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Iamgold (IAG) breakout
I mentioned last night I liked gold again.. added IAG at 9.12 on a breakout today.. looks poised to test all time highs in coming months
S&P Wants 943, Gold Stocks Perking Up
875? Not a problem. 900. Adios. With the market loving the leaked stress test results and closing around the highs of the day, it's now looking increasingly likely that the S&P wants that 943 level of the Jan 09 high, so another 2 - 3% potential to the upside in this market before I'll be selling everything I own to short this market.. I may even do a bit of pan handling to raise a bit more coin to go short. At the very least the market is offering up the finest short opportunity here in 2009 and quite possibly rivals the short opportunity seen last May. Sell in May and go away? That's looking like a mighty good bet at this point. I'm turning my attention to gold stocks once again.. added NAK a few weeks ago and seeing enough strength from the likes of SA, AU, IAG, etc that it's time to add more exposure. I won't too aggressive until GLD clears that 90 level though.. could happen tomorrow.
S&P 875 A Formidable End of Day Barrier, Crack #5 Appears
That 875 level continues to a be tough area of resistance for the S&P on a closing basis. Once again a close above that level was elusive as the indices erased a sizable gain today and closed in the red (S&P, Dow) with heavier volume than the day before. That is another indication that institutions are using rallies to sell positions and the 5th crack in this rally in the past 2 weeks. In the past these cracks have not led to that one big follow through day to the downside indicating the rally is done, but perhaps tomorrow will be that day as we head into the weekend.
Rosetta Stone (RST) Up 11%, New High
A strong breakout move out of Rosetta Stone (RST) as well today to a new high. I probably won't add to my position unless it retraces to 28 or less ahead of earnings on May 11. After earnings I'll reevaluate.
Strong Breakout of FSLR
As expected FSLR cleared the 200 day moving with big volume and closed in the upper half of the range. It was the strongest gap up since Feb 08. Next target is 200. I'd like to add to my position but probably wouldn't do so unless it comes back and tests the 200 day moving average.