Nightly Stock Picks, February 28 2008
The markets finished down about 1% across the board on light volume today. It seemed that as long as you had money in an Oil Explorations company, you hit it big today. Oil stocks overall did well.
Elsewhere Gold stocks climbed a bit higher, and once market leader Apple expanded on its gains from yesterday to possibly signal a new long term bullish trend.
S&P 500 (SPY)
Low volume pull back on the SPY today. Still has yet to break out of this channel one way or another.
Streettracks Gold Trust (GLD)
GLD hit new highs again today. This ETF that tracks the price of the gold bullion has moved nicely over the last few months and continues to climb higher. Original buy points below.
First Solar (FSLR)
FSLR hit my $121.50 buy point two days ago so I tried a few at $217 yesterday morning. Today though my 3% stop was hit and I got knocked out. The stock finished the day down about 6%, and is now back on the watch list.
Massey Energy Company (MEE)
Another alternative energy company, but as others in this group struggle to find direction (*cough* FSLR *cough*), MEE had a great high volume break past $42.50 Monday. The stock has retraced back into its base on lower volume though.
I would try a few at the next break above $42 with a tight stop (say $40.50ish).
China Natural Resources (CHNR)
A nice base forming for CHNR here in the mid $20s. Look for a break at $26 to be your 1st buy point.
E O G Resources (EOG)
On Sunday I posted EOG as a close watcher this week. The stock was at $99.35 looking to break above $101. Today it surged 19 points to finish at $124.73, up some 25% since Sunday.
Devon Energy (DVN)
DVN keeps on adding on the gains finishing today at $106. The stock is up over 11% now since its $95 original buy point.
Apple (AAPL)
Buy point on Apple was $123 featured yesterday. Today’s high volume move confirms its break and signals the start of a new up trend. Momentum could bring the stock to $140 before forming a base.
Dollar Tree Stores (DLTR)
This gap has me thinking higher price are to come for DLTR. I may try a few with the next move to $28.80 (a break above today’s highs), Stops $27.80. After that DLTR would be a buy at new highs above $30.40.
Hey Blain,
I just found your blog from Chriprruna’s community. I love his blog and respect his goodwell. I believe you have very good knowledge about stock trading. I am a stock trader too. Recently, I just moved to Michigan from California. I am glad you are there to teach people who wants to learn and build life financially. I hope I can learn something from you.
Let me share some ideas about romorrow’s trading:
(1) ABX: above 54 is a good buy
(2) NOV: above 68 is a good buy
I have some other ideas, but need to check the fundamentals and charts.
One more:
ZMH: over 78.20 is a good buy (stop 76.20).
Have good trading!
Nice picks Jennifer. I like the call on ABX, as Metal Ores continue to be extremely hot right now. I had this stock at $50 but couldn’t setup a proper risk reward ratio. The low volume move yesterday has be curious though, ABX needs the next break on strong volume.
Thanks, Blain.
I bought JRJC this morning when she breaks 18.30. However, this one has high risky, so I could not recommend last night. Now, my eye is on DE and a small stock GSI.
Low avg volume on DSI, nice gap open for JRJC, looks like you may have a winner there. DE is basing out nicely, I’m thinking the next break at $90.50, or even $90 would make for a good entry.
JRJC is great! Blain, thank you for your DE suggestion. Also, please keep an eye on GSI. I did some research for this one (I have a MBA degree, but not smart at all. haha…:lol: ). Last Friday GSI announced that on March 6th they are moving to the NYSE from the AMEX. Aso,fundamentals are very good.
CHNR nice!
I have been bullish on Apple and First Solar as well. It is unfortunate what happened that FSLR broke support; however, as a fundamental guy I need to continue and recommend them in the long term. Great news about Apple, I was unaware of their solid technical news. I will definitely take a look into that option
“MEE -I would try a few at the next break above $42 with a tight stop (say $40.50ish).”
Goldman Sachs downgraded MEE and Citigroup also downgraded coal as a group. That is good enough for me. I bought MEE Friday at 38.20 and put in a tight stop as downward momentum might continue Monday. I am looking for it to retest $42.