CNBC Fast Money Guest: Carter Worth Chief Technical Analyst at Oppenheimer
We blew through the lows of 2004.....basically puts us back into a decent support area.
Carter is making a call that we are in capitulation phase of the latest decline and is calling for a rebound. S&P 500 has declined 17% on this recent leg down, just like the previous two legs down this year.
Carter made the case on Fast Money tonight for a temporary rebound in the US markets.
Carter Worth has been dead on calling the market declines over the past few years.....hes debated it live with people completely disagreeing with him like day and night.
For more Technical Charts...visit http://blackberrystocks.com/charts.html
Monday, October 6, 2008
Stock Market Reversal 10/06/08 - AAPL, MELI, GOOG
This afternoon, the Dow Jones reversed 500 points off its low in about an hour after hitting 9,525.
One of the first stocks to reverse on my watchlist was MercadoLibre ( MELI ) which started reversing well before everything else reversed.
Apple Computer ( AAPL ) showed the most strength for a large cap stock and Google ( GOOG ) was a laggard, still down more then 4% on the day.
Mastercard ( MA ) followed right behind Meli showing major strength.
The Dow Jones is set to close back over 10,000 at 10,015
http://blackberrystocks.com
http://blackberrystocks.com/hotstocks.html
One of the first stocks to reverse on my watchlist was MercadoLibre ( MELI ) which started reversing well before everything else reversed.
Apple Computer ( AAPL ) showed the most strength for a large cap stock and Google ( GOOG ) was a laggard, still down more then 4% on the day.
Mastercard ( MA ) followed right behind Meli showing major strength.
The Dow Jones is set to close back over 10,000 at 10,015
http://blackberrystocks.com
http://blackberrystocks.com/hotstocks.html
Dendreon ( DNDN ) Provenge Study
Markets are tanking....but Dendreon DNDN shares are up 33% today because the company says they will release their final study on Provenge in about 8 months.
Dendreon Corp. (DNDN) said an interim analysis of a late-stage study shows its Provenge prostate-cancer therapy shows a 20% death-risk reduction compared to placebo.
President and Chief Executive Mitchell H. Gold said the findings, similar to those seen in prior phase 3 trials, should be finalized in mid-2009.
The study was ordered in May 2007 after the Food and Drug Administration requested more data to support the drug's proposed efficacy claim. An FDA advisory panel had voted Provenge had proven itself safe and effective.
Dendreon has been looking to get Provenge approved as a treatment for asymptomatic men with advanced prostate cancer who have stopped responding to hormone treatment. The drug is a departure from other approved cancer therapies in that it acts by stimulating the body's immune system to fight cancer using the patient's own white blood cells.
http://blackberrystocks.com/hotstocks.html
Dendreon Corp. (DNDN) said an interim analysis of a late-stage study shows its Provenge prostate-cancer therapy shows a 20% death-risk reduction compared to placebo.
President and Chief Executive Mitchell H. Gold said the findings, similar to those seen in prior phase 3 trials, should be finalized in mid-2009.
The study was ordered in May 2007 after the Food and Drug Administration requested more data to support the drug's proposed efficacy claim. An FDA advisory panel had voted Provenge had proven itself safe and effective.
Dendreon has been looking to get Provenge approved as a treatment for asymptomatic men with advanced prostate cancer who have stopped responding to hormone treatment. The drug is a departure from other approved cancer therapies in that it acts by stimulating the body's immune system to fight cancer using the patient's own white blood cells.
http://blackberrystocks.com/hotstocks.html
Pre Market Trading - Stock Market 10/6/08
Another ugly day is in store for the US Stock Markets. Wall St does not like the material in the bailout plan as well as further credit tightening in Europe. The Russian stock market has halted trading for the second time today as that market has been plunging.
Dow Sub 10,000? At this point, it would almost seem as though we will test below 10,000 on the Dow Jones just to see whats there. Will buyers step up to the plate? Yes, we are in a vicious bear market, but we are deeply oversold and stocks don't go straight down without bouncing.
Stocks to Watch - Apple ( AAPL ) - Yes there will be slower sales in the coming year, but Apple is sitting on 21 billion in cash while their market cap is only 84 billion. First Solar( FSLR )..great earnings...many people think Solar stocks are tied to Oil prices....they are wrong. Solar stocks are tied to electricity prices. Biggest mistake investors make, selling a solar stock because oil is going down.
Dow Sub 10,000? At this point, it would almost seem as though we will test below 10,000 on the Dow Jones just to see whats there. Will buyers step up to the plate? Yes, we are in a vicious bear market, but we are deeply oversold and stocks don't go straight down without bouncing.
Stocks to Watch - Apple ( AAPL ) - Yes there will be slower sales in the coming year, but Apple is sitting on 21 billion in cash while their market cap is only 84 billion. First Solar( FSLR )..great earnings...many people think Solar stocks are tied to Oil prices....they are wrong. Solar stocks are tied to electricity prices. Biggest mistake investors make, selling a solar stock because oil is going down.
Friday, October 3, 2008
Marcellus Shale: Trans Energy TENG drills first Well
Today, Trans Energy ( TENG ) has issued a release today stating they have drillied their first Marcellus Shale well.
TENG announced today that it has begun drilling the Anderson #7H well in Wetzel County, West Virginia. The Anderson #7H will be drilled and completed horizontally in the Marcellus shale, a prolific new "resource play" in Appalachia, similar to the Barnett Shale which has grown to become a significant base of hydrocarbon reserves in Texas.
The Company plans to drill the vertical portion of the Anderson #7H well to a depth above the kick-off point and set casing. A second, larger rig will follow-on to drill the horizontal portion at a depth of approximately 7,000 feet. The company's current plan calls for keeping the rigs drilling continuously through 2009.
James K. Abcouwer, President and CEO of Trans Energy, said, "We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan."
The company continues to expand its acreage position centered on the Wetzel, Marion, Marshall, and Doddridge Counties area, which it believes to be the heart of the most prolific Marcellus resource in Appalachia.
TENG announced today that it has begun drilling the Anderson #7H well in Wetzel County, West Virginia. The Anderson #7H will be drilled and completed horizontally in the Marcellus shale, a prolific new "resource play" in Appalachia, similar to the Barnett Shale which has grown to become a significant base of hydrocarbon reserves in Texas.
The Company plans to drill the vertical portion of the Anderson #7H well to a depth above the kick-off point and set casing. A second, larger rig will follow-on to drill the horizontal portion at a depth of approximately 7,000 feet. The company's current plan calls for keeping the rigs drilling continuously through 2009.
James K. Abcouwer, President and CEO of Trans Energy, said, "We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan."
The company continues to expand its acreage position centered on the Wetzel, Marion, Marshall, and Doddridge Counties area, which it believes to be the heart of the most prolific Marcellus resource in Appalachia.
AAPL Apple Capitulation Bottom?
Today 10/3/08, Apple opened up higher...hitting a high of $106.50, and then tanked under $100 and hit a low of $94.50. This move took only several minutes on very heavy volume. A few minutes later, when CNBC talked live to someone at Google, Apple shot back up to the $103 level where it started.
Could this be the capitulation bottom the longs have been looking for? To me, that looked like a classic bottom but its way to early to tell.
There was definitely support at the $95 level from last year on AAPL
http://blackberrystocks.com/aapl.html
Could this be the capitulation bottom the longs have been looking for? To me, that looked like a classic bottom but its way to early to tell.
There was definitely support at the $95 level from last year on AAPL
http://blackberrystocks.com/aapl.html
Nasdaq Analysis from QQQQ - 10/03/08
This Nasdaq has gotten beat up lately thanks to the overall market and RIMM - Research in Motion earnings. However, there is a chance for a sharp year end rally given that the house passes the bill today.
Watch the QQQQ. Yesterday 10/2 it had trouble getting above $37.50....so if this level is breached, I think you could start to see a nice up move to $38.50. If $38.50 is taken out, you will start to see a major short covering rally going into earnings season.
Watch the QQQQ
Watch the QQQQ. Yesterday 10/2 it had trouble getting above $37.50....so if this level is breached, I think you could start to see a nice up move to $38.50. If $38.50 is taken out, you will start to see a major short covering rally going into earnings season.
Watch the QQQQ
Jobs Number - Unemployement Rate 10/3/08
We lost 159,000 jobs .... biggest decline since March 2003
Uemployement Rate still 6.01%
Uemployement Rate still 6.01%
Thursday, October 2, 2008
Trading Potash ( POT ) today
Today the Ag stocks are getting crushed because Mosaic ( MOS ) missed earnings by about 10%...but earnings were still pretty incredible compared to last year. POT and MON are getting drilled as well. All of a sudden everyone is throwing out Ag stocks!
POT has hit a low of $95.24 today so if you go long....use that as your stop.
POT has hit a low of $95.24 today so if you go long....use that as your stop.
National City ( NCC ) Stock up in Pre Market - 10/02
National City stock, ( NCC ) is up 3% so far in pre market to $3.00. Last night, John Najarian from CNBC Fast Money said it is his favorite stock in the short term, and if this rescue bill passes the senate, you could see this stock really rip higher.
Keep an eye on it today!
http://blackberrystocks.com/hotstocks.html
Keep an eye on it today!
http://blackberrystocks.com/hotstocks.html
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