Stock Market At A Glance
Stock were off to the races today following from where they left off yesterday. Commodities were the biggest gainer as dollar is plunging to record lows. Technically, all the 3 major indices pulled to their 50 DMA and bounced off of it. This is a bullish sign but the uptrend needs to confirm itself by following-through. Today’s bounce was on higher volume than yesterday which is positive for the bulls.
Amongst the leaders, Home Inns & Hotels Management Inc (HMIN) gained 2.41 (8.02%) to 32.46 on above average volume, E-House (China) Holdings Limited (EJ) gained 1.35 (6.24%) to 28.00, AsiaInfo Holdings Inc. (ASIA) rose 1.77 (9.25%) to 20.90.
HMIN broke out of its base today but it should be bought with caution here in accordance with the general market direction.
In the commodities sector, precious metals are ripping higher as dollar keeps falling. Today gold (GLD) made all time new-high as it closed at 1039. There is some big buy going on right now in gold as can be seen on the chart below. Don’t know where and when its going to stop but will ride it as long as it last. Amongst the gold stocks, Iamgold (IAG) is the one I like and own.
Stock Trade Updates: Sold Cinsure (CISG) @ 22.93 (bought @ 22.20). Sold Life Technologies (LIFE) @ 47.27 (bought @ 46.75). Sold Redhat (RHT) @ 27.97 (bought @ 25). Sold Nbty (NTY) @ 40.78 (bought @ 39.81). Sold China Fire & Security Group (CFSG) @ 17.57 (bought @ 19.64).
Most of the positions were liquidated to raise cash as the market stands in no-man’s land. I still own Iamgold (IAG) bought @ 13.71. I think its headed to 20 but who cares what I think. Today I shorted Potash Corp (POT) @ 88.83 with a stop @ 91.05
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Comments
if the market goes lower, dollar has to rise but there are some funky relation going on between stocks, gold and dollar index.
I do believe that gold should hit anywhere between 1200-1300 before end of the year. Then again, you never know what policies the govt is going to come out with. So far so good, I’ll stay with it as long as it doesn’t break the trend.
woh, i still here, i check your sit everyday.?
now what is target for gold index, if market go lower, will drag the gold price.