing signs of a reversal. The stock managed to gap higher on Wednesday and opened at $0.06. After hitting a low of $0.059, NRTLQ managed to rally to a high of $0.078 but closed modestly lower at $0.063.
Similar to NRTLQ, we are seeing early signs of a reversal in CTDBQ. The stock continues to hold on to most of its gains from a rally on March 9. The stock pulled back on March 15 and 16 and we saw a good push higher. The stock opened at $0.034, which was its low point. Investors managed to push the stock up to a high of $0.044 but not all the sellers left the market and the stock closed at $0.035.
We are hearing some chatter about GBTO. This is a stock that we made some profits on previously and we are expecting to see another opportunity. On Wednesday the stock opened at $0.142, which was its session low and closed at its high point of $0.19. The stock has been relatively volatile lately but if volume starts to improve we could see the price start to firm up.
Have a Great Trading Day
Francis
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