Thursday March 25 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
Investors decided to take some of their profits off the table as the Dow Jones Industrial Average ran into some selling pressure on Wednesday. According to some commentary the fact that rating agency Fitch downgraded Portuguese government bonds to AA- is the cause for the sell-off. However, this is not a new revelation and investors probably used it more as an excuse to take profits than panicking over the downgrade.
The index started the day at 10,887 which was the high, fell to a low of 10,825, then closed slightly higher at 10,836. The index managed to hold on to most of its gains from Tuesday’s strong rally, which is another good indication that Wednesday’s move is more of a pullback than a reversal of the current trend.
The tech sector did not escape the selling pressure. QQQQ, the ETF of the NASDAQ Composite spent part of the day trading below a recent, important support level of $48. The ETF gapped lower on Wednesday and opened at $48.14 and spent the day in the red. QQQQ hit a low of $47.91 but managed to close above support at $48.02.
Although concerns over Portuguese government debt did not have a major impact on stock, it did have a major impact on currency markets. The U.S. dollar continues to hold its ground against the Euro, which caused a major drop in gold prices. GLD, the biggest gold ETF, gapped significantly lower on Wednesday and spent the entire day in negative territory. The ETF opened at $106.94 and only managed to rally to a high of $107.07 before the bears took control. GLD fell to a low of $106.24 and closed slightly higher at $106.30.
Wednesday morning we released an email highlighting the imminent reversal of FWTC and we were not disappointed. The stock had a very strong morning on Wednesday – it gapped higher and opened at $0.051 and quickly rallied to a high of $0.059. However we did warn that there could be some selling pressure in the market place. Sellers were able to push the price to a low of $0.041, which was Tuesday’s closing price and provided some support. The stock managed to bounce off that level and closed higher at $0.046.
Our January gold pick, AGCZ, is starting to show some movement and we are expecting to see another push higher. AGCZ started Wednesday at $0.08 and quickly rallied to a high of $0.09. In the afternoon the stock fell under some pressure and hit a low of $0.07 before it quickly recovered and closed in positive territory at $0.085.
We are also excited about BONZ. After a two-day pullback the stock appears to be finding some support and we could see another push higher. BONZ gapped lower at the bell and opened at $0.037 and hit a low of $0.036. Then the stock quickly rallied and jumped into positive territory, hitting a high of $0.042. The stock managed to hold on to most of its gains and closed at $0.04.
We continue to see some selling pressure in LHPT, but like BONZ and FWTC, this pressure is beginning to ease. Volume remains strong but it is much lower than we saw on March 21 and 22. More than 3 million shares were traded on Wednesday, although volume continues to support higher prices. LHPT opened at $0.0255 and managed to rally to a high of $0.03 before the bears took control. The stock fell to a low of $0.013 but managed to rally by the end of the day and close at $0.0175.
The latest stock on our watch list is EVPH, which fell under some selling pressure. The stock gapped higher Wednesday morning and opened at $0.385, which was the high of the day. It then quickly fell under pressure and hit a low of $0.22. The price managed to bounce off its low and moved above Tuesday’s opening price and closed at $0.26.
Have a Great Trading Day!
Francis
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