Nightly Stock Picks, February 21 2008
Posted by Blain Reinkensmeyer
February 21, 2008 at 9:48 pm
The overall market had a tougher day on low volume as the major indices lost over 1% across the board. Some strong stocks though had some low volume pull backs today which could make for great buy points.
The SPY is still sitting in the same pattern as yesterday, and the NASDAQ is forming a very interesting wedge which will lead to either lower or higher prices as the index breaks to either or side. The NASDAQ is where we start tonight.
NASDAQ Composite Index
A clear cut wedge forming here for the NASDAQ and a break should be coming either to the upside or downside in the near term future.
Emerging Markets iShares (EEM)
With the 50 MA as resistance buy point is $143 with strong volume. On the flip side a break below $136 would signal lower prices to come.
First Solar (FSLR)
Hard to see here but intraday there is clear resistance at $219 - $221, making my initial buy point on FSLR a break at $221 with good volume. 2nd buy point would be clearing $237. I would buy half my position at $221 and add to it with the 2nd break.
Navios Maritime Holdings (NM)
NM gapped today on earnings and closed again above my $12.70 buy point and its 200 MA (not shown below). What I don’t like about today’s price action was the lower then average volume. This is a speculative hold at this point, and I would recommend tighter stops until an stronger volume move can help affirm direction.
Devon Energy (DVN)
Today DVN retraced its steps from yesterday to close down at $95.89. For those who missed the original break above $95, you could now take a position. Otherwise, look for the next buy point on DVN to be with a break of $100.
Street Tracks Gold Trust (GLD)
GLD has actually been claimed as my true love in the past, and the ETF was moved nicely since my $81 buy point. Latest break came yesterday with a move past $92.60.
BHP Billiton (BHP)
Metal Ore stocks are on the move, and BHP is setting up for what could be a really nice break. Buy point is a break through $75 on good volume.
Baidu.com (BIDU)
A very interesting setup forming here for BIDU, and in this instance is bullish. I would consider BIDU with a break above $267 on strong volume.
Goldcorp (GG)
Gold stocks are hot, and GG is just one example (AUY, GOLD, ABX are others). The break above $40 today was technically your buy point. Volume today over twice its daily average showing strong institutional support.
Pharmaceutical Product Development (PPDI)
I liked PPDI at $44 last week with a tight stop, and the stock has only looked up. Today PPDI closed at $46.20, up just over 5% since it was featured.
Carrizo Oil & Gas (CRZO)
CRZO reversed today after moving past $56 but it was on lower volume. A speculative oil play only because there are much stronger stocks in this same industry group (RRC, BZP, KWK). CRZP is a buy right here at $54.41 with a tight stop at $52.90.
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Do you plan to continue making “nightly stock picks” in this fashion, or is the market presenting more than average opportunities over the past few days?
That is up to you the readers, have you enjoyed these posts the last two days?
Well I know I enjoy it. But don’t do something just for me : )
Thanks for the great post ,
Good Luck ,
Tracy Ho
wisdomgettingloaded
I say keep up these posts. Also, where do you get your institutional buying numbers from?
Nowhere in particular actually. When I say institutional support it really comes from seeing the stock trade heavy volume over its daily average.
So, let’s say stock XYZ trades 1 million shares per day on avg, well if it trades 2 million in one day it is arguably an institutionally backed day.
I always put the 60 day average volume line in my charts, which is the bottom horizontal box (red line). That is my guide.
Hope that makes sense
[...] major focus was the NASDAQ Composite, which from last night we saw a wedge pattern being formed, and today that wedge was broken to the downside. The NASDAQ finished the day though just above [...]
I love your night stock picks. As a new investor, I read your blog everyday. Thanks for the great information and research. Keep it up, please!
Hey very cool, appreciate the kind words! Glad you enjoy the blog and I will definitely keep the new Nightly Picks coming!
[...] you were reading closely, I commented on the DVN retracement to $95 last Thursday night as a buying opportunity, “Today DVN retraced its steps from yesterday to close down at $95.89. For those who missed [...]
[...] shown last Thursday the break above $40 was your buy point. Good accumulation for this gold play thus far this week and today GG closed at [...]
[...] Original Feature, $35.06. Latest Buypoint, Break of $40. [...]