Wednesday March 24 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders,
With the health care debate finally over, it looks like investors are jumping back into the market. Some of the comments I heard on Tuesday revealed that investors can now focus on the impact the new legislation will have on health care and the economy, and not worry about what might happen.
The move in the Dow Jones Industrial Average is strong proof that investors are feeling more confident. On Tuesday the Dow managed to move higher by more than 100 points. The index started the day at 10,787 and only dropped three points, hitting a low of 10,784. The bulls were quick to jump on any weakness and drove the index to a high of 10,893. The index was able to hold on to most of its gains and closed at 10,888.
The tech sector also benefited from strong investor optimism. QQQQ, the ETF of the NASDAQ Composite broke through resistance and managed to close at its highest point since August 2008. The fact that NASDAQ has been able to recover all of its losses since the financial crisis, which started in October 2008, could help to boost sentiment. The next major resistance point I see for QQQQ is $50.
On Tuesday the ETF opened at $48.00 but fell under some selling pressure in the morning and dropped to a low of $47.77. However, any weakness was seen as a good buying opportunity and investors were able to drive the ETF to a high of $48.30. By the end of the day, QQQQ settled only five cents lower and closed at $48.25.
Gold prices are showing a modest recovery after two sharp down days. GLD, the biggest gold ETF, managed to end Tuesday above the recently important psychological level of $108. GLD started the day at $107.50 but some pressure caused it to fall to a low of $107.34. Again investors were quick to buy any weakness in gold and they managed to drive GLD to a high to a $108.50. The ETF closed slightly lower at $108.32.
It was a good day for our January gold pick AGCZ. The stock has been under some pressure lately, but according to a research report by Gluckstein and Silverspoon the stock is extremely under priced. The research firm has a 12-month price target of $0.32. The interest in the stock helped increase activity in AGCZ.
More than 700,000 shares were traded on Tuesday and AGCZ managed to close at its high of the day. The stock opened at $0.075 and the stock quickly rallied to a high of $0.13. However investors were not able to hold those gains and the stock fell to a low of $0.068. When the dust settled the stock closed at $0.08.
It looks like investors are jumping back into our recent pick FWTC. Although the stock finished the session in negative territory, there are signs that sellers are leaving the market place and are being replaced by buyers. The volume was strong on Tuesday with more than 1 million shares traded, but this is still well below the recent average we have seen.
FWTC started the day at $0.048 and managed to rally to a high of $0.049 before investors started to sell again. The stock hit a low of $0.032 but this low price must have created a strong buy signal because investors jumped in and drove the price higher. FWTC ended the day at $0.041.
We are adding a new stock to today’s list that we think has very strong potential and is drawing a lot of interest. EVPH has been on a very strong rally and after a pullback on Monday the stock is resuming its uptrend. On Tuesday the EVPH opened at $0.025 and after the open fell back slightly to a low of $0.024. This was close to Monday’s opening price and created a strong buy signal. Investors were able to push the stock to a high of $0.036 and managed to hold on to most of those gains by the end of the day when it closed at $0.033.
We continue to see some selling pressure on BONZ but there are signs that the pressure is starting to weaken. Again volume was weaker than the previous action we’ve seen. The stock continues to hold on to its gains since we started covering this stock at $0.032.
On Tuesday BONZ started the day at $0.047 and managed to rally to a high of $0.049 before the bears took control. The stock fell to a low of $0.036 before finding some support. The stock managed to rally and ended the day at $0.04. Once the sellers have left the market we should continue to see the stock resume its uptrend.
LHPT continues to consolidate in a relatively tight range. The stock appears to be finding some support at $0.025. If this price can hold, it should start to attract investors and create a strong rally. Volume remains strong, which is a very positive sign this stock is ready to explode.
On Tuesday LHPT opened at $0.027 and managed to rally to a high of $0.031. However later in the day we saw some profit taking, which caused the stock to drop to a low of $0.025, where it closed. Tuesday’s low was also Monday’s session low, which is why I think this price will remain as support in the near term.
WAMUQ continues to consolidate and although volume is strong with over 15 million shares traded on Tuesday, it is well below the average for the month. This is the main reason why I am not paying too much attention to the selling pressure. I am looking for signs of a reversal and the stock might drop to a low of $0.15 before we see investors jump into the market place.
On Tuesday the stock opened at $0.169 and managed to hit a high of $0.172 before falling lower. WAMUQ hit a low of $0.16 but when the dust settled it closed at $0.165.
Have a Great Trading Day!
Francis
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