Morning Stock Report, March 20 2008

Posted by Blain Reinkensmeyer
March 20, 2008 at 8:29 am

With the market closed tomorrow and options expiring today we can expect another volatile day for the overall market.

Right now as of 9:22 AM I am looking at a now positive open for the NASDAQ Composite, and a near flat open for the S&P 500.

Gold is set to open down below its critical 50 day moving average support which either means we are going to see another big sell off or Gold is going to rally today. I am keeping a close eye on AEM, BVN, GG, AUY, and ABX for any possible intraday swings to the upside or downside.

Another group to watch today is fertilizers, which are all set to open down. MOS, CF, and POT all are down just over 3% at this time. The problem with fertilizers is on a technical level it is hard to distinguish the next support area and the stocks are not yet oversold.

Lastly, I am looking at Steel opening to the downside. MTL, AKS, and STLD all are down roughly 2% in pre-market trading. Look for support on AKS at $47 - $49, and on MTL if it trades down this far $110 which is where the 50 MA lies.

One minute left before the open, good luck out there!