I still for the view that we will see the magic 10000 on the DOW in the near future... well by the end of August!
Yesterday IMHO saw some good money come back into the spec stocks after a week or two of low volume and little movement. There were many stocks on my watchlist moving, and also found it hard to keep up.
Yesterday provided many opportunities for overnight holds, and with the futures up significantly in late afternoon trade I decided to take a decent punt on a few stocks.
Its good to see FAR break out finally after much manipulation by a big boy to accumulate. Target has been hit, so I am out (actually got a little nervous and exited before my target).. all in all a good profit (thanks Pete.. you know who you are)..
Today I will be watching the following stocks BAR, AOK, FAR, EPG, IOH, RFE, HFA, NFK, ABY, AJA, FMG, COK, BAU and PGS.
The first stock which caught my attention yesterday was Cockatoo Coal (COK). (quite the laughing stock)... Yesterday they announced a contract deal with Industrea for its Baralaba Coal Mine.
The last two days has seen a significant volume increase, and closed on its daily high yesterday of 43c up 4.88%. With strength in this sector of late, we might see a retest of recent highs at around 52-53c sometime soon.
Thr next stock of interest was Planet Gas (PGS). Another very nice chart, showing another breakout above previous resistance @ 12c. I would like to see it break 14c short term, for a chance then to move towards 20c. Its an achievable target in the coming week or two IMHO.
Finally Bauxite Resources (BAU). Last night they released their quarterly report which was very impressive. Just by reading it, you can tell management are strickly business and are 100% focused on turning this company into a successful production player in the market.
Chart is showing a period of consolidation at the moment with a slight volume increase. There is solid support @ 40c, and resistance @ 44-45c. I would like to see a break above the 45c mark, which in turn should see the share price retest 50c with a short term target of 60c. Infact, I think this company is the real deal and for anyone more long term, its a buy and hold just like RFE when it was at 30c.
Here is the chart.
Anyway all, good luck today.. We should see a solid day in the spec sector in particular a continued interest in the coal and gas stocks.
