Morning Stock Report, April 07 2008
Today the market has opened to the upside with all the featured groups making runs including Steel, Fertilizers, and Alternative Energy. Financials are leading the market higher but will there be enough steam to clear the resistance ahead?
The NASDAQ is up .66% trading just under 2,390 at the moment with 2420 being the big resistance level to clear. For the S&P 500 it is up .68% trading at 1380 with its key resistance area being 1400.
Some stocks up right now over 3% that come from featured groups on this blog:
Steel
- STLD up 7.12%
- AKS up 4.88%
Alternative Energy
- MEE is up 6.85%
Fertilizers
- MOS is up 5.5%
- CF is up 3.5%
I stressed before and I will stress again, don’t hesitate to take quick profits. Even selling half your position and bumping up a stop loss and help lock in some great gains in any of the stocks above.
In a long term bull market I would suggest holding these stocks in great industry groups and letting them run with the overall trend. But let’s not forget 2002 when so called “rallies” fizzled faster then a open can of coca-cola on a hot summer day 
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Definitely agree with the profit taking of STLD. I took a look at it a week back in one of my posts and found it unappealing compared to X and NUE. Thanks for the help