Tuesday March 30 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders,
The Dow Jones Industrial Average started the week off on a very strong note – it managed to rally 45 points during the day. An increase in consumer spending is helping to boost investor sentiment in the market place. Monday morning the U.S. government reported that Consumer spending increased for the fifth straight month, which is a strong sign that individuals are more confident on the overall health of the economy. However the Dow is having some trouble holding gains above 10,900.
On Monday the Dow opened at 10,849 and remained in positive territory for the entire day. The index rallied to a high of 10,916 but closed modestly lower at 10,896. I don’t think the market has enough momentum to hold major gains above 10,900 on what is a shortened trading week.
It was a relatively quiet day for the tech sector and it closed in neutral territory. QQQQ, the ETF of the NASDAQ Composite continues to consolidate in a fairly tight range with support at $48.00 and resistance at $48.50. As with the general market, I am expecting QQQQ to remain in this channel for the week.
The ETF started Monday at $48.23. The strong open helped propel QQQQ to a high of $48.40 before selling pressure caused it to drop to a low of $48.10. QQQQ managed to recover enough to close at its opening price.
A weakening U.S. dollar helped propel commodity prices on Monday and in particular gold prices. GLD, the most popular ETF, continues to recover after last week’s strong sell-off. The ETF gapped higher and opened Monday morning at $108.87. The strong open helped GLD rally to a high of $109.17 but investors started to take some profits and drove the price to a low of $108.40. The ETF closed modestly higher at $108.75, managing to hold on to some of its gains from the morning.
Monday’s price action in FWTC could highlight another reversal in this stock. It had a strong open but closed below Friday’s opening price and we are not confident that we will see much higher gains in the near term. FWTC gapped higher by $0.006 and opened at $0.07. However that was the high of the day and the stock sold off sharply for the entire session. FWTC hit a low of $0.045 and closed slightly higher at $0.048. With almost 8 million shares traded on Monday, there are a lot of sellers in the market place.
We are more confident of further gains in our recent pick LHPT. The stock continues to consolidate but the volume still supports higher prices. More than 3 million shares were traded on Monday. The stock managed to bounce off Friday’s close and opened at $0.02. Selling pressure in the morning caused LHPT to drop to a low of $0.017. However buyers were quick to jump back into the market and drove the stock higher to close at its opening price.
We are also very confident about our pick BONZ. Volume remains strong with more than 300,000 shares traded during the session. Monday’s price action is an indication that the consolidation period is ending but there are still sellers in the market place. The stock opened at $0.044 and after hitting a low of $0.043 investors were able to drive the price to a high of $0.05. The stock fell under some pressure but closed in positive territory at $0.045.
EVPH continues to eke out some gains, despite closing in negative territory on Monday. The stock had a very strong morning and opened at $0.27, well above Friday’s closing price. It managed to rally to a high of $0.285 before sellers stepped in and drove the stock to a low of $0.205. EVPH managed to bounce off that level and closed significantly higher at $0.23.
We saw a strong move in GBTO. This is a stock we have been covering for a while and we were very excited to see Monday’s price action. On Friday the stock closed at $0.14 and on Monday it opened at $0.24. In the first hour of trading the stock hit a low of $0.19 but by the afternoon, it rallied to a high of $0.34. The stock managed to hold on to most of its gains and closed at $0.28.
Have a great trading day,
Francis
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