Sunday Night Market Insight, March 02 2008
Posted by Blain Reinkensmeyer
March 2, 2008 at 7:08 pm
With the move Friday the market is no doubt back in its confirmed downtrend.
The negative economic data that keeps rolling in has once again taken its toll on the markets. The big question this week, will January’s lows be tested?
Market Status
NASDAQ - Break of wedge pattern (symmetric triangle) to the downside last Friday. Current status, confirmed downtrend.
S & P 500 (monitored with SPY) - Ascending channel break to the downside last Friday. Current status, confirmed downtrend.
What You Should Know
Steel stocks sold off hard last Friday across the board on high volume, including featured stocks MTL, STLD, and AKS. These stocks may slow down but should build great bases and may very well be on the move again.
Keep a close eye on Fertilizers this week. POT, MOS, CF, and more all had two key distribution days last week, though they all have held up price wise. This is another group that may need a rest, and taking profits is not a bad choice.
Gold stocks are hot, and should only continue to get hotter with another rate cut around the corner. Stocks like GG, GOLD, AUY, etc. are ones to closely monitor.
Oil stocks sold off across the board Friday, but did so mostly on lower volume. Temporary weakness can make for great buy opportunities
3 Tips to Keep in Mind This Week
Tight stops in a down trending market are not just smart, they are critical.
Sitting in cash is not stupid.
Discipline is the way of the successful investor.
3 ETFs Worthy of Any Portfolio
DBC, GLD, SLV
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Related Posts:
- Morning Stock Report, March 17 2008
- Sunday Night Market Insight, March 09 2008
- Sunday Night Market Insight, March 16 2008
- Sunday Night Market Insight, February 24 2008
- Morning Stock Report, March 26 2008
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Thank you for MEE call. I bought MEE and DE this morning.
anytime
One other ETF I have been keeping an eye on as of late is GDX if you don’t want to play the individual miners and want to be more diversified.
[...] stated last Sunday on Fertilizers, “Keep a close eye on Fertilizers this week. POT, MOS, CF, and more all had [...]
[...] My Nightly Stock Picks have recently centered around Gold/Silver, Steel, Oil, and Fertilizers stocks as these are what’s hot right now. I warned readers two weeks ago on Fertilizers taking a rest, and today my three biggest picks sold off heavily: CF, POT, and MOS. Two Sunday’s ago I wrote, [...]