Starting tonight these posts will be titled Blain's Nightly Stock Picks instead of just Nightly Stock Picks.
The market today added to yesterday's closing hour rally, closing up roughly .5% across the board. Secondary support is still in tact for both the S&P 500 and NASDAQ Composite.
What's HOT Right Now: Oil-Gas Field Services, Oilgas Drilling, Oilgas US Explorations and Production, Metal Ores Gold/Silver, Steel Producers, and Fertilizers.
2250 support still holding up as of now. It is anyone's guess where we will end up though by the close Friday.
S& P 500 (SPY)
Same deal for the S&P 500. $132.50 support still holds.
After mentioning DRYS as a buy on Monday, seeing yesterday's early morning sell off was rough. If you weathered the storm though you should now be up on your position as the stock closed at $75.09. (Original buypoint $73ish).
Note: DRYS is a speculative buy based on the GNK, DRYS pair trade.
After a high volume sell off yesterday GG rebounded nicely today to close back above $44. This stock looks like it wants to push higher.
A decent base forming right now for BVN, next buy point looks to be about $78.60.
BVN was originally mentioned at $58.32.
Only featuring one fertilizer stock tonight, but make sure to keep a close eye on the rest as well. POT has held up nicely in the midst of heavier volume selling. Next buy point is technically with a heavy volume break at $166.50.
Original buypoint, $145.
Originally a buy at $94, this oil stock could be poised for a move past $100 in the near future. A heavy volume break at $99.50 is your next technical buy point.
A K Steel (AKS)
The break at $55 was your latest buy point on AKS. Lower volume today is a point of concern.
Original buypoint, $49.50.
Steel Dynamics (STLD)
I personally bought STLD just below $57 and sold it at $62 last week to seal my profits. It seems this Steel stock has more in it though (and that could very well be an understatement). Nice move today back above $63 was your second buy point.
Original buypoint, $56.
Diamond Offshore (DO)
This oil and gas drilling company is basing out nicely. Look for a heavy volume move past $126 to make for a good entry.
Carrizo Oil & Gas (CRZO)
I originally posted CRZO at $54.41, and it hasn't looked back since. I think the move back above $60 today makes for another good entry. Place stops accordingly.
I am now looking for a good base to form for this home builder. Give the stock some time and it could be on the move. Next buy point is a high volume break at $43.
Note: GFA is the first home and commercial building stock featured here on the site.
Another first for this site, a meat products company. I like it right here at $51.35 with a 3 - 7% stop. First target price would be $54. You could buy half now and half then, for example.
See you back here tomorrow night.