First, very nice NDO chart bmac10... I also concur that NDO will see high 20's in the coming week!
Very strange night in the US... low volume and another flat finish from the late rally of the daily lows.
Im still not convinced we are ready for a downturn just yet..I do however believe that the worlds debt levels and the rebirth of this issue will be what brings our markets undone again in the next few months.. I'm just doing everything I can right now to preserve my capital and to ensure Im not caught out this time round when it comes.. I hope the rest of you are doing the same!
Dub posted a good article earlier this morning on the treasury yields soaring..here is a link to the article.
Today I will be focusing once again on the energy and IO sector. I think we will see continued strength in both these sectors for at least another week or so. China's cash prices for Iron ore are also at 4 month highs according to this article. I guess this is why nearly all of the IO stocks went hard yesterday, in addition the recent JV between RIO and BHP has crippled the Chinese as far as bargaining power goes!
I personally think FMG and a few others like MMX and MGX are in the box seat right now, and we will see the chinese flooding the markets to take up positions in these guys! If they are too late, they will pay the price!
Anyway, stocks Im watching today include FMG, ERJ, NXS, NDO, BOL, ARH, RFE, MDT, EXT, BLY, BOW, ABY and IOH
The first chart below is Iron Ore holdings (IOH). I mentioned these back at the start of May on the IOH thread when they were trading at 33c. They went into a trading halt yesterday @ 69c pending the release of further IO results. The results were released after the market closed yesterday and once again they continue to impress.I posted a quick summary on the IOH thread last night. They have over $17M in cash, so they are also going to be a hot stock over the coming weeks pending their resource estimate which is scheduled to be released later this month.
IOH IAP currently 80c!
Finally, Red Fork Energy (RFE). Will today be the day that it cracks the big $1.00 mark. I think it will on the back of the continued rise in crude prices. My next short term target here is $1.20..lets see how it goes today!
Good luck all, and I apologise in advance for any gammar issues.. I havent proofed it at all!
