Wednesday March 31 Premarket Analysis
Today in the Stock Market
Dear Fellow Traders
The Dow Jones Industrial Average managed to make some modest gains on what was a relatively quiet trading day. The Dow has struggled to close above 10,900 for the last five sessions but finally managed to break through on Tuesday. Better-than-expected consumer confidence data could have helped the index rally and close in positive territory.
The Dow opened on Tuesday at 10,895 and managed to rally to a high of 10,940. The bears then quickly jumped into the market and drove the index to a low of 10,866. A rally in the last two hours of the session helped the index close in positive territory at 10,907. With the long weekend approaching, I am not expecting the market to break out of its current range.
The tech sector managed to hold on to some of its gains to close in positive territory. However QQQQ, the ETF of the NASDAQ Composite, is having trouble holding gains above $48.50. The ETF remains firmly in a range with support at $48.00 and resistance at $48.50.
QQQQ started Tuesday morning at $48.36, which was significantly higher than Monday’s closing price. The strong open helped the ETF rally to a high of $48.55 before sellers stepped in and drove QQQQ to a low of $48.06. The sell-off did not last long, and the bulls were able to drive the ETF back up to where it closed at $48.39.
The U.S. dollar continues to hold a strong grip in the foreign exchange market which is causing strong whip-saw movements in commodity markets and gold prices. GLD, the biggest gold ETF fell modestly Tuesday but continues to hold some of its gains from Friday’s strong rally. The ETF started the morning at $108.57 and managed to rally to a high of $108.66. In the afternoon the bears were in full control and GLD dropped to a low of $107.87, and then managed to close slightly higher at $107.97.
LHPT continues to consolidate but the range continues to tighten up. The more the price action narrows, the closer the stock is to breaking out. Trading volume remains strong with more than 1 million shares traded on Tuesday. LHPT started the day at $0.022 and managed to rally to a high of $0.0225. In the afternoon the stock dropped to a low of $0.0175 and managed to close slightly higher at $0.018. This stock is finding some very good support at $0.018. If the stock holds this line we could see a very strong rally in the near term.
BONZ continues to hold on to some of its gains and despite Tuesday’s weak close we still expect to see another big move in this stock. BONZ started the day at $0.047 and quickly rallied to a high of $0.049. Selling pressure later in the day caused the stock to fall to a low of $0.038. Looking at the chart the 20-day moving average is $0.039 and a drop past this price must have created a strong buy signal because investors were able to drive the stock higher and it closed at $0.042.
We saw a similar move in our pick, EVPH. The stock continues to consolidate but the range is starting to tighten. EVPH opened at $0.245, which was its high for the day and then dropped to a low of $0.20. The $0.198 level represents the 20-day moving average, so the drop close to this level created a buy signal. Investors jumped back into the market and drove the stock to close at $0.221.
We saw some profit taking in GBTO but that is not surprising considering the strong move it made on Monday. The stock continues to hold on to some of the gains it made from Monday’s massive gap at the open. GBTO opened on Tuesday at $0.259 and managed to rally to a high of $0.279, which was Monday’s closing price. This must have been a sell signal for some investors as they drove the stock to a low of $0.20.
NRTLQ is finding some good support and continues to make some modest gains. The stock opened at $0.048 and fell to a low of $0.047, which was close to Monday’s low. Investors jumped into the market place and drove the stock to a high of $0.055. NRTLQ closed modestly lower at $0.049. Volume has dropped off compared to its rally on March 15, but if volume can grow again we should see another strong push higher.
Have a Great Trading Day.
Francis
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