Blain’s Nightly Stock Picks, April 10 2008

Posted on Thu 10th Apr, 2008 05:13:26 PM

A nice rebound day for the market as the NASDAQ tacked on 1.3% for the day. The S&P 500 closed up only .5% but momentum has the sky looking optimistically bright for tomorrow.

Steel, Fertilizers, and Techs had a decent day today. The big movers were in Home Builders as the group ended up 3.8% for the session.

I have a handful of stocks featured tonight that are in good position to make positive moves. Enjoy and for those who are hockey fans, go Wings .

NASDAQ Composite

A horizontal channel seems to be forming here for the NASDAQ. The magic number for the bulls is 2400 and the bears 2300.

S&P 500 (SPY)

Similar setup as the NASDAQ for this index.

Mechel Steel Group (MTL)

A huge confirmation day for MTL as the stock broke to new highs again today. Notice how the volume today was higher then yesterday’s; this is very bullish for moving forward.

Arcelor Mittal (MT)

A nice bull flag seems to be setting up here for MT. $87.10 is your next buy point for this steel stock. (Note: original buy point was $80.30)

Baidu.com (BIDU)

Great support at $280 has BIDU forming a small bull flag. Next buypoint is $307 on good volume.

Research in Motion (RIMM)

RIMM looks like it wants to make higher highs again. Next buypoint $124.10 on good volume.

Goldcorp (GG)

One of the better looking Gold stocks right now. I picked up a few shares of GG today at $40.18 with a tight stop at $39.15. A break past $41.60 would be your next best entry point.

Intuitive Surgical (ISRG)

This stock does not look like it wants to slow down. You could try some at $360 (new highs) if volume is heavy. Look for new highs as early as tomorrow morning.