The market today started sour after a negative durable goods report, and the rest of the session was really uneventful…

…until Oracle tanked 10% on earnings at the closing bell. This brought down the rest of the NASDAQ in post-hours trading which now looks to start the day tomorrow on a gloomy note.

On the bright side Oil was up significantly today which helped some stocks rally, and steel added to its gains as well. Thus, both of these groups make of the focus of the charts tonight.

Nasdaq Composite

S&P 500 (SPY)

Tomorrow is a big day for this index. If the S&P 500 can hold up and make a heavy volume break to the upside it may signal the start of a respectable uptrend. On the other hand, futures tell a different tale heading into tomorrow.

CSX Corp (CSX)

Transportation is hot, and CSX is the ring leader. The stock is now up over 11% since I originally posted its break past $50.50 on 3/17/08.

CSX technically looks like it wants to take a rest so keep those stops tight and protect those profits.

Steel Dynamics (STLD)

Next buy point for STLD is technically with a break past $71. Look for heavy volume of atleast 3 million on breakout day.

AK Steel (AKS)

Is AKS ready for new highs? $57.50 on heavy volume is the magic number for this 2nd Steel play.

Arcelor Mittal (MT)

And thirdly from the steel picks tonight I have a chart of MT which today broke and closed above $80, a bullish sign. Volume was strong with the move which suggests this stock may have some legs.

Potash (POT)

Could fertilizers be making a comeback? This rally is waving big time red flags with its consistently lower volume, but it never hurts to wonder…

Range Resources (RRC)

Read my trends post from Sunday night and you will see I mentioned that US oil & gas exploration and production stocks were basically out of the game. BUT, for those optimists I stated, “For those though still with faith a few stocks to closely watch still in this group are BZP, CXO, and RRC as they still are holding up.”

RRC now looks ready to possibly make new highs, who would have thought?

BPZ Resources (BZP)

Same group as RRC and the 1st stock I mentioned above. BZP today broke to new highs above $21.50 on good accumulation volume, nice.

Devon Energy (DVN)

“Whow” comeback kings, are you kidding me? DVN bottomed at $91.93 last Thursday and today closed at $107.59, a 16.7% move in four trading days. Top that off with increasing accumulation volume and you can only wonder where this roller coaster stock is heading now. Next stop $110?

I bought QID this morning at just under $48 (stop $47, RR 3) and I am looking to see $51 tomorrow (QID is the ultra short ETF which is the double inverse of the NASDAQ 100).

Will this market be bearish enough to sell off heavily tomorrow? I sure as hell hope so . See you then.

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• Blain’s Nightly Stock Picks, March 10 2008

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