Another nice night in the US with technology stocks leading the charge. Good news that JP Morgan are looking to repay their $25B of TARP money back already, which is very encouraging.
Stocks I will be watching today are AGS, CER, BLY, CER, EXS, SDM, ALZ, KZL, STX and IRN
Well I suspect that IRN took a few people by suprise yesterday after opening strongly and hit 37c only to retrace and close @ 33c with a low of 32.5c.
Good news from all this is that the gap is now closed, with a flag forming and trend channel still in place. Copper is holding its ground nicely, trading at $2.14us/lb.
Here is the chart. For anyone holding, I suspect the next leg up is just around the corner like a few others are suspecting.
IAP 33.5c so far this morning, a gap up and a break above 35c would be bullish, suggesting a break out of the pennent. Still have a short term target of around 50c, assuming that copper prices are maintained above the $2.10-$2.20us/lb.
