Blain’s Nightly Stock Picks, April 23 2008
Posted on Wed 23rd Apr, 2008 09:11:20 PM
Featured groups Fertilizers, Steel, and Gold all took hits today as institutional funds flowed out of commodities as a whole (less oil which was flat on the day) and into tech stocks with a focus of computer software and semiconductors.
Tonight I am testing out new slightly bigger charts with a more appealing form of price bars. Included with each chart is the commentary for that stock or index on the chart itself instead of above it. Please feel free to share any feedback good or bad, thanks.
NASDAQ Composite
S&P 500
Potash (POT)
Mosaic (MOS)
Market Vectors Gold Minders (GDX)
AK Steel (AKS)
CSX Corp (CSX)
LDK Solar (LDK)
Monsanto (MON)
First Solar (FSLR)
See you tomorrow.
No comments on the GDX? You think it will break below soon?
“Key support $46, resistance $50. Momentum bearish”
I honestly do not know if it is going to hold up or not. The support at $46 is pretty strong with the 200 MA right there, so I guess you could say I am cautiously optimistic.
I just went with the momentum, sold my DGP double long gold position and took a bit of a loss today, not a big one, but ….. I think gold could be very good for the long term, but bullish and just followed the institutional trend today along with closing energy positions. Starting to hear a lot of buzz on oil dropping was my main reason, but ….. that being said, the analyst have been wrong a few times (including Boone Pickens).