Blain’s Nightly Stock Picks, May 01 2008
Posted on Thu 1st May, 2008 05:53:39 PM
A big session for the bulls as they took back the momentum from the bears. Volume soared as the market shot to new multi-month highs.
The dollar gained more ground today and commodities suffered because of it. Gold and Oil were both down overall.
As usual tonight we will start the charts with the overall market.
NASDAQ Composite
S&P 500 (SPY)
Companhia Vale (RIO)
First Solar (FSLR)
Steel Dynamics (STLD)
CSX Corp (CSX)
Ftse/Xinhua China 25 (FXI)
See my post earlier today, China May Be a Long Term Buy with FXI.
I got another question, this time about CSX. Your original buy was at 50.50. Why did you put it there instead of $53ish, the higher high from a few days before? Just trying to learn all this.
Also, do you put your stops based on the closing price or intraday swings? If it opens down 7% and closes flat, would you get out cause it was down 5% at one point or do you wait to see the end of the day?
I love your chart especially RIO. What a beautiful cup & handle (I think). I am new to trading, and follow your stock picks for educational only.
Thank you for the newsletter everyday!
Keep up the good work.
great questions Rick, emailed you some answers.
Thanks for the kind words, glad you enjoy it!
Hopefully RIO pans out to be a good play, we shall see.