Blain’s Nightly Stock Picks, March 5 2008
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.
NASDAQ Composite
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.
Dryships (DRYS)
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.
Goldcorp (GG)
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.
Original Feature, $35.06. Latest Buypoint, Break of $40.
Buenaventura (BVN)
A decent base forming right now for BVN, next buy point looks to be about $78.60.
BVN was originally mentioned at $58.32.
Potash (POT)
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.
Hess (HES)
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.
Gafisa (GFA)
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.
Perigao (PDA)
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.
Hey there Blain. First, thanks for the new posting schedule, I like it quite a bit. Here’s my question. When you say things like “here are the hot stocks this week” or here are the “movers today” … how do you find this information? I imagine there is a place you can look to see the most active stocks by industry or by sector, but I don’t know where to find such a list. Where do you look? Thanks a bunch. -Justin
That comes from me just watching the market and my watch list throughout the day. I also subscribe to dailygraphs.com which is a professional charting service and that helps me recap my stock picks as well.
Some good charts there you have found. Although lately the follow thru on a lot of chart setups has been fairly poor. Most of that is just the skittishness of the markets and will pass over time.
I think the steel stocks will be the next sector to take profits – as will the AG stocks. They have been hitting the high flyer techs for few months now, eventually the selling will rotate. I am not short them now but have them on watch for trend change.
Anyone wishing to learn more about trading and day trading in particular should check out http://www.mytradingrobot.com The site is completely FREE and gives out live day trading signals in real time. There is a ton of information on the site as well.