Tonight I annotated a new technical analysis stock chart of Potash ( POT ).
Since I last wrote....POT did indeed break its $190 support level and then went on to break its next support level at $175.....this was a vicious down move! POT hasn't seen this bad of breakdown since it first started breaking out years ago.
All commodity related stocks are down huge over the past several weeks! The uptrend in these AG stocks couldn't last forever. Despite these agriculture stocks being cheap on a 2009 basis, the big money seems to be rotating out of commodities and into financials. But how long will this last? Probably not long. Global growth is still strong....
Some great stocks to buy on this huge pullback are:
Freeport McMoran ( FCX )
US Steel (X )
Potash ( POT )
Mosaic ( MOS )
United States Oil Fund (USO )
Tuesday, August 5, 2008
Elan ( ELN ) Stock Alert - Up in Pre Market Again
This morning is the second straight day Elan Corp ( ELN ) is up in pre market. It finally seems like it has bottomed out. This is a risky stock but the potential here is huge if they can just make Tysabri safe. You could be looking at a $25 stock in a year if everything goes right.
If you are day trading ELN.....these is strong resistance at the $12 range.....a break above this level would cause a nice spike intraday. A close above $12 and you could see a move toward $15 this month I think. Just keep an eye on the news wire!
Check out this week Earnings Calendar & The Top 2008 Stock Gainers
If you are day trading ELN.....these is strong resistance at the $12 range.....a break above this level would cause a nice spike intraday. A close above $12 and you could see a move toward $15 this month I think. Just keep an eye on the news wire!
Check out this week Earnings Calendar & The Top 2008 Stock Gainers
Sirius ( SIRI ) Stock up Pre Market - Mel is buying
Sirius Sattelitte Radio ( SIRI ) is up big this morning to $1.51 after the CEO Mel Karmazin bought 1 Million shares August 4th, 2008 at $1.37 per share. Mell now has a total of 8.5 million shares of SIRI.
Keep in mind, there are 1.5 billion shares outstanding so while this is positive.....3 million dollars is nothing to Mel.
I personally think he hasn't done a good job....ever since he has come, the stock price has sunk....he has been promising cash flow positive, this and that, but the stock has sunk from $9 to almost $1. Imagine Apple going from $180 down to $20.....would you still think Steve Jobs did a good job at Apple ( AAPL )?
Keep in mind, there are 1.5 billion shares outstanding so while this is positive.....3 million dollars is nothing to Mel.
I personally think he hasn't done a good job....ever since he has come, the stock price has sunk....he has been promising cash flow positive, this and that, but the stock has sunk from $9 to almost $1. Imagine Apple going from $180 down to $20.....would you still think Steve Jobs did a good job at Apple ( AAPL )?
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