Nightly Stock Picks, February 27 2008
Posted by Blain Reinkensmeyer
February 27, 2008 at 7:59 pm
The market seems to have found its way to higher ground again today and perhaps is looking up for the first time in a while.
Steel, Metal Ores, Oil all continue to move higher. Tonight alongside the standard movers I feature some stocks that may just be turning the corner.
NASDAQ Composite
Yesterday the NASDAQ broke out this symmetrical wedge to the upside on accumulation volume, a positive sign for the overall market. Higher prices should continue from here, and next resistance will most likely be around 2450.
S & P 500 (SPY)
As I said on Monday night, next resistance for SPY at the 50 MA and $139 - $140ish which we have now seen. A break to out of this channel to the upside would be very bullish. Support now at $135.
Goldcorp (GG)
As 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 $43.40.
Carrizo Oil & Gas (CRZO)
CRZO has impressed me since I called it as a buy at $54.41 last Thursday. Yesterday the stock broke to new highs on strong volume, and today CRZO closed at $58.77.
BHP Billiton (BHP)
Today BHP hit my $75 buy point but did so on lower volume. Metal ores are very hot right now and BHP has a ton of potential, but it would be nice to see some affirming volume. If you took your position today play your stops tight, 2 - 4% should be good.
Apple (AAPL)
Descending channels are meant to be broken to the upside. Based on the close today the stock just barely broke above it. Take say half your position right here at $123 and look to add more with a break above $131. Stops at $119.50.
Baidu.com (BIDU)
Been waiting for this break to happen. Today’s 9% move on high volume makes BIDU a buy right here at $259. I would buy half here with stops at $247ish and look to add more with a break of $267. Raise stops accordingly.
Bard (BCR)
Bard sold off today as the CEO sold shares apparently. Our next buy point of $100 (sorry forgot to put the line in here) has not been hit yet, so we will see what happens. Bard closed today at $95.18.
Mechel Steel Group (MTL)
Well so much for a pause, yesterday MTL surged to new highs on commanding volume, a great sign. MTL is up over 30% in less then a month, look for any price slow down to make for a possibly great buy point on this Steel company.
Petroleo Brasileiro (PBR)
The last two days PBR has finally started to move to the upside, and today closed at $125. Original buy point $120.
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One more:
ZMH: over 78.20 is a good buy (stop 76.20).
Have good trading!
“CRZO has impressed me since I called it as a buy at $54.41 last Thursday. Yesterday the stock broke to new highs on strong volume, and today CRZO closed at $58.77″.
I like CRZO too and CXO too. I sold them both after they jumped. I will continue to do so in this market as the market plays out the process of forming a bottom.