Blain’s Nightly Stock Picks, April 21 2008

Even though I was gone all of last week it seems the market and my picks did just fine without me.

Starting as usual with the market indices tonight I want to note that the bulls haven’t officially taken control of this market just yet. We still need to close above key resistance lines for the bulls to claim victory.

NASDASQ Composite

This index had a great run last week but still needs to close above 2420 on heavy volume to reverse the long term down trend.

nasdasq-042108.png

S&P 500 (SPY)

Same story for this ETF tracking the daily performance of the S&P 500. A close above $139.70 on heavy volume is the big target for bulls.

spy-042108.png

Mechel Steel Group (MTL)

Daily readers know that I have been a fan of Steel for some time now, and the story keeps getting better and better. Lower volume today but MTL managed to close at fresh all time highs in the mid $150s, putting it up close to 10% since the $143 buy point.

mtl-042108.png

Potash Corp (POT)

This post says it all, Watch Out Fertilizers Stocks Are Back.

POT is up some 25% or so since the latest breakout at $167.

pot2-042108.png

Monsanto (MON)

MON is up now about 5% from the latest $123 buy point.

mon2-042108.png

Baidu.com (BIDU)

BIDU was called as a buy at $307, and today closed at $357. This puts the stock up some 17% or so since early last week.

bidu2-042108.png

Intuitive Surgical (ISRG)

ISRG is a fantastic reason why you do not buy unless it is on strength. The latest buypoint was supposed to be with a break of $360 which never happened. For those who had bought recently on prior break outs the loss is far less then buying at the peak.

ISRG tanked after it blew out earnings but had future estimates lower then what the Street wanted to see.

isrg2-042108.png

DB Commodities (DBC)

Original buy point $38, and the next is $39.40 on heavy volume. DBC is the Deutsche Bank ETF tracking commodities.
dbc-042108.png

See you tomorrow.

More on this topic (What's this?)
High Steel Prices: a Preview of Peak Oil (Jim Kingsdale's Energy Investmen..., 5/15/08)
American Spring, Indian Steel (Contrarian Profits, 4/19/08)
Trading Scared and with Emotions Burns Through your Capital (BigWaveTrading.net, 4/25/08)
Read more on Mechel Steel Group OAO, Steel Prices at Wikinvest
-- Posted by Blain Reinkensmeyer on April 21, 2008 at 8:14 pm --

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